Year-end Section 179 Deduction Trap: The current $500,000 Section 179 deduction limit applies to tax years beginning in 2013. Under current law, the limit will be a much lower $25,000 for tax years beginning in 2014. This presents a tax trap for fiscal year pass-through entities (e.g., partnerships and S corporations) with calendar tax year owners. Assets acquired and placed in [...]
The Social Security wage base will increase in 2014 to $117,000, a $3,300 bump over the current level of $113,700. The OASDI tax rate, or FICA tax rate, paid by both employers and employees will stay at 6.2%. The Medicare tax rate will also remain stable in 2014 at 1.45% (paid both by employers and [...]
We hope you are having a wonderful summer! It’s hard to believe that we’re almost in August already. A new report by the Treasury Inspector General for Tax Administration notes that IRS audits have led to a substantial number of recommended adjustments reported on S corporation returns; however, the number of no-change audits was 62% [...]
“The line it is drawn and the curse it is cast, The slow one now will later be fast, As the present now will later be past, The order is rapidly fadin’, And the first one now will later be last, For the times they are a changin’.” One of my favorite classic Bob Dylan [...]
Hi Folks, Hope you’re all happily settled into a busy 2012. When meeting with a tax client, we are often asked “if I do this, will it send up a red flag”? Good question. Well, our friends at Kiplinger’s have compiled a dirty dozen list of IRS Targets. Here is a run-down of the top [...]
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