Tag Archive | taxes

2015 Charitable Donations and NC Medical Deductions

Charitable Donations:   Donations must be made to a qualified IRS tax-exempt organization in order to be deductible. There is an on-line IRS tool (http://tinyurl.com/a72f74x) available to check the status of an organization. Churches will not be listed since they are automatically exempt. Donations to individuals are not deductible.  NC Taxes:  The NC 2015 personal […]

2015 Tax Issues – Continued

Additional year-end information for small businesses. Tangible Property Expensing: On November 24, the IRS raised the safe harbor threshold for expensing eligible capital acquisitions from $500 to $2,500. This increase applies to businesses that do not have audited financial statements. The threshold applies to any item that is substantiated by an invoice and is effective […]

2015 Tax issues

With only about seven weeks left until we turn the calendar to 2016, what do small business owners need to consider for the rest of the year and for 2016. Here are some items to think about: Sales Tax:  North Carolina changed its sales tax rules effective March 1, 2016, for repair services to be […]

Tax Identity Theft – Continued

Your tax return will be rejected for Electronic Filing if someone has used your or your spouses Social Security Number on a return that has already been filed and accepted by the IRS. I have just spent the last hour this morning dealing with just this situation.  It is happening all across the country and the […]

Tax Identity Theft

In the past week, several of our clients have received letters from the IRS notifying them that the IRS needs additional information to process their 2014 returns whenever they have not yet filled for 2014.  Our CPA Connect National Discussion List has notes from other CPA’s across the country that this is happening everywhere. Just today, […]

Beware IRS email Scam

This post is from the IRS Newswire: What’s Hot March 2014 New Email Phishing Scam The IRS has been alerted to a new email phishing scam. The emails appear to be from the IRS Taxpayer Advocate Service and include a bogus case number and the following message: “Your reported 2013 income is flagged for review […]

IRS Regulations are a Moving target for 2015 Tax Season

in September 2013, the Department of the Treasury finalized rules for the capitalization of tangible property, with the purpose of clarifying the line between expenditures that should be deducted as repairs, and those that must be capitalized and depreciated.  These new rules apply to every business taxpayer (sole proprietor-Schedule C, rental property- Schedule E, farmer-Schedule […]