IRS Provides Tips for Year-end Gifts to Charity: The IRS has reminded taxpayers making year-end charitable contributions to keep in mind current tax law requirements. To claim a deduction, donated clothing and household items must be in good or better used condition; monetary donations must be substantiated by a bank record or written statement; donations worth...
Read MoreThe Section 7520 rate for December 2015 is 2.0%, while the Applicable Federal Rates (AFRs) are as follows (Rev. Rul. 2015-25, 2015-49 IRB): Annual Semiannual Quarterly Monthly Short-term (≤ 3 years) 0.56% 0.56% 0.56% 0.56% Mid-term (> 3 years but ≤ 9...
Read MoreDe Minimis Safe Harbor for Deducting Repair Expenses Increased to $2,500: Under the Tangible Property Regulations (TPRs), businesses must generally capitalize amounts paid to acquire or produce a unit of property. However, businesses can make a safe-harbor election to currently expense a de minimis amount of such expenses. The de minimis amount for a business...
Read MoreBusiness’s Payments to Charities Were Business Expenses: In a recent Chief Council Advice, the IRS ruled that a business that advertised it would donate a certain percentage of its sales proceeds to organizations promoting certain social missions could deduct the payments it made under this program as an ordinary and necessary business expense under IRC Sec....
Read MoreWhile Presidents and Congresses have for decades championed tax incentives for Americans to save for their retirement, a number of recent proposals aim to close down certain retirement planning techniques that some deem inequitable. In this article, we discuss three of those techniques and some of the proposals that would close down their use. Click here to read...
Read MoreThe newly passed minimum wage law for New York State fast food will affect all businesses paying minimum wage in NYS over a period of time. Click here to review the new information and find out more.
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