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Trusted Answers From Licensed Business Professionals

Are S Corp Owners Subject To FICA Because Of The ACA?

There is no question that the Affordable Care Act (ACA) has dramatically impacted the health insurance industry and how companies approach coverage for their employees. The strict requirements and stiff penalties have most companies on edge. Read More.

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Can Real Estate Professionals Deduct Losses Without Limits?


The tax code provides details on how to determine whether rental property losses are passive or non-passive. Real estate professionals should understand the differences between the two as it impacts their ability to reduce their taxable income. .
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Tax Research Support For Accounting Firms

We are announcing the launch of our new research support services specifically tailored to accounting firms. Firms can now utilize our extensive team of accounting and tax professionals to obtain answers to complex client matters. Read More.

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When Will The IRS Accept Your 2014 Tax Return?

The 2014 tax season is scheduled to begin on time. According to the IRS, the agency will start accepting tax returns on January 20th, 2015. This comes as a surprise given that lawmakers waited until December 19th to address renewing several tax extender provisions. Read More.

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2014 Year End Tax Planning Strategies You Need To Know

Unfortunately, many taxpayers often visit year-end tax planning strategies after the New Year or when April 15th approaches. Before you say goodbye to 2014, there are several tax savings strategies that you may be able to implement now. If you wait until after December 31st, it will be too late. Read More.

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Lawmakers Approve Key Small Business Tax Extenders

As we predicted earlier this week, the Senate and President Obama did in fact approve the tax extenders for both individuals and businesses. The Tax Increase Prevention Act reinstates expired 2013 tax breaks as well as extends key tax provisions that were scheduled to expire at the end of 2014. Despite the overall positive news, the new law only provides a temporary one year solution. These same tax breaks are now set to expire on December 31, 2014. Read More.

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Are There Any Strings Attached With Free Shipping Thursday?

Those that have delayed their online shopping may want to wait another two days. Free shipping Thursday will begin at 12:01am eastern standard time on December 18th this year. There are nearly one thousand different retailers that have enrolled in the Free Shipping Day website and many more will follow suit. Although many consumers stand to benefit from free shipping, businesses can also make purchases.
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Claiming The New Standard Mileage Rate For Business


The IRS released the new standard mileage rates to calculate deductible costs for the 2015 tax year. This impacts those using a vehicle for business, charity, or medical and moving purposes. With the exception of costs related to business, the standard mileage rates all stayed the same or were slightly down from 2014 due to lower gas and oil costs. Still, should you even claim the standard mileage deduction for business? .
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Small Business Tax Extenders Likely To Be Approved

The House of Representatives voted in favor of passing a slew of notable small business tax benefits that expired at the end of last year. The Senate and President Obama have yet to approve the proposed tax legislation, but all indications are that they will follow the House’s lead. This should be welcoming news for businesses that have waited for confirmation before moving forward on 2014 capital purchases. Which tax breaks are likely to be reinstated? Read More.

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State regulators are now collecting nearly $400 billion in sales tax as compared to 2003 when states collected just over $250 billion. This growing trend is a consequence of complex regulations, new business models and technologies. Companies of all sizes need to have appropriate reporting processes in place to meet state sales tax regulations. To better understand these sales tax issues and the businesses that need expertise, we’ve analyzed our clients’ sales tax questions in this report. Read More.

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