The domestic production activity deduction (DPAD) is a provision enacted in the American Jobs Creation Act of 2004 that is often missed by both veteran and rookie tax preparers. Businesses that have qualified production activities are entitled to a 9% deduction for those activities.
Attorney General Bill Schuette reminds Michigan consumers to remain vigilant this tax season. The IRS recently employed four private debt collection agencies to collect some overdue federal tax debts, and collection efforts will begin this week.
The Internal Revenue Service (IRS) released a notice 12-28-2015 (Notice 2016-4) that it is extending the 2015 tax year filing deadlines for health benefits reporting required by the Affordable Care Act (ACA). This guidance applies to filings required by both small and/or applicable large self-funded employers, Forms 1094-B and 1095-B and Forms 1094-C and 1095-C respectively.
On December 18, 2015 the Protecting Americans From Tax Hikes Act of 2015 was signed into law impacting most individuals and businesses. The Act extends many favorable tax benefits and makes many others permanent. Some of the key provisions in the bill are highlighted in this letter. Permanently extends the $500,000 and $2 million limits
The Internal Revenue Service issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016 the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile
IRS Raises Tangible Property Expensing Threshold to $2,500; Simplifies Small Business Filing and Recordkeeping The Internal Revenue Service today simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items.
By Keith O. Frame, CPA Most people have now heard that Michigan’s personal property tax laws have been substantially changed in that they are being phased out for many taxpayers and provide an exemption for small taxpayers (those with taxable value of property less than $80,000). What many people are not aware of is it
By Keith O. Frame, CPA You may not have heard this in the mainstream media, but the IRS is hammering business owners and independent business people in Tax Court regarding documentation necessary to claim tax deductions for business use of an automobile.
Written by: Gene G. Smith, CPA In late 2011, the IRS released lengthy and complex temporary regulations on the subject of when certain property costs must be capitalized and depreciated for federal income tax purposes-as opposed to being deducted currently. The temporary regulations are expected to be effective for tax years beginning on or after