With the coming and going of October 15th, as we wave goodbye to extension season and the 2014 tax year as a whole, we can all anticipate and look forward to starting the whole process over again in a few … read more
The Internal Revenue Service simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial statement … read more
The IRS released the 2016 estate and gift tax amounts and due to the very low inflation rate, the 2016 numbers were very similar to the 2015 amounts. In Revenue Procedure 2015-53, the IRS calculates the unified estate tax exclusion … read more
So you had a good year and you’re looking around for tax deductions to help ease the pain come April 15th. Then you remember that your church has their annual charity auction coming up and they are always looking for … read more
The rules for making charitable donations from your business are similar to those governing personal donations. For example, you can donate cash or property, your total deduction may be limited, you may need to get an appraisal to establish value, … read more
Beginning January 1, 2016 the Arizona Job Training Tax statute has been repealed. Employers will no longer be required to pay the Job Training Tax. Also effective January 1, 2016, employers WILL be required to submit payment for Unemployment Tax … read more
Are you an employer with 50 full-time employees (or 50 full-time equivalents)? Do you self-insure medical insurance coverage for employees? If you answered yes, you are likely subject to the new Affordable Care Act reporting requirements for 2015. The complex … read more
A recent government report from the Treasury Inspector General for Tax Administration detailed the failings of the IRS’s project to upgrade all of its computers from Windows XP and all servers away from Windows Server 2003. Microsoft decided to end … read more
With the IRS and large retailers getting hacked, the California Franchise Tax Board is hoping to do better with security and is doing an identity verification upgrade to the MyFTB system . Taxpayers and tax practitioners who have existing accounts … read more
There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.
Before posting a comment on a blog post please be aware that we do not give free tax advice to non-clients by email, comment response, or phone. Thank you!
- Simple Arizona Tax Credit Opportunities
- IRS Raises Tangible Property Expensing Threshold to $2,500
- Exemption for Estate and Gift Tax Rises to $5,450,000 in 2016
- Charity Auction Tax Deductions
- The Proper Way to Report Business Charitable Deductions
- Arizona Unemployment Tax Changes
- Are You Ready to File 1095-B & 1095-C?
- Bipartisan Budget Bill 2015: Major Change to Social Security
- IRS Lost Computers & Bungled Windows Update
- Stopping the Bleeding…California MyFTB being Upgraded