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 [...]
Are You an IRS Audit Target?
Your chance of getting audited is about 1%. A recent Kiplinger Tax Letter identified what draws IRS attention: Making over $200,000 Failing to report all of your taxable income–W-2s, 1099s, K-1s, etc. Taking a large charitable contribution deduction Claiming a home office deduction Claiming rental losses Deducting business meals, travel and entertainment [...]
3 Areas of Fraud-Proofing to Focus on For Construction
As the economy continues to challenge everyone, the motivation for some employees to steal isn’t hard to understand. Although the term “fraud-proof” may be a bit hyperbolic, it doesn’t hurt to shoot for the stars when trying to safeguard your revenue and assets. One way to divide and potentially conquer fraudsters is to focus on [...]
Avoiding a Tax Audit
Even though the Internal Revenue Service likes to present a “kinder, friendlier” image to the public, you better believe that they are not slacking off in the collection of taxes. After all, their job is to raise money for the federal government. IRS staff has actually decreased, but more sophisticated computer programs cross check items [...]
The Statement That Tells All – The Cash Flow Statement
In a set of financial statements, the one that lends credibility to the others is the Cash Flow Statement. Management, lenders, stockholders, potential investors, and valuators use this statement to assess the financial health of a business, whether the organization is for profit or a not-for-profit. The statement reports three primary activities: Operating Investing Financing [...]
