There were a number of important tax developments in the third quarter of 2015 including changes to “per diem” travel expense reimbursements. An employer may pay a per-diem amount to an employee on business-travel status instead of reimbursing actual substantiated expenses for away-from-home lodging, meal and incidental expenses. If the rate paid doesn’t exceed IRS-approved maximums, and the employee provides …
More than a quarter of the nearly 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 15 is the last day for most people, some still have more time, including members of the military and others serving in Afghanistan or other combat zone localities who typically have until at least 180 days …
IRS Form 990 is an informational tax form that most tax-exempt organizations must file annually. The form gives the IRS an overview of the organization’s activities, governance and detailed financial information. Form 990 also includes a section for the organization to outline its accomplishments in the previous year to justify maintaining its tax-exempt status. In collecting this information, the IRS …
There are countless reasons you may be chosen for an IRS audit. Typically, the only time the selection is random, however, is if your tax return is entered into the IRS’s National Research Program. This program enables the IRS to study the taxpaying habits of a cross section of the country. You may not have made any mistakes if you …
Person CPA Group in Metairie is pleased to announce Brett Summerville has accepted the position of Tax Manager. Brett has 7 years of experience in public accounting and has been a CPA for over 4 years. Before joining Person CPA Group, he had 3½ years of public accounting experience in a mid-sized local CPA firm and 3½ years at large …
If you have not filed one or more tax returns, you are probably very worried and scared about what will happen next. The longer you wait to catch up your returns and pay any back taxes owed, the worse your situation becomes. If you don’t file returns voluntarily, the IRS may file a “Substitute Return” for you, which will not …
CASH IS KING! The life blood of any business is its ability to collect cash and pay bills as well as pay its employees, particularly its owners. Far too often small businesses are profitable, but they do not have enough operating capital to meet their current needs. Consequently, they may be forced to sell out to a stronger competitor, sell …
There are many tax planning strategies for small business owners aimed at their individual tax situation and business itself. Regardless of the complexity of the tax situation, one of the following goals will be accomplished: Reducing the amount of taxable income Lowering your tax rate Controlling the time when the tax must be paid Claiming any available tax credits Avoiding …
Have you heard of the “Saver’s Credit”? You may have heard it called by its formal name- Retirement Savings Contribution Credit. This credit allows low-to-moderate income workers to save two ways for the same amount. We have listed 6 tips you should know about this credit: Save for retirement. You may be able to claim this tax credit in addition …
Be on the lookout for 2 tax forms: Form 1095-B ( sent by health insurer) and Form 1095-C ( sent by larger employers). If you received subsidies in 2014 to reduce the cost of health care, look for Form 1095-A. If you were uninsured for part of, or all of, 2014 look for Form 8965( exemptions). If you need help …
