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TARS Update: IRS Amends Filing Requirements

Posted by Robert J. Bauer CPA

Apr 9, 2015 10:50:00 AM

The IRS has announced that, for 2014, it will allow qualifying small businesses to account for tangible property on a go-forward basis for that year and without filing Form 3115. Essentially, the new rule makes it easier for small businesses to adopt the new tangible property regulations (TARS) made effective for 2014.

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Topics: irs announcements, tangible assets and repairs, tangible asset regulations, tars, tangible property regulations, small business, tangible property, form 3115

Spring Cleaning: Your Tax Records— Keep or Not?

Posted by Jennifer C. Plail CPA

Mar 19, 2015 4:30:00 PM

The sun is trying to stream though my windows, exposing the reality of their needing a wash. With temperatures dancing around 40 and that extra hour of daylight fueling my energy level, I am eager to begin spring cleaning. Even before the crocus peek through the snow piles, this time of year feels like another chance for a fresh start, purging the dirt and clutter that has amassed these past months. Not only do closets and basements beckon, burgeoning file cabinets call. Couple this with the looming tax deadlines, and there’s a good chance you are faced with residual piles of papers, receipts, statements and records.

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Topics: tax planning,, irs announcements, records retention,, record keeping, records documentation, irs audit, tax advisory group

Beware: “Largest Ever” Phone Fraud Scam Targeting Taxpayers

Posted by Stephen C. Studley CFU CVA CLU CFP CPA

Mar 25, 2014 10:23:21 AM

If you somehow missed it on the news, radio, web, blogs, you should know The Treasury Inspector General for Taxpayer Administration (TIGTA) issued a warning to taxpayers to beware of phone calls from individuals claiming to represent the Internal Revenue Service (IRS) in an effort to defraud them.

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Topics: Information Security, phishing, irs announcements


Posted by Eric R. Soro CPA

Feb 20, 2014 1:27:56 PM

The IRS has announced a one half cent decrease in the standard mileage rates that taxpayers will use for calculating business, medical, and moving expenses in 2014. Use of the standard mileage rate is a popular alternative to using the actual expense method, which requires taxpayers to keep track of specific costs for maintenance, repairs, tires, oil, insurance, etc.

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Topics: tax, irs announcements, 1040, schedule a, travel expenses

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