‘Tis the Season to Give!
Holidays are coming, and at year end many of us are considering making gifts and charitable donations. Only those gifts to non-profit organizations classified as 501(c)3 qualify for a tax deduction. IRS Publication 78 is a list of organizations that qualify, and GuideStar is a website that gathers information on nonprofits. These sources should be [...]
What to Do When the DOL Calls
Over the past couple of months we have had several clients who have received phone calls from the DOL (Department of Labor). That may not seem like an important event, but during my many years in this business, I can only remember one such phone call received by a client. Wage and hour audits are [...]
Year End Tax Planning
With 2011 coming to a close, it’s time to take a final look at tax strategies for year end. It’s especially important this year because many incentives are set to expire unless extended. Conventional wisdom says to defer income and accelerate deductions. Depending on your perspective as to whether tax rates will decrease, stay the [...]
Give consideration to Domestic Production Deduction in Tax Planning
Business taxpayers can claim a domestic production activities deduction under Code Sec. 199 to offset income from domestic manufacturing and other domestic production activities. The Code Sec. 199 deduction or DPD equals 9% of the smaller of— The taxpayer's “qualified production activities income” or QPAI, for the tax year, or The taxpayer's taxable income [...]
What’s In Store For The Economy in 2012?
I wish I could see into the future, but unfortunately I can’t. As I read the headlines and speak with clients and peers, it’s very clear that because of all the uncertainty, businesses and business owners are sitting on the sidelines waiting for some clarity. Granted the third and fourth quarter of 2011 have seen [...]
