Month: April 2016

On the Road Again! Track Vehicle Mileage in QuickBooks

Using QuickBooks® to track your vehicle mileage, you can enter, sort and print lists of your vehicles and the mileage you’ve driven for work-related tasks. You can then use this information for your tax deductions and for billing your customers. To track mileage for a vehicle, you must first add it to the Vehicle List. From the […]

Posted In: Quickbooks

The Latest Tax Developments for Partnerships

In recent months, there have been several significant tax developments that affect partnerships. They also apply to multi-member limited liability companies (LLCs) that are treated as partnerships for federal tax purposes. (For simplicity, we’ll use the terms “partnership” and “partner” to refer to all entities and owners that are affected by the developments.) Here are quick […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

Protect Your Accounts from Identity Theft and Fraud

From mobile apps to the Internet, technology has transformed our lives. It facilitates financial transactions and the transmission of information. But it also brings risks. There are weekly news stories about sensitive personal data being hacked online and sold on the black market. Do You Review Your Statements Each Month? With the prevalence of automated bill payment, […]

Posted In: security

Are You a Joint Employer? The DOL Weighs In

If your company is classified as a joint employer with one or more other companies, you may be liable for overtime pay even if you carefully avoid workweeks that exceed 40 hours of work. Why? Because the Department of Labor’s Wage and Hour Division (WHD) states that you and your fellow joint employers share responsibility for […]

Posted In: Business

Strengthen the Weak Links in Your Cybersecurity Plan

Cybercriminals never seem to give up, and for good reason: Their chances of success make it worthwhile. A recent poll entitled “IT Threats and Data Breaches” found that 94% of companies reported experiencing some form of “external threat.” After spam, the most commonly reported cyberthreats were viruses, worms, spyware, phishing attacks and network intrusion. Although […]

Posted In: Business, security

Rx for Itemizing Medical Expenses

Medical expenses can be costly — and they’re not always covered by insurance. But there may be a silver lining: You may be able to claim an itemized deduction for the amounts you pay for medical, dental and vision care, if you incur enough costs to exceed the applicable threshold for the tax year. Here are […]

Posted In: Tax Advisor, Tax Deductions, Tax Filing

Strictly Speaking: Travel and Entertainment Recordkeeping

If you’re reporting travel and entertainment (T&E) expenses on your tax return and you’re audited, there’s a good chance an agent will take a hard look at those items. Often the challenge won’t be whether the expense was appropriate for the business, but whether your records meet the letter of the law. And the IRS and […]

Posted In: Business

Value Your Business Internally and Externally

While preparing your succession or estate plan, it can be helpful to value your family business both internally and externally. You might wonder what that means — because you think your company has just one value. In fact, it can have multiple values depending on the valuation standard used. The different results can help you determine whether to […]

Posted In: Business

Is the IRS Targeting Partnerships?

IRS audits of partnerships were up 18.6% in 2015 over the previous tax year, according to the agency’s Fiscal Year 2015 Enforcement and Service Results. That’s the highest audit rate partnerships have experienced since 2006. By comparison, audits of large C corporations decreased by 8.8% in 2015. The situation is expected to only get worse under […]

Posted In: Assurance Advisor, Audit, IRS

IRS Reveals List of Top Tax Scams for 2016

The IRS kicked off tax filing season by publishing a series of press releases that highlight the “dirty dozen” tax scams for this year. Although there are no major surprises, it’s important to note that these scams have become increasingly technology-driven in recent years. Taxpayers can use this list to avoid becoming the victim or perpetrator […]

Posted In: IRS, IRS Notice, Tax Advisor