Archive for - April, 2014

Congressional Research Service examines itemized deductions

Apr. 29, 2014

The Congressional Research Service (CRS) recently conducted a review of who claims itemized deductions and what amount of revenue the federal government loses as a result. The report broke down […]

Small Business Health Care Credit Reduction

Apr. 28, 2014

Do not be surprised if your Small Business Health Care Credit is reduced by the Internal Revenue Service.If you are a tax-exempt organization filing for the Small Business Health Care […]

Married separate filer cannot use spouse’s participation activity to satisfy passive activity loss rules

Apr. 25, 2014

The Tax Court has upheld the IRS’s disallowance of a rental real estate loss due to the passive activity loss rules in Oderio, TC Memo. 2014-39. A married taxpayer, who […]

IRS Notices and Letters – What you need to know

Apr. 24, 2014

The IRS sends millions of notices and letters to taxpayers every year. Remember the following if you do receive a legiimate notice. There is no need to panic. Oftentimes, you only need to respond […]

Financial Literacy Month

Apr. 23, 2014

April is National Poetry Month, but it’s also reserved for one of our favorite topics: Financial Literacy. At Walthall CPAs, we’re passionate about this subject and we’re here to pass […]

Make plans now for next year’s tax return

Apr. 23, 2014

Most people stop thinking about taxes after they file their tax return. But there’s no better time to start tax planning than right now. And it’s never too early to […]

IRS issues 2014 inflation-adjusted vehicle depreciation dollar limits/FMV values

Apr. 23, 2014

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 2014. These official depreciation limits […]

Overlooked tax breaks for military

Apr. 22, 2014

There are some great, often overlooked, tax breaks for members of our military. However, navigating the instructions to best take advantage of all that is available can be complex and […]

Over- and underpayment interest rates remain same for second quarter 2014

Apr. 21, 2014

The IRS has announced that the rates at which interest accrues on overpayments and underpayments of tax for the calendar quarter beginning April 1, 2014, will remain unchanged from the […]

Record Retention – When Can You Let Go?

Apr. 16, 2014

The theories on how long you should keep important documents vary from person to person. Some will keep them stashed away forever. Some will immediately throw them away. Some will […]