The Ins and Outs of the Home Office Deduction
Read about the IRS Clarifies Program for Offshore Accounts, Tax Briefs, Filing Relief and Automatic Tax Deferral to US Participants in Canadian Retirement Plans, Compliance Calendar and much more - BKHM CPAs is always here to assist you with any of your tax matters - Contact us today!
IRS chief wars congress about possible delay to tax season from unresolved tax extenders. Internal Revenue Service commissioner John Koskinen has written a letter to the leaders of Congress's main tax committee urging them to decide soon on what to do about extending dozens of expired tax provisions, or else next tax season and the processing of tax refunds could be delayed.
Inside this issue of the CCH Federal Tax Weekly read about Local Lodging Expense Regs, October 15th Tax Deadline, Tax Briefs and much more. For assistance on any tax issues, contact BKHM - we are here to assist you!
Final regs on the Patient Protection and Affordable Care Act (PPACA)’s Additional Medicare Tax have been released by the IRS. Additional Medicare Tax applies to employee compensation/self-employment income in any tax year beginning after December 31, 2012. The final regs generally track proposed regs issued in 2012, with some clarifications.
Valuation is Key as the M&A Market Slowly Heats Up
After a lackluster 2012, domestic M&A activity is on the rise. Small business deal volume was up 62% in the second quarter of 2013 compared to the same period for 2012, according to BizBuySell.com Insight Report, which analyzes private business transactions in more than 70 major U.S. markets. This is the largest year-over-year jump since the M&A bubble burst in 2008, and the second quarter of improvement.
IRS Announces Simplified Option for Claiming Home Office Deduction Starting This Year; Eligible Home-Based Businesses May Deduct up to $1,500; Saves Taxpayers 1.6 Million Hours A Year
Tax-Free Transfers to Charity Renewed For IRA Owners 70½ or Older; Rollovers This Month Can Still Count For 2012
If you don’t think about taxes until your company starts earning revenue, you’ve waited too long. While the IRS may not be especially interested in your company until you’ve been funded and have some capital, you need to think about taxes from the outset to avoid trouble down the line and to take advantage of deductions.