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Putting the pieces together for Secured Lenders:  Field Examinations, Factoring and the Benefits of Rediscounting

Posted by Kyle Hulse

Jan 30, 2017 3:01:22 PM

Secured lenders can benefit greatly by lending on A/R that is fully documented and regularly verified. Here, we offer an overview of Dopkins Asset Based Lending capabilities, and how our Field Examiners can add value to a secured lender’s collateral examination.

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How Much of that Charitable Contribution is Deductible?

Posted by Samantha Keller CPA

Jan 30, 2017 9:05:04 AM

How do you know how much of a charitable contribution you can deduct on your tax return?

You donate $300 to your favorite charity this past summer, but now it’s time to file your taxes, you can’t recall if it was $300 or $325. You’re in luck! The IRS requires that a charitable organization provide written documentation for contributions made throughout the year, above certain thresholds.

Here is what you as a donor and/or you as a charitable organization need to know regarding documenting a donation:

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Topics: charitable deduction



The Business of Law: Business First of Buffalo Talks with Bill Prohn on Cyber Security

Posted by William Prohn, CISSP, CISA, CGEIT, CRISC

Jan 22, 2017 2:58:57 PM

Recently Bill Prohn, Managing Director of Dopkins Systems Consultants, testifed before the New York State Assembly Standing Committee regarding Cybersecurity issues impacting business. This hearing saught to explore the cybersecurity needs of banking institutions as well as to review State laws and regulations designed to protect against cyber threats.  

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Topics: cyber security, testimony, banking, regulatory, data privacy, albany



Strategic Year-End Business Planning for Maximum Tax Benefit

Posted by Brian Dansa

Dec 22, 2016 1:20:42 PM

There are several strategies that businesses should consider in order to maximize tax benefits while year-end planning for 2016.  Some of the strategies that should be considered involve the following tax topics:

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Topics: tax, corporate tax,, dopkins tax, year end tax planning, Code Section 179, family owned business, Protecting Americans from Tax Hikes (PATH) Act, PATH Act, Strategic Planning, Research Credit



Countdown to 2017....What is your year-end tax planning strategy?

Posted by Sarah E. DesJardins

Dec 19, 2016 10:04:06 AM

As the year comes to a close, there are three important items that should be considered regarding your year-end personal tax planning strategies.

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Topics: tax, personal tax planning, dopkins tax, year end tax planning, roth ira converstion, medical expense deduction, minimum distribution requirement, required minimum distribution, roth ira



Give Yourself the Gift of Year End Tax Planning

Posted by Sarah E. DesJardins

Dec 13, 2016 9:30:00 AM

Before you get caught up in all the holiday gatherings and celebrations, it is important to take some time to evaluate your tax situation for the current year. Some simple personal tax planning techniques can potentially save you hundreds or thousands of dollars either in the current or succeeding year. While some events such as the timing of having a child may be difficult to control, there are many other events you can manipulate to reduce your tax liability.

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Topics: tax planning,, personal tax planning, dopkins tax, year end tax planning



Why Not Follow Gov.Coumo's Lead on Information Security Protection

Posted by Timothy M. Korn CPA

Dec 8, 2016 4:07:00 PM

In mid-September, the New York State Department of Financial Services released a press release stating, "Governor Andrew M. Cuomo today announced that a new first-in-the-nation regulation has been proposed to protect New York State from the ever-growing threat of cyber-attacks. The regulation requires banks, insurance companies, and other financial services institutions regulated by the State Department of Financial Services to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry.

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Topics: Information Security, cyber attack, cybersecurity, startegy



Tuition Credits, Changes, and The PATH Act

Posted by Brian Dansa

Dec 1, 2016 7:30:00 AM

In accordance with the Protecting Americans From Tax Hikes (PATH) Act, for 2016 every educational institution was required to provide a Form 1098-T (Tuition Statement) to those attending their institution. The Form 1098-T provides information related to tuition and fees that the taxpayer or taxpayer’s dependent would use to determine their applicable educational deduction, American Opportunity Credit, or the Lifetime Learning Credit.

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Topics: tax planning,, dopkins tax, Path Act 2015, Protecting Americans from Tax Hikes Act, form 1098-t, Tuition credits, tax advisory



Trusts as Shareholders and 9 Other Ways to Lose Your S Election

Posted by Sarah E. DesJardins

Nov 17, 2016 1:10:00 PM

In 1980, there were roughly 545,000 S corporations filing tax returns in the United States. By 2011, that number was well over 4 million.[1] As S corporations become increasingly popular, it is important to recognize that an S election can be inadvertently terminated. Understanding the ways in which an S corporation can lose the election can help avoid the possibility of double taxation. Discussed below are ten ways in which an S corporation can have the S election revoked, many of which deal with trusts since the rules surrounding trusts as shareholders are complex.

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Topics: s corporations, s election, s corp, how trusts risk s elections, s corp risks, scorporation



The IRS Giveth, the IRS Limiteth, and the IRS Taketh Away – Retail/Restaurant Remodel-Refresh Safe Harbor

Posted by Robert J. Bauer CPA

Nov 10, 2016 2:56:00 PM

Rev. Proc. 2015-56 established an automatic accounting method change to adopt a safe-harbor method of accounting for remodel-refresh expenditures for qualified taxpayers primarily engaged in retail or restaurant businesses (including certain landlords).  This safe harbor allows qualifying taxpayers to immediately deduct 75% and capitalize 25% of their qualifying remodel-refresh costs.  Sounds great!  But there are several limitations:
  • A business or landlord is a qualified taxpayer only if it has an applicable financial statement (generally, this means an audited financial statement or a 10-k filed with the SEC).
  • A qualifying taxpayer must conduct its activities under specific NAICS codes:
    • 44 or 45; however, automotive/motor vehicle dealers, gas stations, manufactured home dealers, and non-store retailers are excluded.
    • 722; however, hotels/motels, civic organizations, amusement parks, country clubs, and any taxpayer within code 7223 (food service contractors, caterers, and mobile food trucks) are excluded.
  • Landlords qualify if the building they own or lease is leased or sub-leased to a taxpayer that operates under the above NAICS codes.
  • In addition to these major limitations, the Rev. Proc. also contains approximately two pages of specific exclusions.

Huh?

With all of these exclusions and with the tangible property regulations (remember those?) being relative new, there were obviously many questions surrounding this Rev. Proc.  In response, the IRS released fourteen frequently asked questions to help clarify these provisions.  One important aspect of the Rev. Proc. that was explained in the FAQ’s was related to the potential tangible property regulation method changes that would have to be adjusted in order to utilize the remodel-refresh safe harbor method.  Specifically, a taxpayer desiring to make this change is required to revoke and not use partial disposition elections on qualifying property, place certain capitalized costs in general asset accounts (GAAs), adopt the safe-harbor method on a timely filed 3115, and appropriately classify capitalized costs under § 168(e). While these FAQ’s are helpful in providing additional guidance related to this Rev. Proc., for most taxpayers who have not already adopted the safe-harbor method these FAQ’s come too little, too late:

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Topics: tangible assets and repairs, tars, tangible property regulations, tangible property, irs, remodel refresh safe harbor, Rev. Proc. 2015-56





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