Federal Tax Weekly: January 2, 2015

This issue’s topics include:

  • Koskinen Warns Of Enforcement Service Cuts
  • Treasury Issues myRA Guidance
  • Obama Signs Extenders Bill, Discusses Tax Reform
  • IRS Finalizes Regs On Form 5472
  • AFRs Issued For January 2015

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As always, we hope you enjoy this edition of our newsletter and we look forward to receiving your feedback. Should you have any questions regarding the information contained in the attached materials or our service offerings, please feel free to contact us directly.

Tax Alert: Tax Increase Prevention Act of 2014

On Dec. 16, 2014, Congress passed the “Tax Increase Prevention Act of 2014,” (TIPA, or “the Act”), which the President has signed into law. In the recently enacted “Tax Increase Prevention Act of 2014,” Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as “extenders.” The extenders are a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws which have been on the books for years but which technically are temporary because they have a specific end date. Congress has repeatedly extended the tax breaks for short periods of time (e.g., one or two years), which is why they are referred to as “extenders.” The new legislation generally extends the tax breaks retroactively, most of which expired at the end of 2013, for one year through 2014.

Capitol Hill

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5th Annual Tax Update

Join us for the latest IRS and NYS initiatives including an update on IRS audit procedures and current audit focus areas, NYS tax reform (estate tax, credits, etc.), and a few topics relevant to businesses operating in other New England states.

CPE Series

Click Here for More Information and Registration

When: Tuesday, June 17, 2014, 8am-10am
Where: Locust Hill Country Club, 2000 Jefferson Road, Pittsford, NY 14534
Cost: $30 per person
Presented By: Presented by Harlan J. Kwiatek, CPA, JD, LLM, Partner – New York, State and Local Tax, McGladrey LLP

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Client Update Newsletter: Spring 2014

When it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.

This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact small business owners. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read. This quarter’s topics include:

  • IRS Audits: What you need to know
  • IRS issues “repair regulations”
  • What can you deduct when customers don’t pay?
  • 2014 Tax Numbers
  • If you make gifts, you may have to file a gift tax return
  • New rule on tips for 2014
  • FSA rules modified

Click Here to Download the Newsletter

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Start Planning Now for 2014 Income Taxes

The QBC: QuickBooks® Client Newsletter

You may not have even completed your 2013 taxes yet, but now is an ideal time to start getting ready for your 2014 returns.

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We know that you’re in some stage of preparation for your 2013 income taxes. It may seem odd to start thinking about 2014 taxes just now, but actually, this is the ideal time to start planning and making business decisions with their tax implications always in the back of your mind.

As you look at the data that will be entered in your 2013 tax forms, you’re likely to come across some expenses that you might have handled differently, or some income that should have been deferred. If you begin your planning process for 2014 while 2013 is still in the works, you can start making smarter, more tax-advantageous business decisions now, instead of late in the year when everyone is rushing to take actions necessary to lower their tax obligation.

Click Here to Read More

For more QuickBooks tips, tricks and info on training from our team of Certified QuickBooks ProAdvisors® subscribe to The QBC.

Client Update Newsletter: Winter 2013

When it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.

This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact business owners and financial professionals like you. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read. This quarter’s topics include:

  • Health care reform law gets underway for individuals
  • Year-End Tax Moves
  • 1099s: A little form with a painful bite
  • Business or hobby? Nine factors help the IRS decide
  • Financial tips for the 20-something generation
  • How to handle the financial issues after the death of a spouse

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Client Update Newsletter: Fall 2013

When it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.

This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact small business owners. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read. This quarter’s topics include:

  • Manage your MAGI to preserve tax breaks
  • Embezzlement: You need to know how it works to prevent it
  • Index funds could be the right investment choice for you
  • Do you have obsolete inventory?
  • Don’t get tripped up by a wash sale
  • Look into energy credits
  • 2014 HSA contribution limits released
  • What are the odds for audit selection?

Click Here to Download the Newsletter

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Client Update Newsletter: Summer 2013

When it comes to your business there is no one-size-fits-all formula to success – and your relationship with your CPA should be just as unique. That’s why we promise to deliver The Highest Standard of client service built on a foundation of frequent communication.

This newsletter is just one of the ways we help you stay up-to-date on tax and financial issues that impact small business owners. From year-round tax planning to tips on how to maximize profits, this valuable resource is a must read. This quarter’s topics include:

  • Give your children a good financial education
  • Recordkeeping: How to get all that paper under control
  • Six mistakes to avoid in selling your business
  • Tax Talk: Check your withholding and Don’t fall for bogus IRS e-mails
  • Can happy employees equal healthy profits?
  • Foreign assets may require two filings

Click Here to Download the Newsletter

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