Category Archives: Announcements

Financial Experts Facilitate Business Interruption Claims

November 5, 2017

Filing insurance claims for business interruption — in the case of a disaster such as a hurricane, flood or fire — may seem overwhelming. Rather than go it alone, many business owners hire outside financial experts to handle the details while insiders restore normal business operations. Here are the basics of business interruption coverage and how a valuation or forensic accounting professional can add value.

Manufacturers: 6 Strategic Steps to Help Spur Growth in 2017

November 2, 2017

How is your firm doing? Step back and review where you stand and where you plan to go. Today’s uncertain environment makes it hard for manufacturers to predict what’s ahead for the rest of this year. This article offers six proactive steps you can take now to put you in the best possible position to succeed in the future. We’ll also take a look at how the Industrial Internet of Things is taking over.

Maximize Tax Deductions for New Business Vehicles

November 1, 2017

New car and truck models are in dealer showrooms, and you might be thinking it’s time to buy a new vehicle or two for the business. This article illustrates the various twists and turns related to claiming tax deductions for business vehicles, such as the two ways you can claim the deductions, luxury car limits and how the form of ownership affects your tax benefits.

Why It’s Risky to Rely on Unofficial IRS Guidance

October 30, 2017

Relying on FAQs and Answers, along with other forms of unofficial guidance posted on the IRS website, may not protect you from IRS audit or additional tax assessments, interest and penalties. Here’s an overview of the different types of guidance the IRS publishes, recommendations from the National Taxpayer Advocate on how to make guidance fairer, and a suggestion on how to minimize penalties on assessments of additional taxes.

Federal Tax News – September

October 24, 2017

1. Social Security “wage base” increases for 2018.
2. Should you dance the Roth IRA two-step?
3. Court denies innocent spouse relief.
4. No business tax deductions were allowed for this gambler.
5. Court: Taxpayers don’t have to pay self-employment tax.

Federal Tax News – August

September 18, 2017

1. Republican Senators unveil a new health care reform bill.
2. Leave-sharing programs benefit hurricane victims.
3. A pilot fails to land an exclusion.
4. Pageant parents are denied deductions.
5. A big-game hunter loses in court.

Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?

September 12, 2017

Taxpayers who engage in an unincorporated sideline — outside of their regular day jobs — must understand the differences in the tax treatment of hobbies and for-profit business activities. Here’s an overview of the hobby loss rules, along with a recent U.S. Tax Court case that disallowed a taxpayer’s claim that his loss from organizing film festivals should be classified as a for-profit business activity.