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February 2014 Tax Compliance Calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2014. February 5 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates January 29-31. […]

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January 2014, Newsletter

FundingGates: Joe Romano Discusses ‘Ready in Real-time: How Financial Preparedness Can Fuel Success’ Steve Grgas elaborates on ‘Keeping Good Records for Tax Season and Beyond’

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How do I?… Use the 2014 Standard Mileage Rates?

Taxpayers who use their automobiles for business or the production of income can deduct their actual expenses for use of an automobile (including the use of vans, pickups, and panel trucks) that the taxpayer owns or leases. Deductible expenses include parking fees, tolls, taxes, depreciation, repairs and maintenance, tires, gas, oil, insurance and registration. Standard […]

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December 2013, Newsletter

Andy discusses Health flexible spending arrangements in his article ‘IRS eases strict “use-or-lose” rule for health flexible spending arrangements’. Wayne answers some questions about timing year-end bonuses for tax time:  ‘How do I? Time year-end bonuses for tax purposes’.

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Keeping Good Records for Tax Season and Beyond – Some Guidelines

Good recordkeeping is essential for individuals and businesses before, during, and after the tax filing season. First, the law actually requires taxpayers to retain certain records for a specified number of years, for example tax returns or employment tax records (for employers). Second, good record is essential for taxpayers while preparing their tax returns. The […]

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January 2014 Tax Compliance Calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of January 2014. January 2 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates December 25–27. January […]

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Ready in Real-time: How Financial Preparedness Can Fuel Success

Success isn’t accidental. It’s the result people making good business decisions based on the best information possible. If you polled one hundred business owners, the vast majority would choose to have current, accurate and meaningful financial information on hand when making critical decisions. Yet despite this, many business owners view accounting and finance as necessary […]

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FAQs: How do I time a year-end stock sale?

Stock held by an investor is a capital asset under the tax law. Gain from the sale of stock held for more than a year qualifies as long-term capital gain, taxed at a reduced rate (zero, 15 or 20 percent) compared to the rates that apply to ordinary income. To achieve these favorable rates, investors […]

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How do I? Time year-end bonuses for tax purposes

Taxpayers generally prefer to accelerate deductions to reduce their current year income and taxes. In some situations, the tax code’s accounting rules allow an accrual-basis employer to deduct a year-end employee bonus in the current year, even though the bonus will not be paid until the following year. A recent IRS Chief Counsel memorandum (FAA […]

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IRS eases strict “use-or-lose” rule for health flexible spending arrangements

Health flexible spending arrangements (health FSAs) are popular savings vehicles for medical expenses, but their use has been held back by a strict use-or-lose rule. The IRS recently announced a significant change to encourage more employers to offer health FSAs and boost enrollment. At the plan sponsor’s option, employees participating in health FSAs will be […]

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