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January 2016

FAQ – What are the 2016 optional standard mileage rates for automobile use?

The IRS has issued the 2016 optional standard mileage rates for calculating the deductible costs of operating Read more [...]

December 2015

FAQ . . . Can an S corporation own an interest in another business entity?

An S corporation can own an interest in another business entity. It can also be a partner in a partnership Read more [...]

FAQs: What are AFRs for tax purposes?

The applicable federal rates (AFRs) are used for a number of federal tax provisions. For example, Code Read more [...]

FAQ: What is new Form 1095-A, Health Insurance Marketplace Statement

Form 1095-A, Health Insurance Marketplace Statement, is a new information return. The IRS requires the Read more [...]

FAQ: Are employer-provided meals deduction/income?

Every year the IRS publishes a list of projects that are currently on its agenda. For example, the IRS Read more [...]

FAQ…do I need a receipt for every gift to charity

The IRS requires that taxpayers substantiate their donations to charity. Whatever the donation is, whether Read more [...]

November 2015

FAQ: When is Equipment “Placed in Service”?

For a business to start writing off the cost of depreciable equipment and property, it is necessary that Read more [...]

FAQ…Can I deduct the cost of sending my child to summer camp?

Now that summer 2015 is officially here and the main filing season is out of the way, tax planning may Read more [...]

FAQ: When must individuals pay estimated taxes?

Many federal income taxes are paid from amounts that are withheld from payments to the taxpayer. For Read more [...]

FAQ: What is the new de minimis safe harbor for tax expensing?

Businesses generally want to write off costs more quickly, to reduce their taxable income and their tax Read more [...]

October 2015

FAQ: Can a taxpayer assign income to someone else?

Gross income is taxed to the person who earns it by performing services, or who owns the property Read more [...]

September 2015

FAQ: When must individuals pay estimated taxes?

Many federal income taxes are paid from amounts that are withheld from payments to the taxpayer. Read more [...]

August 2015

FAQ: Can an S corporation own an interest in another business entity?

An S corporation may own an interest in another business entity. An S corporation can be a member Read more [...]

May 2015

FAQ…do I need a receipt for every gift to charity

The IRS requires that taxpayers substantiate their donations to charity. Whatever the donation is, Read more [...]

October 2014

FAQ: Are employer-provided meals deduction/income?

Every year the IRS publishes a list of projects that are currently on its agenda. For example, the Read more [...]

May 2014

FAQs: What are AFRs for tax purposes?

The applicable federal rates (AFRs) are used for a number of federal tax provisions. For example, Read more [...]
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