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Insights & Alerts

March 16, 2015
IRS Warns Taxpayers About Fake Charities
The Internal Revenue Service has warned taxpayers about groups claiming to be charitable organizations to entice contributors to make donations. This scam has been added to the “Dirty Dozen”, a list of common scams that the IRS compiles annually.
March 12, 2015
Accounting for Green – Accounting in the Cannabis Industry
In 1996, Oregon and California were the first states to pass legislation that legalized marijuana for medical purposes. Today, there are 23 states and the District of Columbia that have laws in place that allow the cultivation and use of marijuana for medicinal purposes -- many other states have decriminalized possession while others are working towards legalization (OH and PA.)
March 9, 2015
IRS Increasing Payroll Tax Audits
Specially trained IRS auditors are investigating errors made by employers on the withholding of federal income taxes, Federal Insurance Contribution Act (FICA), and Federal Unemployment Tax Act (FUTA). Another focus of these payroll tax audits is on the proper classification of workers as common law employees instead of independent contractors.
March 5, 2015
The Qui Van Phan Tax Court Case: Favorable Outcome for Mortgage Interest Paid
A recent small tax court case had a favorable outcome for the taxpayer. In this case, the taxpayer was able to deduct home mortgage interest paid during a year in which he neither owned the home, nor was he listed as liable on the mortgage debt.
March 3, 2015
Tax Flash - Final IRS Regulations Cover Elections for Alternative Simplified Research Credit
The IRS has issued final regulations relating to the time and manner of electing to use the Alternative Simplified Method to compute the Research and Development Credit (ASC). The final regulations mirror the previously issued temporary regulations.
March 2, 2015
Do the Right Thing, or Else…
What happens when a company makes an honest mistake and seeks IRS assistance in rectifying the problem? See below for an explanation of how the solution did not fairly address the consideration of the affected former employees. The former employees sued and won.
February 26, 2015
Florida’s R&D Credit: Application Submission Opens March 20th
Starting with the calendar year 2012, Florida introduced the Research and Development Expense Credit as an incentive for corporations in certain targeted industry businesses, such as manufacturing, biotech, telecommunications and certain finance services.
February 26, 2015
IRS Warns Against Phony Charity Scams
The Internal Revenue Service is warning taxpayers for the 2015 filing season about phony charitable organizations. There has been an increase in illegal scams of organizations pretending to be legitimate organizations that ask for contributions from unsuspecting taxpayers.
February 25, 2015
Massachusetts Authorizes Limited Tax Amnesty Program
Massachusetts Governor Charlie Baker has recently signed a bill (H.B. 52) containing a limited tax amnesty program. While specific details have yet to be released the framework of the program has been released within the signed legislation.
February 24, 2015
Tax Flash - Rev Proc 2015-20-Tangible Personal Property Regulations - Offers Relief for Small Taxpayers
Responding to requests from the small business community, IRS issued Rev Proc 2015-20 last week, which provides an alternate simplified method for qualifying taxpayers to adopt the new repair regulations on their 2014 tax returns.
February 23, 2015
Tax Flash - Notice 2015-17 Penalty Relief Under ACA
IRS issued Notice 2015-17 on February 18, 2015 providing relief for certain employers from a $100 per day per employee penalty for having plans which do not satisfy the Affordable Care Act Market Reforms.
February 23, 2015
Home Mortgage Interest Deduction
Qualified home mortgage interest expenses are claimed as an itemized deduction under Schedule A of the Form 1040. Schedule A allows deductions of interest on loans of up to $1,000,000 and interest on home equity debt of up to $100,000.
February 19, 2015
Being an Executor
A friend or loved one has passed away. A few months have gone by, and you remember that you agreed to be their trustee/executor. When they asked, you were flattered and honored. Now you are overwhelmed by the magnitude of the job. You were never a “numbers person”.
February 16, 2015
Research and Development Credit – More Good News for Taxpayers
Recent taxpayer friendly Regulations proposed by the IRS on January 16, should encourage those taxpayers who develop software for internal use, to re-visit the accumulated costs for potential creditable treatment. Many favorable rules are included in these proposals that may enable taxpayers who did not previously qualify for the Research and Development Credit, to now become eligible. 
February 12, 2015
IRS Payroll Tax Audits
One area that the IRS is currently focusing on is payroll taxes. They are seeking to recoup what they consider lost revenue attributable to payroll taxes that are unreported and unpaid. Employers should take the necessary steps to make sure they are complying with the various payroll tax rules and reporting requirements. 
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