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Cost Segregation Denied
Cost Segregation is good. It allows faster write off’s via depreciation of buildings. We have clients who have been very satisfied. Taxpayer purchased a business and properly allocated the cost to the various asset classes per the purchase agreement. Then the taxpayer paid for a cost segregation study. It was decided that the the contract’s…
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Employment Tax not paid? See what can happen
Click here to See what happens if you don’t pay payroll tax […]Read More… from Employment Tax not paid? See what can happen
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TD F 90-22.1 Report of Foreign Bank and Financial Accounts
Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts The United States Department of Treasury has announced that beginning July 1, 2013, Form TD F 90-22.1 must be filed electronically by the taxpayer. To file the 2012 form after June 30, 2013, file the form through http://bsaefiling.fincen.treas.gov/Enroll_Individual.html […]Read More… from TD F 90-22.1 Report…
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EIC Earned Income Credit – easy to calculate?
We tell clients all the time that it is complicated and hopefully they can answer the questions correctly when they use boxed software or… ready for this… try to do it by hand! The earned income credit is extremely difficult to calculate. Eligibility & computation rules take up 8 pages in the 2012 Form 1040 instructions…. plus…
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2014 & 2013 Simple IRA Contribution Limit
THE AMOUNTS ARE THE SAME for 2014 and 2013. The Simple IRA contribution limit for employees is $12,000 for 2014 (up from 2012 of $11,500). If over age 50, the limit for 2014 is $14,500 (up from 2012 of $14,000). […]Read More… from 2014 & 2013 Simple IRA Contribution Limit