Providing personalized tax, accounting and consulting services to Evergreen, Conifer and the greater metro area since 1992


FBAR Filing Deadline Extended to October 16, 2017

The new annual due date for filing the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), is April 15 with an automatic six-month extension to Ocitber 15. A specific request for this extenion is not required.  The FBAR is required to be filed by all U.S. Persons with financial interests in, or signature authority on, foreign financial accounts with total a value exceeding $10,000 at any time duringthe reporting year. A U.S. Person means: United States citizens (including minor children); United States residents; entities, including but not limited to, corporations, partnerships, or limited liability companies created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States.
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IRS Raises Tangible Property Expensing Threshold to $2,500 for Small Businesses

The I.R.S. has raised the safe-harbor threshold for small businesses for deducting certain tangible expenditures. The threshold has increased from $500 to $2,500, effective for the 2016 tax year and forward. It applies to amounts spent to acquire, produce or improve tangible property that would normally qualify as a capital item as long as the cost is substantiated by an invoice. As a result, many assets that were traditionally capitalized, such as computers, tablets, smart-phones and high-end office furniture, can now simply be categorized as "supplies" on the income statement.
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2016 Standard Mileage Rates

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Employer Provided Clothing can Qualify as a Tax-free Perk

Many municipalities provide polo shirts, caps and similar casual clothing that have the city or county logo on them to firefighters and police officers to wear while on duty. The clothes are tax-free de minimis fringes if the government employer requires the public safety officers to wear the apparel as a condition of employment, and prohibits then from wearing the items while off duty.  Read full post...


2015 Individual Year-End Tax Planning

As the end of the 2015 tax year approaches, it is a good time to consider strategies to minimize your 2015 income tax liability. With a few exceptions, almost all of the decisions that affect your taxes have to be made by December 31, 2015. Read full post...


New Tax Return Due Dates for Many Types of Returns

Effective for Tax Years Beginning After December 31, 2015:  Read full post...


Wash Sale Rule with Respect to Donated Stock

The wash sale rule prohibits you from deducting a loss on the disposition of securities if substantially identical securities are reacquired within 30 days. However, this rule does not apply to the reacquisition of stock donated to a charity.  Read full post...


IRS’s Top Ten Identity Theft Prosecutions; Part of Ongoing Efforts to Protect Taxpayers, Prevent Refund Fraud

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Bequeathing an IRA

Properly designating your IRA beneficiary can be an important part of your estate plan. Otherwise your heirs may have to pay more income and estate tax than necessary. Read full post...


Home Sale Exclusion for Those in Nursing Homes

Most people are aware that taxpayers who have owned and used a home as their principal residence for at least two of the five years prior to the sale of the home can exclude up to $250,000 ($500,000 if married) of the gain on the sale.  But the IRS has relaxed the rules for those homeowners who can’t care for themselves and have moved to a nursing home. The length of use requirement is lowered to one out of five years preceding the sale in order to be able to take the exclusion. Read full post...



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