In The News

Guidance for Charitable Organizations on Charitable Gift Acknowledgments

The following describes the case for receiving cash (includes check, credit card, etc) of $250 or more. IRS rules state that charitable gift acknowledgments are required for any single charitable donation of $250 or more. The acknowledgement must be given to the donor contemporaneously (see below), be in writing and must contain the following information: Read More

Trump Administration Releases Outline of Tax Reform Plan

Last week, the Trump administration released a one-page outline of a tax reform plan that includes, among other things, a large reduction in corporate taxes, a reduction in the number of individual tax brackets and individual tax rates, the elimination of the estate tax, the repeal of the 3.8 percent net investment income tax and Read More

A New Financial Reporting Option that Helps Small Companies

A New Financial Reporting Option that Helps Small Companies Many privately held businesses in the United States do not need GAAP-based financial statements and may currently be using a special purpose framework, such as the income tax or cash bases of accounting, for their financial reporting. However, Main Street businesses and users of their financial Read More

Three-Month Filing and Payment Extension Announced Following Boston Marathon Explosions (IR-2013-43),(Apr. 18, 2013)

The IRS announced a three-month tax filing and payment extension to Boston-area taxpayers and others affected by the explosions at the Boston Marathon. As a result, no filing and payment penalties will be due as long as returns are filed and payments are made by July 15, 2013. This relief automatically applies to all individual Read More

American Taxpayer Relief Act of 2012 or Avoiding the Fiscal Cliff

Although Congress averted many of the consequences of a possible tumble over the fiscal cliff with last-minute action, we would like you to be aware of the impact of the bill that was passed — known as the American Taxpayer Relief Act of 2012 — signed into law Jan. 2. Listed below is an overview Read More

Year End Tax Planning for Businesses

In recent years, end-of-the-year tax planning for businesses has been complicated by uncertainty over the future availability of many tax incentives. This year is no different.  In 2010, Congress extended many business tax incentives for one or two years. Now, those incentives have expired or are scheduled to expire. Whether they will be extended beyond Read More

2012 Second Quarter Federal Tax Developments

2012 Second Quarter Federal Tax Developments During the second quarter of 2012, there were many important federal tax developments. This letter highlights some of the more important developments for you. As always, please give our office a call or email if you have any questions. Health care legislation In a 5-4 decision, the U.S. Supreme Read More

2012 First Quarter Federal Tax Developments

  2012 First Quarter Federal Tax Developments During the first quarter of 2012, there were many important federal tax developments. This letter highlights some of the more important among them for you. As always, please give our office a call or email if you have any questions. Payroll tax holiday After weeks of negotiations, Congress Read More

November 2011

Tax planning for year-end 2011 presents new challenges for business taxpayers to reduce or defer federal income tax liability. Although traditional planning techniques remain fundamentally important considerations this year, tax planning is complicated in context of the effective dates for many popular tax incentives, and the anticipation of tax legislation that may be put to Read More