Accounting Today Archives

IRS warns of second wave of W-2 email Scam

The Internal Revenue Service, along with state tax authorities and the tax preparation industry, are cautioning businesses to beware of an email phishing scam using a corporate officer’s name asking for employee W-2 forms from payroll and human resources departments at companies. The IRS said Wednesday it has been hearing complaints this week the email …read more

Top regulatory issues for small businesses in 2017

Even as someone who lives and breathes compliance and regulatory issues, it’s easy to get overwhelmed by the many changes that happen each year. I understand why small business owners say they can’t keep up with the constant regulatory back and forth and how it impacts their business. Paychex recently surveyed more than 300 small …read more

IRS Proposes and Issues new rules for gambling winnings

The Internal Revenue Service and the Treasury Department have proposed new rules for withholding and reporting on gambling winnings from horseracing, dog races and jai alai pari-mutuel betting, and finalized regulations for reporting on bingo, keno and slot machine winnings. The proposed regulations on pari-mutuel betting affect both payers and payees of gambling winnings subject …read more

2016 Year-End Tax-Saving Tips for Businesses

2016 Year-End Tax-Saving tips for Businesses As 2016 to a close, many owners are seeking out tax savings opportunities to take advantages of before the next year begins. When many factors complicate tax planning this year, including political and economic uncertainty, and economic uncertainty, and Congress’s all too familiar failure to act on a number …read more

Monumental changes in store for tax policy in new year

Bloomberg BNA’s Daily Tax Report released its 2017 Outlook, forecasting major changes to tax and accounting policies under the incoming Trump Administration and a Republican Congress. “There is no doubt that 2017 will be a milestone year for tax policy along the lines of 1986 and 1954,” said George Farrah, editorial director of tax and …read more

Year-End Tax Tips

Steps to take before the New Year for a better tax return in 2017  Moving forward With Dec. 31 just around the corner, it’s time to start thinking about next season – and to make any last-minute moves that might improve a client’s tax position. With that in mind, here’s a list of tax tips for …read more

Deciphering Education Tax Incentives

Deciphering Education Tax Incentives     In the latter part of the year, we begin conducting year-end planning meetings with clients. For the ones with children or grandchildren, invariably part of the meeting focuses on planning and saving for college and possibly graduate school expenses.Most clients have a difficult time developing a strategy based on their …read more

IRS Previews Audit Techniques for Tangible Property Regulations

IRS Previews Audit Techniques for Tangible Property Regulations The IRS’s recent Audit Techniques Guide for the Tangible Property Regulations can help business taxpayers avoid problems with IRS examiners in interpreting the 2014 regulations on how to treat expenses incurred for materials, supplies, repairs and maintenance. Most taxpayers have finalized implementation of the Tangible Property Regulations …read more

10 Year-End Tax Planning Tips for Individuals

  Accelerate Deductions and Defer Income It sometimes makes sense to accelerate deductions and defer income. There are plenty of income items and expenses you may be able to control. Consider deferring bonuses, consulting income or self-employment income. On the deduction side, you may be able to accelerate state and local income taxes, interest payments …read more