Month: January 2014

How to help clients make the right Social Security election

As the wave of Baby Boomer retirements continues, it is more important than ever for CPAs to understand how to help clients be in the best position to maximize [...]

4 IRS Audit Red Flags

Short on personnel and funding, the IRS audits less than 1% of all individual tax returns annually. We expect the audit rate to fall even lower as resources [...]

IRS Audits of Individuals Reached Lowest Rate Since 2005

The U.S. Internal Revenue Service audited 0.96 percent of individual tax returns in fiscal 2013, declining for the second straight year and reaching the [...]

Decision Time: Deductible Repair or Capital Improvement?

After nearly a decade of review, the Internal Revenue Service finally released new repair and capitalization regulations last fall, and they could have a [...]

You Can’t Deduct Your Ex On Your Taxes

Some people get creative on their taxes. My advice? Don’t, but perhaps these examples will inspire you. The latest was William L. West, who claimed [...]

Travel The World, Write It Up, Write It Off

You have to admit it sounds awfully good. Travel the world, write your experiences, and write off all your expenses on your taxes. Trouble is, someone thought [...]

Small Business Owners’ January 2014 Tax Checklist

It’s the new year, which means it’s out with the old and in with the new, and this philosophy should come into play when it comes to your tax record [...]

Beanie Babies creator gets probation for tax evasion

(Reuters) - The billionaire creator of Beanie Babies, Ty Warner, will serve two years of probation, including mentoring high school students, following his [...]

7 changes to tax form 1040

Time marches on, and you’ll soon be receiving your 2013 W-2 and 1099s. So it’s not too soon to start thinking about putting together your Form 1040 for [...]