Archive for - July, 2014

Repairs and improvements: final regulations on deducting and capitalizing business expenses

Jul. 31, 2014

The final tangible property regulations retain many of the original provisions from 2011. The final regs simplify the temporary regs and add new safe harbor provisions that will help clarify […]

Hey construction, engineering, and architecture firms! Remember that deduction!

Jul. 28, 2014

The Domestic Production Activities Deduction (DPAD) provides a deduction for many U.S. businesses that is allowed for both regular tax and alternative minimum tax (AMT) purposes. The DPAD is allowed […]

Longevity annuities: a new option for IRAs

Jul. 23, 2014

Final regulations have been issued by IRS allowing the purchase of a deferred longevity annuity in an individual retirement account. This option will allow individuals to purchase a deferred annuity […]

IRS rules on IRA rollovers

Jul. 21, 2014

The IRS will follow the Tax Court’s decision and apply the one-rollover-per-year rule on an aggregate basis instead of separately to each IRA you own, which means regardless of how many […]

Be careful when making advance payments to employees

Jul. 17, 2014

Employers making advance payments to employees should classify such amounts as wages at the time of payment or obtain the necessary support to show that such payments are intended to […]

Avoid summertime tax scams!

Jul. 16, 2014

Sun, fun, and tax scams. Thieves don’t stop victimizing unsuspecting taxpayers just because it is after April 15. Identity theft, phone, and phishing scams happen year-round. Those three top the […]

IRS Surveys Employers on Compliance

Jul. 15, 2014

In September, a survey to chart employer efforts in complying with tax regulations will be sent to 10,000 employers, according to the IRS. The purpose of the survey—which is completely […]

Walthall promotes five

Jul. 14, 2014

CLEVELAND – Walthall CPAs, a leading regional CPA and business advisory firm, is pleased to announce the promotion of five of its employees in all of its offices.   Senior staff […]

Real estate professional exception for passive losses

Jul. 14, 2014

If the “real estate professional exception” applies, a rental activity is automatically treated as non-passive if the taxpayer materially participated in the activity. In order to be eligible for this […]

Are you a big roller? Your winnings are taxable

Jul. 09, 2014

Card shark? Slot player? Or maybe betting on the races is your thing. Regardless, all gambling income should be reported. This includes, but is not limited to, winnings from lotteries, raffles, horse […]