Archives

June 2014

Donated Stock

Posted on June 18, 2014

In addition to cash contributions, nonprofit organizations may also receive noncash gifts.  The most common noncash contribution is…

Selling Vacant Land Can Bring A Tax Break

Posted on June 10, 2014

You probably know that you can exclude up to $250,000 of gain ($500,000 for most joint filers) when you sell your principal…

Employee Attitudes Affect Customer Service

Posted on June 10, 2014

The quality of the customer service your company provides will have an effect on the net profit of your business. Even with the…

FBAR Deadline Is June 30

Posted on June 10, 2014

If you hold foreign bank or financial accounts and the total value of your account exceeds $10,000 at any time during the calendar…

More Accounting Method Changes Required Under New Capitalization Rules

Posted on June 06, 2014

The IRS has granted automatic consent to taxpayers (Rev. Proc. 2014-33) to change their accounting methods for sales-based…

HSA Contribution Amount Increases For 2015

Posted on June 06, 2014

Taxpayers who have health savings accounts (HSAs) connected with high-deductible health plans (HDHPs) may make slightly higher tax…

Compute The Accuracy Related Penalty

Posted on June 06, 2014

If a taxpayer makes a mistake resulting in paying less federal tax to the IRS than actually owed, that taxpayer could be subject to…

Employer Provided Tax-Free Transit Benefits

Posted on June 06, 2014

Transit incentives are a popular transportation fringe benefit for many employees. Although the costs of commuting to and from work…

“Alimony Compliance Gap” Could Reach $2.3 Billion

Posted on June 06, 2014

The IRS needs to significantly improve its oversight of alimony deductions, the Treasury Inspector General for Tax Administration…

FBAR Deadline Changes

Posted on June 06, 2014

U.S. taxpayers with foreign financial accounts must file an FBAR (Report of Foreign Bank and Financial Accounts) if the aggregate…

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