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Andrew Presti

FAQ: What are my odds of being audited?

FAQ: What are my odds of being audited? Audit coverage rates are at low levels, the IRS has reported. According to the IRS, the audit coverage rate for individuals fell 16 percent from FY 2015 to FY 2016. The 0.7 percent audit coverage rate for individuals was the lowest coverage rate in more than a […]

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Steve Grgas

How Do I? Differentiate tips from service charges for tax purposes

How Do I? Differentiate tips from service charges for tax purposes Although the employee may end up with the same amount whether something is designated a tip or a service charge, the IRS reporting requirements for the employer do differ. Basically, any amount required to be paid by a customer rather than at the customer’s […]

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Steve Grgas

May 2017 tax compliance calendar

May 2017 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 federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of May 2017. May 1 Employers. File Form 941 for the […]

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Brian Whelan

Tax reform proceeds to possible summer enactment

Tax reform proceeds to possible summer enactment Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress and signed into law by the President before summer. At the same time a “mini” tax reform package in an Affordable Care Act (ACA) repeal and replacement plan appears to have stalled in Congress. […]

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Wayne Naegele

IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits

IRS Issues 2017 Inflation-Adjusted Vehicle Depreciation Dollar Limits The IRS has released the inflation-adjusted limitations on depreciation deductions for business-use passenger automobiles, light trucks, and vans first placed in service during calendar year 2017. All limitations are inflation-adjusted based upon October 2016 CPI amounts, with rounding conventions that account for almost all 2016 limits remaining […]

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