Monthly Archives: May 2016

Working out the reasonable compensation levels for your business

When you’re running an owner-managed business, it’s incredibly important to know the right amount to pay yourself. First and foremost, this is about understanding the remuneration needed to maintain your own personal lifestyle. But knowing your ‘reasonable compensation’ as the business owner is also critical to minimize tax liabilities and...
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Filing season closes; cybersecurity and customer service top priorities for IRS

The 2016 filing season has closed with renewed emphasis on cybersecurity, tax-related identity theft and customer service. Despite nearly constant attack by cybercriminals, the IRS reported that taxpayer information remains secure. The agency also continued to intercept thousands of bogus returns and prevent the issuance of fraudulent refunds. Cybersecurity Concerns...
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How do I? Determine a residential tax credit for solar panels

Individual taxpayers may claim a nonrefundable personal tax credit for qualified residential alternative energy expenditures. The residential alternative energy credit generally is equal to 30 percent of the cost of eligible solar water heaters, solar electricity equipment, fuel cell plants, small wind energy property, and geothermal heat pump property. After...
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May 2016 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 calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of May 2016. May 2 Employers. File Form 941 for the...
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