The Treasury Department and Internal Revenue Service released much-requested guidance, simplifying the procedures for small taxpayers to comply with the final tangible property regulations (T.D. 9636) and disposition regulations (T.D. 9689). The new procedures allow small businesses to change a method of accounting under the final tangible property and disposition regulations on a prospective basis for the first taxable year beginning on or after January 1, 2014. However, no audit protection is provided for taxable years beginning before January 1, 2014.
For small-business owners who frequently buy new equipment and other assets for their business activities, the new tax law enacted at the end of 2014—the Tax Increase Prevention Act (TIPA)—provides a temporary reprieve.
On February 19, 2015, the IRS issued Notice 2015-17, which provides some interim relief for small employers from the excise taxes that could be imposed for non-compliance with the Affordable Care Act (ACA).
Those interested in learning about personal and business updates and tax changes, common questions and those that have specific personal or business tax questions are encouraged to participate in this complementary webinar. Register HERE.
Marvin and Company, P.C. at the Albany-Colonie Chamber Dinner on March 5.
A company without a well-developed business plan is likely headed for failure. Even if the business owner doesn’t fail, the lack of a plan can lead to on-going issues with the business that can be difficult to resolve without a sense of direction.
Strategic Planning Is The Foundation For Success In Any Organization.
But the decision-making that flows from that planning is only as good as the information upon which it is based. Managers work hard to develop systems for accounting and financial reporting that are compared to the key performance indicators of their organizations. For entities in the for-profit realm, it may be simple: Are the resources used to make the items adding up to the number of items produced? For entities in the nonprofit sector, this consideration may not be quite as black-and-white: Are our efforts contributing toward our mission? However, regardless of the sector your entity occupies, the goal is the same: you want to utilize information to help management make better decisions.
On January 16, 2015, the Internal Revenue Service proposed long anticipated and taxpayer-friendly regulations concerning the section 41 research tax credit (“research credit”) and its treatment of expenditures related to the development of software, both internal-use software (“IUS”) and non-IUS.
It was not long ago that there was no Internet and only international spies had cell phones. The changes occurring these days are happening at breakneck speed, and small businesses are hard-pressed to keep up. However, it is important to adapt to the latest developments and incorporate them into your business planning.
If you are like many taxpayers, one of the biggest tax deduction items on your return is charitable donations. But deductions are not automatic if you do not have the proper records to back up your claims. Here are several important reminders for the current tax filing season.