FAQ… What 2013 tax year deadlines extend into 2014?
The definitive arrival of the New Year does not spell doom for all tax savings opportunities for 2013 because some tax year deadlines extend into this year. A few options remain to taxpayers: IRAs...
View ArticleFAQ: What is a cost segregation study of business assets?
Taxpayers using real estate in their business often can generate significant tax savings and increase cash flow by using the technique of cost segregation. Cost segregation is the identification and...
View ArticleFAQ: Does tax return identity theft spike at the start of the filing season?
Yes. Identity theft is a growing problem and the start of the return filing season is one of the peak times for identity thieves filing fraudulent returns. Criminals file false returns early to get...
View ArticleFAQ: What is an information document request (IDR)?
When an IRS is conducting a detailed audit of a taxpayer, it may want to see documents and records retained by the taxpayer. The examiner will ask the taxpayer what type of documents are maintained,...
View ArticleFAQ: Are contributions to foreign charities tax-deductible?
Social media has helped to make our world smaller and when natural disasters and tragedies occur we want to help with contributions of money and/or other types of aid. At home, countless charitable...
View ArticleDon’t drive blind: produce accurate monthly accounts and financials
Your accounts aren’t just a historical document to file away at the end of the financial year. They’re a living, breathing overview of the health of your company, and they contain all kinds of insights...
View ArticleFAQ: What are the new IRS procedures for Individual Tax Identification Numbers?
The IRS announced in August new procedures for renewing an unused or expired Individual Tax Identification Number (ITIN). The new procedures are scheduled to take effect later this year and will impact...
View ArticleAre IRS Q&As authoritative guidance?
The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to explain some of...
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