Monthly Archives: February 2014

2014 tax filing season opens

The 2014 tax filing season opened on January 31 and the IRS’s new Commissioner has emphasized that the agency is focused on making it run smoothly. The agency expects to process more than 140 million individual returns in 2014 and to issue more than 110 million refunds. At the same...
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IRS 2013 audit rates vary among taxpayers

Recently-released statistics from the IRS show a drop in audits among all income groups for fiscal year (FY) 2013 with the overall individual audit rates at their lowest level since FY 2006. At the same time, the number of IRS employees working audits has decreased. However, enforcement revenue increased. Taxpayer...
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FAQ: What is a cost segregation study of business assets?

Taxpayers using real estate in their business often can generate significant tax savings and increase cash flow by using the technique of cost segregation. Cost segregation is the identification and separate depreciation of personal property components and land improvements. Like its predecessor, component depreciation, cost segregation allows a taxpayer to...
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Major partnership regulations take aim at built-in losses

The IRS has issued comprehensive proposed partnership regulations that would limit duplicated losses and inappropriate transfers of built-in losses between partners. The regulations seek to implement and fine-tune tax code provisions enacted in the American Jobs Act of 2004. They will have a significant impact as partnerships grow as the...
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How Do I? Gather the right paperwork for a charitable deduction

Taxpayers must generally provide documentation to support (or to “substantiate”) a claim for any contributions made to charity that they are planning to deduct from their income (charitable deduction). Assuming that the contribution was made to a qualified organization, that the taxpayer has received either no benefit from the contribution...
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Could Cloud-Based Software Make Your Business Better? Absolutely!

Cloud-based software offerings are changing the business landscape.  Could Cloud-Based Software Make Your Business Better?  Absolutely!  How?  Read on. The Problem:  One of our clients has a growing service business offering an ever-changing variety of products along with their services.  Their existing accounting system consisted of appointment books, receipt books,...
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February 2014 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This tax compliance calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2014. February 5Employers. Semi-weekly depositors must deposit employment...
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