Category Archives: Announcements

Victory for Homebuilders in Tax Accounting Stand-Off But IRS Fights Back

June 7, 2017

The completed contract accounting method scored a major win when the U.S. Ninth Circuit Court of Appeals ruled that a contracting group could defer taxes until an entire housing development was finished — rather than paying tax on the sales of individual homes. This article delves into the issue and examines the legal arguments used by the company. We’ll also explain how the IRS responded.

Federal Tax News – April

May 23, 2017

1. Couple couldn’t treat money they took out of their corporation as nontaxable.
2. The IRS issues 2018 inflation-adjusted HSA figures.
3. Court: Education expenses weren’t deductible.
4. Research tax credit opportunity for start-ups.
5. The proposed border adjustment tax faces daunting challenges.

Q&A on Potential Border Taxes

May 1, 2017

President Trump wants to impose a border tax on imported goods, particularly those from Mexico and China. On the other hand, Republicans in the U.S. House of Representatives have their own plan: A border adjustment tax under which companies would be taxed where income is earned. This article answers some questions to help clear up the messages coming from Washington, D.C. about this issue.

Federal Tax News – March

April 5, 2017

1. No touchdown on tax deductions for this football coach.
2. Auto racing team gets a green flag on treatment of parts.
3. “Innocent spouse relief” is granted by the U.S. Tax Court.
4. Depreciation figures released for some vehicles used for business.
5. What are your chances of being audited?

Consider State Taxes When Deciding Where to Live in Retirement

March 1, 2017

Have you been dreaming about your ideal retirement home? Regardless of whether you prefer the beach, the mountains or a location close to the grandkids, state taxes are an important consideration. This article explains the range of taxes to consider — including income, property and estate taxes — and highlights the importance of establishing domicile to prevent your old and new states from claiming you owe them taxes.

Federal Tax News – February

March 1, 2017

1. Father isn’t responsible for a steep tax penalty.
2. Do you have to take a required minimum distribution?
3. U.S. Tax Court rejects expert’s valuation of artwork.
4. Medical deduction for alternative care allowed.
5. Court denies deductions due to lack of proof.

IRS Sets 2017 Company Car Valuations

February 28, 2017

Providing a company car may attract good employees, but the perk doesn’t come free. Personal use of a company car is treated as a taxable fringe benefit, subject to income tax withholding obligations. This task is often difficult because of the complexity of the related tax rules for using a company vehicle for an employee’s own use. This article looks at the tax law requirements.

Federal Tax News – January

February 27, 2017

1. IRS Whistleblower Program had a “transformative year.”
2. Meal and entertainment deductions were denied by U.S. Tax Court.
3. The IRS announces large business and international taxpayer audit targets.
4. President Trump vows to end the political activity ban on tax exempt organizations.
5. Legal fees reclassified by the IRS and upheld by the U.S. Tax Court.

Howe, Riley & Howe Named Best Accounting Firm in NH Business Review’s BOB Awards for Seventh Year in a Row

February 9, 2017

Culture, community and commitment to excellence keep Manchester and Portsmouth CPAs on top We are excited to announce that we are once again taking home the Best Accounting Firm in New Hampshire Business Review’s 2017 BOB Awards. The award marks the seventh year in a row that the firm has taken home the honor, which […]