On April 19, 2017, the Internal Revenue Service issued Revenue Procedure 2017-30 to update the list of automatic changes in methods of accounting to which the automatic change procedures under Rev. Proc. 2015-13 applies. In addition to adding three new automatic accounting method changes, the Rev. Proc. modifies existing automatic method changes, removes certain obsolete method changes, and provides limited transition rules.
Posted in Business Tax
In any business, or with any institution or organization, fraud often occurs when the person or persons charged with overseeing funds steal those funds after they’ve already been deposited into the organization’s checking account. This fraud occurs by what is known as theft by disbursements.
Posted in Accounting & Outsourcing
As the Trump administration and the House Republicans put the finishing touches on their tax package, one component remains front and center—the border adjustment, a proposal to change the ways goods and service are taxed depending on where they are manufactured and where they are consumed. Let’s take a closer look at what is being proposed and what effect it might have on U.S. companies.
Posted in Business Tax
The IRS recently released its annual list of “Dirty Dozen” tax scams to watch out for in 2017. Here is a rundown gleaned from the IRS’ summary.
Posted in Individual Tax
Now that the dust of a contentious presidential election cycle is settling, tax reform may be more likely in 2017 than in past years.
Posted in Business Tax
Recently, BDO Alliance USA released their 2014 Restaurant Benchmarking Update. Compiling the operating results of publicly traded restaurant companies, this report looks at costs of sales across all segments for food and beverage.
Posted in Business Advisory
Do you know the steps to take if you become a victim of identity theft? Now that it has become the fastest growing white collar crime in the U.S, we must all know how to proactively respond to ID theft. Combating the crime of identity theft is for the most part reactionary – in other words, something “bad” has already happened—taking a proactive approach can mitigate any potential future losses.
Posted in Individual Tax
What should small business owners be focused on to ensure a smooth tax season?
While you started 2017 with the best of intentions to keep your financial records organized, you may find yourself scrambling to find receipts and other documentation to prepare your tax returns. All too often it is accounts receivable that presents that greatest challenge.
Posted in Tax Planning
How to avoid underpayment penalties
Even though you just put your 2016 tax return to bed, you cannot rest easy. It is already time to pay attention to your tax liability for 2017. Significantly, you may be required to pay installments of “estimated tax” for this year, especially if you are self-employed or retired.
Posted in Individual Tax
Reap tax rewards for travel and entertainment
What are your plans for the summer? If you have a business trip scheduled for a place you would like to visit personally, you might decide to combine a little pleasure with your business. Similarly, you may invite some of your best clients to your home for a Memorial Day or Fourth of July barbecue or treat them to a night out on the town.
Posted in Business Tax
