May 20, 2015 | Helpful Articles, Tax Planning and Preparation
Most clients assume the sale of land is a capital asset which will get preferential capital gain treatment. While many sales will qualify, some sales by dealers will not because it is their trade or business. In addition, an investor (not a dealer) can benefit from...
Apr 13, 2015 | Tax Planning and Preparation
Did you know that “Qualified Taxpayers” can subdivide and actively sell real estate from a single tract held for investment without having the income taxed as ordinary income? Instead, all or most of the income can qualify for capital gains treatment....
Mar 16, 2015 | Tax Planning and Preparation
You’ve made your donation to a qualified organization- it helps the charity and, for your efforts, you may now include this contribution as an itemized deduction on your Schedule A. But how secure is that donation if your return were to be selected for audit?...
Mar 9, 2015 | Tax Planning and Preparation
The IRS website includes an application called ‘Get Transcript’ which enables taxpayers to obtain tax documents filed with the IRS by third parties. In May of 2015, the IRS announced that unknown third parties using information obtained outside of the tax agency used...
Feb 17, 2015 | Helpful Articles, Tax Planning and Preparation
This is a question that we get from many of our business clients after the end of the year, “Do I need to file 1099’s?” There is now a question on the business tax returns asking whether or not you are required to file these forms and if so whether...
Feb 8, 2015 | Tax Legislation, Tax Planning and Preparation
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...