GOOD NEWS FOR RESTAURANTS AND RETAILERS!! IRS says in new guidance meant to settle a long standing argument that these businesses are able to now deduct 75% of remodeling costs. Many eateries and stores remodel their premises every five to 10 years to keep up with trends and make the property look new and modern. [...]
As we near the end of the year, I wanted to take this time to give you some insight as to what type of documentation I will need for the coming filing season. 1) New Health Insurance info required: Beginning in 2014, individuals are required to have minimum essential health insurance for at least one day [...]
FUTA TAX Some employers will pay higher FUTA taxes in CA and NY. Both states have been unable to pay back loans taken from the federal government used to pay unemployment benefits. For both states this equates into a .9% additional tax or $63 per employee for tax year 2013. FORM 5498 Trustees will have [...]
Beginning in 2013, the NYS Department of Taxation and Finance (DTF) has created the family tax relief credit. This is a new refundable credit of $350. The DTF will determine which taxpayers are eligible for this credit by utilizing returns filed two years prior., So for 2013, the criteria is based on the 2011 filed [...]
Same-sex married couples must file before September 16 to file as single (09-13-13) Same-sex married couples who are on extension, but wish to file as single one last time, must file before September 16, 2013. Original returns filed by same-sex married couples on or after September 16, 2013, must be filed using a married filing status. [...]
The Department of the Treasury and the IRS has ruled that same sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes (Revenue Ruling 2012-17.) The ruling specifically states that it applies to “legally married” same-sex couples, and NOT TO REGISTERED DOMESTIC PARTNERSHIPS, civil unions, or [...]
A woman who ran a cash-intensive massage therapy business at home failed to file tax returns and did not cooperate with the Internal Revenue Service during an audit. IRS reconstructed her income relying on the income she listed on a credit application she filed with a bank. The Tax Court sided with the IRS.