A Better Understanding of Form 8889

The Health Savings Account (HSA) is an individual tax-advantaged savings account designed to allow you to save for and pay your medical bills.  In addition to completing Form 1040, you may also have to complete Form 8889 and submit it [...]

Posted in Audit & Tax Talk | Leave a comment

LLC’s vs. S-Corporations: Which Entity is Right for Me?

There are many important factors to weigh when considering incorporating a business.  One of the most vital components to consider is which entity type provides the best tax incentives for a particular business. While LLC’s have gained popularity in recent [...]

Posted in Audit & Tax Talk | Tagged , , | Leave a comment

Individual Tax Savings Tips

Tired of all the uncertainty in federal taxes? Here are some individual tax savings tips that you can bet on! [...]

Posted in Audit & Tax Talk | Tagged | Leave a comment

Married Filing Separately: The Forgotten Filing Status

So you and your spouse have decided to check the “Married Filing Jointly” box on your 1040 again? Good! Chances are you probably should, as your alternative is generally not the most favorable. By filing a Married Filing Separately return, [...]

Posted in Audit & Tax Talk | Tagged , | Leave a comment

Is IC-DISC for you?

Are a U.S. taxpayer that exports goods and certain services to locations outside the United States? If so, you should consider setting up an Interest Charge Domestic International Sales Corporation (IC-DISC). What is the Benefit? A permanent tax savings (up [...]

Posted in Audit & Tax Talk | Leave a comment

Success-Based Fees – IRS Allows for Safe Harbor Election

For taxpayers involved in a business acquisition or reorganization in tax years ending after April 8, 2011, IRS has issued, in early April, guidance allowing for safe harbor treatment for success-based fees.  Taxpayers who make the safe harbor election should [...]

Posted in Audit & Tax Talk | 3 Comments

Gas prices cause IRS to increase 2011 mileage reimbursement rate

In response to the increase in gas prices, the IRS announced an increase in the optional standard mileage rates for the last six months of 2011. The following are the rate changes which are contained in Announcement 2011-40: Purpose of [...]

Posted in Audit & Tax Talk | Tagged | Leave a comment

Expanded Form 1099 Requirements Repealed

An administrative nightmare was averted when President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 on April 14, 2011. The act included the repeal of the 1099 reporting requirements imposed by the [...]

Posted in Audit & Tax Talk | Tagged , | Leave a comment

A Sunday Evening Reflection on International Taxes

Like many of you, I enjoy spending my Sunday evenings relaxing at home.  From time to time, I like watching the television news show, 60 Minutes.  On March 27, 2011, CBS aired the news story, A look at the world’s [...]

Posted in Audit & Tax Talk | Leave a comment

Government Shutdown’s Impact on Tax Deadline

We are just days away from a possible government shutdown. What does that mean for the April 18 tax deadline? The IRS Commissioner Doug Shulman addressed the National Press Club on April 6, 2011 and addressed questions related to the [...]

Posted in Audit & Tax Talk | Leave a comment