Articles

The Iowa Sec. 179 Deduction – The Final Chapter?

Vicki Bendixen | April 21st, 2017

Written by David M. Hanson, CPA The Section 179 Deduction – A Review Federal tax law generously allows eligible taxpayers the opportunity to write off, i.e., take a tax deduction, for up to $500,000 of the purchase cost of equipment and certain building structure. If the taxpayer has sufficient taxable income without taking this deduction into...read more

HRA’s – They’re Back!

Vicki Bendixen | February 2nd, 2017

 Article written by: David M. Hanson, CPA What are HRA’s ? The term “HRA” is actually an acronym for health reimbursement arrangement, aka health reimbursement account. These types of arrangements are sponsored by employers for their employees and are specifically authorized by the Internal Revenue Code (IRC), specifically IRC Sec. 105 and 106. These types...read more

Paying Zero Tax Isn’t Only For President-Elects

Vicki Bendixen | November 17th, 2016

His tax returns As the presidential election cycle for 2016 is now in the books, the subject of President-elect Donald Trump’s tax returns will likely pass quietly away. During the campaign season and run up to the election however many of the voting electorate and political analysts were disturbed by Mr. Trump’s refusal to publicly...read more

Updated Department of Labor Overtime Rule

Vicki Bendixen | August 30th, 2016

Article written by David Hanson, CPA, LattaHarris, LLP   In 2014, President Obama directed the United States Department of Labor (DOL) to update federal regulations defining which “white collar workers” are to be protected by the Fair Labor Standards Act (FLSA) minimum wage and overtime standards. This action was in response to the President’s stated...read more

New ACA information forms debut for 2016 filing season

Amperage | February 17th, 2016

As the 2016 filing season gets underway, many individuals will be receiving new information returns from their employers and/or health insurance providers. The information returns reflect new reporting requirements put in place by the Affordable Care Act. Some taxpayers will need to wait to file their returns until they receive their information returns, but most...read more

Transit benefits parity made retroactive and permanent

Amperage | February 17th, 2016

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended and enhanced many popular tax breaks for individuals and businesses. Included in the large number of extended incentives is transit benefits parity. Moreover, Congress made transit benefits parity permanent. Many individuals may benefit from this tax break, depending on their employers. Background Many...read more

Tax-related identity theft remains serious problem as filing season begins

Amperage | February 17th, 2016

In recent years, identity theft has mushroomed and as the filing season starts, tax-related identity theft is especially prevalent. Identity thieves typically file fraudulent returns early in the filing season, before unsuspecting taxpayers file their legitimate returns. Criminals gamble that the IRS will not detect the false return and will issue a fraudulent refund. Background...read more

FAQ: Can the IRS impose penalties if a return is not files/tax not paid?

Amperage | February 17th, 2016

Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not timely paid. As with all IRS penalties, the rules are complex. However, a taxpayer may avoid a penalty if he or she shows reasonable cause. Failure to file The penalty for failure to file...read more

How do I? Prove business expenses

Amperage | February 17th, 2016

Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep their business records available for inspection by the IRS. In order to claim any deduction, a business owner, like any taxpayer, must prove...read more

February 2016 Tax Compliance Calendar

Amperage | February 17th, 2016

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2016. February 1 Individuals. Individuals may file their 2015 Form 1040 and avoid any penalty...read more

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