This document is all-inclusive and was drafted to allow our clients to comply with this law without taking hours to draft this policy from scratch. It covers all of the requirements of the regulation – providing a general summary, then discussing the various types of assets that you may encounter with your business, capitalized interest, leases, and asset disposal.

By: Charles L. Telk Jr., CPA, Partner  |  email Recently we have seen a new type of IRS notice that I have not previously seen in my 28 years of practicing public accounting. The IRS sends a letter to a corporation assessing additional tax on “unreported income”. The source of this unreported income are 1099’s...

Recently some taxing agencies have become very aggressive with their enforcement actions. These agencies send out questionnaires to taxpayers which are designed to determine if the target taxpayer should be filing tax returns (income, sales, payroll, etc.) in their jurisdiction.

State chartered credit unions should compare these lists to their products they currently offer to determine which products should be subject to UBIT, but more importantly, how the credit unions could benefit from this new directive by maximizing fee income.

The Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act proposes to extend several individual, business and energy incentive for up to two years. Those incentives include:

Summary of the “Tax Reform Act of 2014” discussion draft.