News & Articles

4 Tips for Claiming Higher Education Credits

Posted on Fri, Mar 24, 2017

The Internal Revenue Code offers two federal income tax credits for post-secondary education expenses: the American Opportunity credit, and the Lifetime Learning credit. (See "The Basics of Higher Education Credits" at right.)

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Tags: Higher Education, College Expenses, American Opportunity Credit

Relying on Audit Techniques Guides

Posted on Wed, Mar 22, 2017

IRS examiners usually do their homework before meeting with taxpayers and their professional representatives. This includes reviewing any relevant Audit Techniques Guides (ATGs) that typically focus on a specific industry or audit-prone business transaction.

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Tags: Audit, IRS

Which Parent Gets Child-Related Tax Breaks After Divorce?

Posted on Mon, Mar 13, 2017

Divorce causes tax issues. For example, which parent is allowed to claim a host of valuable child-related tax breaks? Sometimes, but not always, it depends on which parent is allowed to claim the child as a dependent. This article explains what you need to know.

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Tags: Tax Breaks, Divorce, Tax Break

Investigate Zoning Laws Before Committing to a Location

Posted on Fri, Mar 10, 2017

Location, location, location. You know how important it is for your business. So when choosing a location, you probably research foot traffic, car traffic and the occupancy rates of the neighboring buildings. But if you don't research zoning laws, all your good business judgment could go to waste.

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Tags: Business, Listed Property

Lack of Marketability Discount Requires Empirical Support

Posted on Wed, Mar 08, 2017

The discount for lack of marketability is an often-contested valuation adjustment that requires a particularly detailed process. When calculating any valuation adjustment, an appraiser obviously can't just pick a number out of a hat.

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Tags: Appraisals, Valuation, Business Valuation

There's Still Time to Set Up a SEP for 2016

Posted on Mon, Mar 06, 2017

Simplified Employee Pensions (SEPs) are stripped-down retirement plans intended for self-employed individuals and small businesses. If you don't already have a tax-favored retirement plan set up for your business, consider establishing a SEP — plus, if you act quickly enough, you can claim a deduction for your initial SEP contribution on your 2016 tax return.

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Tags: SEP, Retirement Plan, Business Owner

Examine Backgrounds Before You Hire

Posted on Fri, Feb 24, 2017

Back before society became so mobile, checking the backgrounds of potential employees was pretty much a matter of asking around the neighborhood: Were the applicants honest? Reliable? Hardworking?

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Tags: Hiring Tips, Hiring, Employees

Tax-Advantaged Ways to Help Educate the Grandchildren

Posted on Wed, Feb 22, 2017

If you want to help your grandchildren through college, there are several options to help pay their expenses and trim your family's tax bill at the same time. Here are three tax-wise ideas:

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Tags: Tuition, Expenses, College Expenses

Consider Section 179 Deductions for Real Estate Expenses

Posted on Mon, Feb 20, 2017

The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn't a no-brainer. Here are the pros and cons.

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Tags: Retailers, Deductions, Section 179 Deductions, Real Property Tax, C corporation

IRS Reports a Significant Increase in Whistleblower Awards

Posted on Wed, Jan 25, 2017

The IRS Whistleblower Office is celebrating its 10-year anniversary this year. The office was created under the Tax Relief and Health Care Act of 2006 to oversee the IRS whistleblower program, which is a critical part of overall enforcement and compliance.

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Tags: Awards, IRS, Whisteleblower