When was the last time you evaluated your financial position and spending habits? It's easy to allow finances to become bloated and flabby, especially during the holidays. As you ring in the New Year, take time to review your personal and small business budgets for opportunities to operate more lean and fit in 2014 and beyond.
News & Articles
The IRS and Treasury Department have released final regulations that affect the treatment of materials and supplies, capitalization of amounts paid to acquire or produce tangible property, and the capitalization and deduction of expenditures relating to the repair or improvement of tangible property. These regulations will have an impact on most taxpayers regardless of industry and the application is mandatory for tax years beginning after December 31, 2013.
The IRS recently issued final regs involving the penalty individuals must pay if they don't maintain minimum health insurance coverage under the Affordable Care Act (ACA). Meanwhile, employers are facing a major ACA deadline. By October 1, they must provide employees with an explanation of their health insurance options. Are you confused about the ACA? Don't feel bad. A new survey shows that about half of Americans don't understand basic health insurance terms or the law.
Economic recovery seems to foster generosity. The 2013 Giving USA study finds that contributions to charitable organizations are up, but they have a long way to go to return to pre-recession levels. The study and another recently released survey shed light on the latest demographic and technological trends that affect charities. This article reveals which Americans are the most generous and how they use the Internet to make donations, as well as the tax rules you must follow to claim deductible contributions on your tax return.
While your chances of being audited may be relatively low, planning as if you will hear from the IRS could help you survive a challenge. A recent U.S. Tax Court case illustrates why keeping meticulous records and operating in a business-like fashion can mean the difference between claiming tax deductions and having them disallowed.
If you're a business owner or corporate executive, be aware that your company's structure is not always enough to shield you personally from legal claims against the business. In one recent case, a grocery store owner found out the hard way. His direct, although limited, involvement in the company's operations rendered him individually liable when employees filed a lawsuit. Continue reading for details of the case and some guidance on this important matter.
You may assume if you have a valid written contract, the terms will be fulfilled, as long as you keep your end of the bargain. In one recent Tax Court case, a couple deducted a theft loss on their tax return after a home contractor didn't finish a project and left them with costly damage. Read below to see what happened in the case and what you should do to support your case if you find yourself to be the victim of a similar situation.