IRS audits of partnerships were up 18.6% in 2015 over the previous tax year, according to the agency’s Fiscal Year 2015 Enforcement and Service Results. That’s the highest audit rate partnerships have experienced since 2006. By comparison, audits of large C corporations decreased by 8.8% in 2015. The situation is expected to only get worse under...

Tax Day is right around the corner. Have you filed your federal tax return yet? The filing deadline to submit 2015 individual federal income tax returns is Monday, April 18, 2016, rather than the traditional April 15 date. Washington, D.C., will celebrate Emancipation Day on Friday, April 15, which pushes the deadline to the following Monday...

If you’re reporting travel and entertainment (T&E) expenses on your tax return and you’re audited, there’s a good chance an agent will take a hard look at those items. Often the challenge won’t be whether the expense was appropriate for the business, but whether your records meet the letter of the law. And the IRS and...

A new tax bill was signed into law on December 18, 2015 retroactively reinstating several key tax provisions that had expired December 31, 2014. These include: Increase in the first year write off of certain assets – known as section 179. Bonus Depreciation – 50% through 2017, then reduced – eliminated in 2019. Credit for...

A new tax bill was signed into law on December 18, 2015 retroactively reinstating several key tax provisions that had expired December 31, 2014. These include: Increase in the first year write off of certain assets – knows as section 179 – back up to $500,000.  this provision is permanent and will be annually indexed...

If you travel a lot on business, you may make some international trips — as well as trips within the United States. When traveling abroad, you may want to add a few extra days to a trip for relaxing and sightseeing. Keep in mind that the tax rules for foreign business travel are different from those...