Bill Eliminates Tax Penalty on Team USA Medalists

Well, the summer Olympics are almost upon us. The Rio games officially begin on August 5th and our top athletes are hard at work putting in the last of their efforts to train and condition. Team USA is no doubt focused on one thing: WINNING. The athletes probably have not even considered what happens after …

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Built-In Gains Tax

The built-in gains tax was originally established in 1986 as a way to prevent C corporations from escaping the double taxation on unrealized gains by electing to be an S corporation. The way it worked was that if a C corporation had any unrealized gains in its assets when it elected S corporation status, it …

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New 529 Account Rules Passed with Extender Provisions

Many are aware of the last minute tax “extender” provisions passed in December, 2015. But you may not be aware of the numerous other tax provisions passed in conjunction with this legislation. One of them being relative to section 529 plans. The end of year legislation known as the Consolidated Appropriations Act (H.R. 2029), made …

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It’s About Time! R&D Tax Credit Now Permanent

The latest Tax Extenders Bill signed by the President makes the Research & Development (R&D) Tax Credit permanent. This particular credit has been extended by Congress several times over the years and many critics argued that this should be made permanent as it provides benefit to many innovative small businesses. By making this credit permanent, …

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New Tax Penalty Rules Passed with 2015 Extender Provisions

Many are aware of the last minute tax “extender” provisions passed in December, 2015. But you may not be aware of the numerous other tax provisions passed in conjunction with this legislation. One of them being relative to new tax penalty rules. The end of year legislation known as the Consolidated Appropriations Act (H.R. 2029), …

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Bipartisan Budget Bill 2015: Major Change to Social Security

It’s hard to guess where the tax law is headed, and nearly impossible to predict the direction of Social Security. Social Security is a topic that is widely debated in politics, as well as in the homes of millions of Americans. One of the only arguments that both parties from left to right can agree …

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2015 Mobile Workforce Bill Still Mobile

Imagine being a small to medium size business with an employee or two that performs employment duties for you in more than one state. With each state having its own set of rules as to what constitutes working in that state, and therefore, being subject to income tax withholding and reporting requirements. Thankfully, there may …

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Pushing for Tax Reform – Retirement Plans

The American Institute of Certified Public Accountants (AICPA) has participated in U.S. House of Representatives, Committee on Small Business hearings on tax reform with the goal of ensuring that main street isn’t left behind. One area of focus in this regard has to do with retirement plans. Small businesses are especially burdened by the overwhelming …

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Pushing for Tax Reform – Civil Tax Penalties

The American Institute of Certified Public Accountants (AICPA) has recently been participating in U.S. House of Representatives, Committee on Small Business hearings on tax reform with the goal of ensuring that main street isn’t left behind. One area of focus in this regard has to do with rules relative to civil tax penalties. Over the …

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Pushing for Tax Reform – Cash Method of Accounting

The American Institute of Certified Public Accountants (AICPA) has recently been participating in U.S. House of Representatives, Committee on Small Business hearings on tax reform with the goal of ensuring that main street isn’t left behind. One area of focus in this regard has to do with rules relative to the cash method of accounting …

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