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CPA Likes New Apps from the IRS for tax clients

New iPhone and Android App from the IRS In an effort to modernize the IRS and to better reach taxpayers, the IRS has launched an iPhone and Android app called IRS2Go. The download is free. You can download the App from either the Apple App Store or the Android Marketplace depending on your device. Taxpayers …

IRS Scrutinizes Gifts between Family Members – Ask DVF

IRS Scrutinizes Gifts of Real Estate between Family Members The IRS allows gifts to any one person of $13,000 per year without requiring the filing of a gift tax return. Anytime a gift is made in excess of that amount a gift-tax return must be filed even if the gift is not taxable due to …

Be sure you are donating to a legitimate charity.

The United States is one of the most generous countries with hundreds of millions of dollars donated each year to charities offering a wide variety of services.  With the amount of funds being donated to charities throughout the year it is important to verify that the charity is legitimate and not a scheme.  The IRS …

IRS Increases Mileage Rate

IR-2011-69, June 23, 2011 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents …

Fraud Within Your Company

Business owners need to be on the lookout for symptoms of fraud within their companies. From petty theft at the lower levels to major white-collar crime in more responsible positions, internal fraud can crop up even among the most trusted staff members. The first step in detecting and preventing fraud is to know the warning …

New Tax Breaks for Business Equipment – ask your CPA

There are great new tax breaks for business equipment and vehicles for 2011 which means now may be a good time to consider buying. The IRS has issued guidance on how the new business depreciation tax breaks work and the options available to taxpayers.  The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act included …

1099 Rule Changes for Employers

Good news for business owners. Thankfully, Congress just-passed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act which means none of the attempted 1099 changes will take effect. So if your business is currently handling 1099s and payee statements without any problems, you can continue with the status quo. However, if you know you have compliance deficiencies, …

Succession Planning for businesses

This is a great article posted by AccountingWEB on the need of succession planning for accountants. It is written for accountanting firms, however, it is applicable for many types of  businesses. Written By Francesca Zelasko If a key partner decided to retire or became disabled, would your firm have a plan for transitioning clients, choosing a replacement leader, and …

Medical Expense for Nursing Homes

I receive the question about nursing home expenses regularly.  Particularly, are costs paid to nursing homes deductible as a medical expense. The simple answer is if the main reason an individual is in a nursing home is to obtainmedical care, then the entire nursing home cost, including meals and lodging, is deductible as a medical …

New Tax Laws for Rental Properties – Dempsey Vantrease & Follis

The new law, which is effective for payments made in 2011, no longer exempts owners of rental properties from reporting payments made to service providers.