News, articles, publications and other resources.

December 20, 2014
Good News for Tax Payers

There has been good news for all taxpayers and one piece that’s of real help to small business. Congress extended approximately fifty special benefits to small business for 2014 only. They are up for renegotiation next year and it is not certain which of them will survive in 2015.

Of special interest to small business are the immediate write off of up to $500,000 on business equipment purchases. For those who used the old cap of $25,000, you can still take advantage by purchasing and placing in service business property on or before 12/31/14. This will be hard to do, but if you...

> more
September 25, 2014
How to Be Reconciled to the New Form 1099K

The Problem for Small Businesses

Each year, small business owners receive a Form 1099K from their credit card processors giving the gross amount of transactions processed on their account for the proceeding year.  These figures are used in filing their corporate income tax return. But, after their corporate return is filed, they receive a notice from the IRS claiming they may have under-reported their business receipts and proposing an increase in the tax amount due (called a “deficiency”). 

Although the IRS states in their instructions that taxpayers do not...

> more
April 4, 2014
To Extend or Not to Extend, That Is the Question

With April 15 not far off, taxpayers whose returns are not well along have a problem:  what to do if they cannot complete their returns by the 15th. This is the time to consider filing an extension.

Why the need to extend tax returns?  There are several reasons, but the most common is that the taxpayer owns interests in one or more partnerships and the reporting documents needed for preparing the return (K-1’s) are filed after April 15.  Partnerships often file these after the filing date for personal returns (April 15) and they are allowed to.  Items from the K-1 (e.g. income or...

> more
February 8, 2013
Tax: How the Cloud Can Trap You

This is the first of a series of news briefs that will keep my clients, potential clients and non-clients informed of tax and accounting news that may affect them.  In short, this will give small business owners an update on how new developments in tax law may affect them.

An article in the Business Technology section of the Wall Street Journal of February 7, 2013, “Idaho Further Stirs Debate Over Taxing Cloud-Software Services”, is the inspiration for this article because it concerns sales tax as applied to the cloud. Historically, software has been downloaded from either the web...

> more

Other publications