According to recently released IRS examination percentages for the last 10 years, S corporations and partnerships are being audited at higher rates for fiscal year 2015 while large C corporations (assets $10 million and higher) are being audited at the lowest percentage in 10 years—down to 11.15% of returns examined in fiscal year 2015, a decrease of 8.83% from 2014...
Read MoreCEDAR RAPIDS, IOWA (JANUARY 19, 2016) BY MICHAEL COHN Tax preparation software developer TaxAct disclosed a data breach, leading the company to suspend the accounts of more than 9,000 customers. The Cedar Rapids, Iowa-based company, part of Blucora Inc., said the data breach affected a small percentage of its customers. “To give you some additional insight, TaxAct...
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JMA is a platinum sponsor of the Northern Chautauqua Community Foundation (NCCF). Kevin Wystup and Richard Johnson attended NCCF’s 30th Anniversary Kickoff Celebration, held on January 22, 2016 at 21 Brix. Wystup is a current partner at JMA and Johnson is a retired partner and founding member of JMA. Johnson was one of the NCCF’s founding members and a...
Read MoreRetail and Restaurant Establishments Get Relief from the Tangible Property Regulations: The IRS has provided a safe harbor accounting method that taxpayers in the retail and restaurant industries can use to determine whether costs paid to refresh or remodel a qualified building are deductible repairs and maintenance expenses under IRC Sec. 162(a), or if they must be...
Read MoreJoin JMA in supporting the Seneca Diabetes Foundation’s Annual Chairman’s Ball on Friday, February 5th! To learn more about the Seneca Diabetes Foundation, get event information, or if you’d like to donate to the cause, visit senecadiabetesfoundation.org or...
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