Category Archives: Tax Services
Losing Out on the Federal Research Tax Credit? IRS Releases Final Regulations for the Alternative Simplified Credit Method
If cats can claim nine lives, this has them beat. It’s the tax credit that wouldn’t, and arguably shouldn’t, die.
Initially created by the Economic Recovery Tax Act of 1981, the federal research credit was intended to expire after four years. And it did, but only temporarily.
Since 1981, the credit has expired and been revived, often retroactively, more than a dozen times.
Introduction to the Federal Research CreditDesigned to encourage investments in U.S.-based research and experimentation, the federal research credit can be claimed (continue reading…)
Thinking About Buying Your Kid a Condo for College Living?
It’s an exciting time for the Wolff family. Laura, an only child, begins her second year of college this fall—and, for the first time, she’ll be living truly on her own.
As a freshman, Laura was required to stay in on-campus housing, at a cost of nearly $11,000 for basic room and board. This year, since she has the option, she’d rather live off-campus with two long-time friends in a shared house or an apartment.
Her parents are researching the cost and (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Real Estate Group, Tax Services
Tagged Home Ownership, Personal Finances, Personal Tax, Wealth Planning
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Required to File Form 8955-SSA for Your Benefit Plan? IRS Releases New Form and Extends 2009 and 2010 Filing Dates
How easy would it be, after some forty or fifty years in the workforce, to overlook retirement benefits due from a long-past employer?
Very, as it turns out.
To avoid this eventuality, the Social Security Administration is charged with maintaining a database of information on individuals due retirement benefits from former employers. It is also charged with notifying these individuals—as they reach retirement age—about the retirement benefits they may be due.
For plan years beginning in or after 2009, the SSA gathers information (continue reading…)
Providing Complimentary Meals to the Employees of Your Restaurant? Washington State Changes the Tax Rules
Are the complimentary meals you provide your employees really free? Or are they given in exchange for services that employees perform at your restaurant?
The distinction is an important one for tax purposes: It plays a part in determining whether the value of those meals is subject to various Washington State taxes.
You may consider the meals you provide your restaurant’s employees to be complimentary. The State of Washington traditionally has not. And by requiring that such meals be treated as if (continue reading…)
Posted in Hospitality, Restaurant + Lodging Group, Tax Services
Tagged Business Tax, State + Local Tax
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Tax-Exempt Status Revoked? How to Find Your Status and Apply for Reinstatement
Your not-for-profit organization may now be a taxable entity for federal tax purposes, if you failed to satisfy the federal filing requirements passed as part of the Pension Protection Act of 2006.
Under the new rules, a not-for-profit organization that fails to file a required annual return with the IRS for three consecutive years automatically loses its federal tax exemption. The consequences can be catastrophic: They are required to pay federal income taxes. Any donations that individuals or corporations make to (continue reading…)
Claim a Mileage Deduction? Federal Mileage Rates Increase for the Second Half of 2011
It’s one of those bad news/goods news things. Gasoline prices are up significantly, increasing the cost of operating an automobile. That’s the bad news.
The good news is that the standard mileage rates used to calculate federal income tax deductions have increased for the final six months of 2011, resulting in larger deductions.
According to IRS Commissioner Doug Shulman, “This year’s increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, High Net Worth Practice, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Personal Wealth Planning Services, Professional Practices Group, Real Estate Group, Retail Group, Tax Services
Tagged Business Tax, IRS, Personal Tax
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Know the Latest Washington State Tax Rules?
Newly expanded electronic filing requirements become effective next month for certain businesses paying Washington State combined excise taxes.
The federal unemployment tax rate—used to fund unemployment insurance at the state level—is slated to decrease at the end of the month when a temporary surcharge expires. Unless Congress acts to extend the surcharge, employers will be subject to additional recordkeeping requirements this year.
Many Washington businesses pay more in personal property taxes than absolutely necessary as a result of outdated asset records.
If you’re (continue reading…)
Posted in Accounting Services, Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Real Estate Group, Retail Group, Tax Services, Technology Group
Tagged Business Tax, State + Local Tax
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Subject to FBAR Reporting? Final Regulations Change the Rules for June 2011 Filings
Undisclosed foreign financial accounts cost the federal government billions of dollars in lost tax revenue—perhaps as much as $100 billion each year. So it’s not surprising that this type of international tax evasion is being aggressively pursued by the U.S. Department of the Treasury.
If you had a financial interest in a foreign bank or other financial account in 2010—or had signature authority over a foreign account owned by a domestic entity, such as a corporation, partnership or trust—you may be subject (continue reading…)
Know the Applicable Record Retention Periods for Your Business or Not-for-Profit Organization?
It’s tempting to simply throw them out.
If you toss those old documents, you save space and the time that you or your staff would otherwise spend to file and store them. Even electronic documents take time to archive and back up.
Who wants decades-old organization charts or minute books? Would you ever need copies of expired insurance policies or canceled leases. And who needs a 30-year-old tax return anyway?
The simple answer is, you do.
There are a myriad of federal and state (continue reading…)
Posted in Accounting Services, Business Consulting Services, Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, Hospitality, Restaurant + Lodging Group, Litigation Support Services, Not-for-Profit Practice, Professional Practices Group, Real Estate Group, Retail Group, Tax Services, Technology Group
Tagged Business Tax, Operations
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Affected by the Repeal of Expanded 1099 Reporting Requirements?
Considered by some a “costly, anti-business nightmare,” legislation to expand 1099 reporting initiated a firestorm of criticism in recent months.
That was then. This is now.
On April 14, President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. The Act repeals two provisions, both passed in 2010, that dramatically expanded requirements for filing IRS Form 1099.
According to the President, “Small businesses are the engine of our economy and… we can ensure they spend their (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Professional Practices Group, Real Estate Group, Retail Group, Tax Services
Tagged Business Tax, IRS, Legislation
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