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…

Most Suspicious IRS Audit Triggers

The Minnesota Society of CPAs has compiled a list of red flags that could trigger an audit from the IRS if they apply to your clients’ tax returns. IRS Auditor The Internal Revenue Service recently announced it will not require taxpayers to amend their returns or pay back any extra money they received in their…

Using a Car for Business? Grab These Deductions

Whether you’re self-employed or an employee, if you use a car for business, you get the benefit of tax deductions. There are two choices for claiming deductions: 1. Deduct the actual business-related costs of gas, oil, lubrication, repairs, tires, supplies, parking, tolls, drivers’ salaries, and depreciation. 2. Use the standard mileage deduction in 2014 and…