The Best Vehicle Expense Method Choosing the Best Vehicle Expense Method: Businesses generally have the option of choosing between one of two methods for documenting vehicle expenses and reporting them on their tax return. With the actual expense method, the business documents and reports all of a vehicle’s operating expenses including gas, oil, scheduled maintenance and […]
International Data Exchange Service
International Data Exchange Service Bolsters FATCA The International Data Exchange Service (IDES) is an electronic delivery system that allows both financial institutions and tax authorities in host countries to exchange FATCA data with the Internal Revenue Service. If predictions hold true, this new data exchange system, which went into effect in January of this year, will greatly enhance […]
Small Business Tax Deductions
Small Business Tax Deductions Being a small business owner has its challenges and rewards. Business tax deductions can be both. While many tax deductions are available to small businesses, it requires both knowledge and commitment on the part of the business owner or a business tax professional to keep up with what deductions are available […]
Cadillac Tax on the Horizon
Cadillac Tax on the Horizon Beginning in 2018, employers who offer their employees health insurance coverage that costs in excess of a certain dollar amount will be required to pay a 40% tax on the costs associated with providing the plans. Currently there is no ceiling on the tax deductible amount employers can claim for […]
TurboTax and Tax Fraud In The News
TurboTax and Tax Fraud In The News We are only few weeks into tax season and, already, there are more tax fraud stories to report. Although the details remain cloudy, it seems that TurboTax had a security breach a few weeks back, causing the FBI to launch an investigation. Intuit insists that data was stolen […]