The straight line

Getting that first part-time job can be an exciting time for your teen-aged children.  I get quite a few questions from tax clients about their dependent children starting their first job, ie – how should they fill out their W-4 forms, do they need to file a tax return, etc. In many cases, the dependent...

I know, here we go again talking about putting leases on the balance sheet.  The Financial Accounting Standards Board (FASB) has been talking about changes to the current standard since 2006. We keep hearing “when, not if” in regards to changes to lease accounting.  The delay seems to stem from differences in opinion between FASB...

The last thing anyone wants on April 15th is a big surprise in the form of a balance due on their individual income tax return.  To guard against this occurrence there are several steps that an individual can take to ensure that when they sit down with their CPA – the resulting outcome is in...

In late April, our cooperative clients received a letter from the Board Chairman of CHS, Inc. regarding the company’s annual equity redemption program.  We have fielded a number of calls on what the letter is telling the member cooperatives regarding their non-qualified equity.  We would tell you “nothing new” (particularly from a tax standpoint). In...

Generally, businesses are limited to deducting 50% of allowable meal and entertainment (M&E) expenses. But certain expenses are 100% deductible, including expenses: For food and beverages furnished at the workplace primarily for employees, Treated as employee compensation, That are excludable from employees’ income as de minimis fringe benefits, For recreational or social activities for employees,...

The IRS rules for substantiating deductions for charitable contributions are strict. The taxpayers in a recent U.S. Tax Court case found this out the hard way when the court denied their deduction of more than $37,000 for numerous noncash items donated to various charities. To add insult to injury, the court assessed a 20 percent accuracy-related...