Month: August 2015

Income Tax Slab & Deductions FY 2015-16

For Men/Women below 60 years of age For Senior Citizens (Age 60 years or more but less than 80 years) For Senior Citizens (Age 80 years or [...]

Which Employee Fringe Benefits Are Taxable?

It's hard to believe we're halfway through 2015 - almost time to think about purchasing W-2s and 1094-C and 1095-C papers. Almost, but not quite. Now is the [...]

Don’t Fall for New Tax Scam Tricks by IRS Posers

Though the tax season is over, tax scammers work year-round. The IRS advises you to stay alert to protect yourself against new ways criminals pose as the IRS [...]

Know the Difference Between a Roth 401(k) and a Regular 401(K)? Are You Sure?

If someone offered you the choice of $100,000 in a regular 401(k) or $100,000 in a Roth 401(k), which should you take? If you think it doesn’t matter, go to [...]

New safe harbor governs accounting for ratable service contracts

Taxpayers using the accrual-basis method of accounting were given a safe-harbor to treat economic performance as occurring on a ratable basis for certain [...]

Tax treatment of employer-provided meals and lodging

Gross income generally includes the fair market value (FMV) of meals and lodging received from one's employer. However, Sec. 119 allows an employee to exclude [...]

Think IRS Can Audit Three Years? Now, You Better Worry About Six

If you are hiding income from the taxman, are you at risk three years, six, or more? Even if you did your best with your taxes, you might be worried. Taxes [...]

5 Ways to Ensure that Your Business Doesn’t Swallow Your Life

Whether you’re a veteran small business owner or running a startup, struggling to strike a balance between your work and your personal life is a common [...]

Taxpayers Have More Time To File In 2016

The Internal Revenue Service (IRS) has announced that most taxpayers will have additional time to file their federal income tax returns in [...]