by Ryan Foust | Jan 11, 2013 | Tax
The IRS has announced that filing season will begin on January 30th for many taxpayers but not all. Not all forms will be updated by January 30th and thus not all taxpayers will be able to file. The IRS has not released a timeline for the form availability of those...
by Ryan Foust | Dec 12, 2012 | Accounting, Tax
As the end of the year approaches, don’t forget that 1099’s are due January 31st. Our accounting department uses December to review which vendors our clients are missing W-9’s for so that we can get them collected them prior to the deadline. The penalty for not...
by Ryan Foust | Nov 26, 2012 | Accounting, Tax
The standard mileage rate will increase 1 cent per mile on January 1, 2013 to 56.5 cents per mile. Medical and moving rates will also increase 1 center per mile to 24 cents per miles. The per mile rate for charitable purposes, which is set by statute, will remain 14...
by Ryan Foust | Sep 11, 2012 | Tax
Per its own website, the Taxpayer Advocate Service (TAS) is an independent organization within the IRS that exists to help taxpayers resolve problems with the IRS and recommend changes that will prevent future problems. TAS is designed to be a “safety...
by Ryan Foust | Aug 3, 2012 | Accounting, Tax
The recognition of volunteer labor as non-cash revenue is dictated by FASB ASC 958-605-25-16, Contributed Services. This standard dictates that if the services (a) create or enhance non-financial assets or (b) require specialized skills, are performed by people with...
by Ryan Foust | Jun 8, 2012 | Tax
A gift which is made to a church but designated for a specific individual is normally not tax-deductible to the donor. The rationale for this rule is that the gift is not intended for the benefit of the church but, rather, for the benefit of an individual. The...
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