What Are The Pros And Cons Of Going On Extension?

It’s that time of year again…tax season. For many small business owners, taxes top the list of business-related concerns. In fact, the National Federation Of Independent Business (“NFIB”) Small Business Economic Trends survey, released earlier this year, revealed that 20% of businesses cite taxes as their biggest problem. With April 15th fast approaching, more and…

Taxpayers Are the Craziest People

Tax preparers share their clients’ strangest misconceptions It’s amazing what clients can walk in with: overflowing shoeboxes, demands for a refund in cash, insistence that you do their return before all others. Taxpayers try to deduct everything from unborn children and kids’ weddings to speeding fines, groceries and massages. Many also walk around with some…

Tax Tips for Late in Tax Season

Even though tax season is getting close to the end, there are still some important tips that accountants and tax preparers can share with their clients by April 15, and beyond. Greg Rosica, a tax partner at Ernst & Young and a contributing author to the EY Tax Guide 2015, pointed to the impact of…

Tax Season: The Home Stretch

As we get into the final stretch of filing season, it is fulfilling the predictions made at the start. “This filing season should be a doozy,” predicted Tom Wheelwright, a Scottsdale, Ariz.-based CPA. “Between the Affordable Care Act, the new Section 263(a) repair regulations and the inability of the IRS to answer the calls that…

Top Five Form 1095-A Questions

Although Republicans are outlining a proposal to provide an “off ramp” for states and consumers to exit the Affordable Care Act, and the Supreme Court is hearing oral arguments on a legal challenge to the federally-operated health exchange, state exchanges have been up and running. While tax preparers are fielding questions on the ACA, the…

Senator Wants IRS to Clarify Tax Treatment of Employer-Provided Charging of Electric Vehicles

Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, has sent a letter to Internal Revenue Service commissioner John Koskinen asking the agency to issue guidance to make clear that electrical vehicle charging provided by employers is a de minimis fringe benefit. Wyden argues that employer-provided electric vehicle charging should not be…

The Home Office Deduction

If you use a part of your home for your business or for your employer’s business, you can claim a deduction for the business use of your home. This deduction is also referred to as the home office deduction. There are some tests that you must meet to be eligible for this deduction; these are…