U.S. citizens and resident aliens, including those with dual citizenship or those who lived or worked abroad in 2012, may have a federal tax liability and filing requirement. The June 17 filing deadline is fast approaching. (These taxpayers generally received an automatic two-month extension from filing on the regular April 15 deadline.) Here are...
Read more →The IRS has been under fire recently after it was found to target conservative-leaning organizations that applied for tax-exempt status. The scandal has taken many twists and turns and involves complex portions of the Internal Revenue Code. The acting IRS commissioner has resigned, the IRS Director of Exempt Organizations has been put on administrative leave,...
Read more →Flexibly priced government contracts contain audit and post-incurrence audit and acceptance requirements for some or all costs. Many contractors have been surprised to find out that the documentation they have on-hand to support incurred costs is not considered adequate. In the event of an audit, the Defense Contract Audit Agency may throw out costs...
Read more →The IRS has waived the late payment penalty for those taxpayers who requested an extension and are filing one of the 31 tax forms that were delayed due to the tax law changes in the “fiscal cliff” legislation. Click Full Article to read explanations of the situation and what to do if you receive...
Read more →Audits take time and effort, but they can provide your organization with a fair assessment of your financial health. They can also reveal vulnerabilities. Although the revised IRS Form 990 doesn’t mandate audits, the IRS does ask organizations to discuss related activities, as well as the role their boards play in them. This article...
Read more →The latest tax law includes important depreciation changes that will benefit businesses for the 2013 tax year (and 2012 if you haven’t filed yet). Under Section 179, a business can deduct qualifying assets (including most software) in the year they are placed in service — rather than writing them off over several years under...
Read more →A new study by the nonpartisian Tax Policy Center (TPC) has found that many households would pay higher taxes under the President’s budget proposal, but that the lion’s share of the increased tax burden would fall on the wealthiest Americans—in particular, on the top 1% of earners. Read the Full Article to examines the...
Read more →How effective is your company’s 401(k) plan, in terms of what you hope to accomplish? This is a subject of ongoing debate in public policy forums these days. It’s a good idea occasionally to rethink your plan and the philosophy you bring to it. The process may result in making changes — or not. Either way,...
Read more →The IRS has made changes in its Voluntary Classification Settlement Program (VCSP), which allows employers to reclassify independent contractors as employees at a lower tax cost. More businesses are now eligible. A deadline is coming up on June 30 for employers who want to apply for the VCSP but didn’t file the required 1099...
Read more →Are your business system’s internal controls adequate for U.S. Government contracting? Are you ready for a contractor business system audit? If the government finds your system inadequate, it can severely affect your ability to conduct U.S. contract business. This article explains the basics.
Read more →Once you file your 2012 tax return, you can clear away some of the paperwork cluttering up your files. But save essential records that can protect you during an IRS audit, help you collect a future refund or assist you with filing next year. What records do you have to keep and which ones...
Read more →In case you missed them, here are some of the most read articles from our accounting newsletter and blog in the first quarter of 2013. Click the article title to view the full article in a new window. Will the Healthcare Law Increase Your Costs? The sweeping Affordable Care Act has provisions that have...
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