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Tax Legislation

The Senate Tax Bill – Looking Under the Rock

Nov 13, 2017

While the house bill contained several landmines for the unwary, the senate bill has both hidden gems and camouflaged pitfalls in its differences.  Many of the provisions of both bills are effectively the same, but there are several notable discrepancies.  These are significant changes in tax law masquerading as simplifications in the code.  Many don’t […]

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New Deadlines for Forms W-2 and 1099-MISC, Now with Penalties!

Dec 12, 2016

As part of the Protecting Americans from Tax Hikes (PATH) act, passed at the end of 2015, new deadlines were instituted for Forms W-2 and 1099-MISC, along with penalties for failure to comply.  For forms reporting income from 2016, these must now be provided to both the recipient and the federal government by January 31, […]

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Tax Amnesty

Jun 15, 2016

Tax amnesty programs are limited duration programs where a state provides taxpayers with an opportunity to come clean and pay back taxes with interest and/or penalties reduced or waived.  These benefits are available for individuals, businesses or both depending on the particular program.  Amnesty programs are usually of benefit to both sides; they provide the […]

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Protecting Americans From Tax Hikes Act of 2015 Highlights

Dec 21, 2015

On December 18th President Obama signed into law the long negotiated extender legislation passed by the senate earlier in the day.  Under the enacted legislation the tax provisions which expired at the end of 2014 were retroactively reinstated for 2015.  Of those reinstated, some were made permanent, while others were extended through either 2019 or […]

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IRS Issues Foreign Account Reporting Penalty Guidance

Nov 19, 2015

In an effort to standardize the way the administration enforces the FBAR (Foreign Bank Account Report) rules and penalties, the IRS recently produced an internal memorandum to facilitate consistency in this area.  Among other things the IRS’ internal memo details are methods for calculating penalties and how to determine willfulness on the part of the […]

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New Due Dates for Tax Returns Due in 2017

Sep 2, 2015

President Obama signed the short-term highway funding extension, H.R. 3236, into law on Friday, July 31, 2015. Included in that law were a series of revised filing deadlines for numerous taxpayers. The most notable are as follows: Partnerships (and entities taxed as partnerships) filing Form 1065: Calendar year filers will be due March 15th (previously April 15th) or […]

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Sample Capitalization Policy

Feb 8, 2015

Read our Summary of Revised Repair Regulations.   [Name of my company or client] Capitalization Policy   1.  Purpose This accounting policy establishes the minimum cost (capitalization amount) that shall be used to determine the capital assets that are to be recorded in [name of your business]’s annual financial statements (or books).   2.  Capital […]

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Summary of Revised Repair Regulations

Feb 8, 2015

As we head into the 2014 filing season we wanted to make you aware of important IRS changes that may impact your business. The IRS has laid out new rules regarding the tax treatment of amounts paid to acquire, produce, or improve tangible property. The IRS rules explain when those payments can be deducted for […]

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Optional Standard Mileage Rates 2014

Jan 8, 2015

Optional standard mileage rates for use of a vehicle will go down slightly per mile for 2014. Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. For business use of a car, van, pickup truck, or panel truck, the 2014 rate will be 56 cents per mile. […]

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IRS Adopted a Taxpayer Bill of Rights

Sep 17, 2014

Recently the IRS adopted a document, known as the Taxpayer Bill of Rights, to help taxpayers understand their rights while dealing with the IRS.  Taxpayers receiving any correspondence from the IRS during the 2014 calendar year will start to see documentation included which shows the taxpayer’s rights.  The IRS is going to add posters and […]

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Wilson Architects