Time To Think Internationally
They say the world is getting smaller. The IRS must agree! If you are doing business internationally either as a company or an individual, there are at least 20 IRS forms you need to be aware of. Most of these forms are for informational purposes only, but failure to comply can bring big penalties. The [...]
New Repair and Maintenance Temporary Regulations
The IRS has again attempted to define what constitutes a cost that is a normal repair or maintenance expense versus what has extended use and therefore must be capitalized. What a mouthful! And so are the 157 pages of new temporary regulations! These regs will virtually affect all business taxpayers beginning in 2012. The only [...]
Considering Charitable Contributions
With the holidays quickly approaching, it may be time to think about charitable contributions. Contributions to qualified charitable organizations (http://www.irs.gov/Charities-&-Non-Profits ) are usually fully deductible for both regular and AMT purposes. When you donate , remember to keep your receipts as proof—such items as payroll deduction records, credit card statements or written acknowledgment from the [...]
2012-2013 Year End Tax Planning–Do You Have a Crystal Ball?
In all my years of practice, this year is the most uncertain. We have all heard about the “tax cliff” but no one is talking about a bigger issue: the expired and expiring tax provisions. Over the years these provisions have always been extended early so planning at year end was definite. Many provisions expired [...]
Magic Eight Ball Predicts…..
On December 31, 2012, the Bush era tax cuts are due to expire. Income tax increases from the new health care legislation (Affordable Care Act) will begin in 2013 as well as other proposed tax law changes. Predictions on tax laws and legislation are difficult in most years, but in an election year are impossible! [...]
