The straight line

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...

Employees who make comments and express opinions that irritate, offend or anger their colleagues are a major source of workplace conflict. The same is true of employees who argue with supervisors, using inflammatory or profane language. When employees who express themselves in these ways are told to stop, they often respond: “I have a right to...

No matter what type of business you’re in, sooner or later you’ll probably have to deal with the State Corporation Commission (SCC) or Secretary of State. These offices handle the formalities of setting up and maintaining a business, whether it’s a partnership, corporation, limited liability company or other entity. You or someone you designate must deal...