by Renu Vardhan | Feb 13, 2015 | 2015 Tax Updates, Accounting
IRS created a simplified procedure for adopting the final repair regulations for the small business by issuing a new Rev Proc 2015-20 today. The new Revenue Procedure 2015-20 allows small businesses to change a method of accounting under the final tangible...
by Renu Vardhan | Dec 17, 2014 | Tax Administration, Tax Changes, Tax Credits and Deductions
Senate approves the bill, which extends the a number of tax breaks that were to expire in 2013 through 2014, The bill passed the Senate 76 to 16. To know the details of the tax extenders, visit...
by Renu Vardhan | Dec 11, 2014 | Tax Changes
The Internal Revenue Service (IRS) has issued the 2015 optional standard mileage rates. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be 57.5 cents per mile for business miles driven, up from 56 cents in...
by Renu Vardhan | Dec 8, 2014 | Uncategorized
As a result of ObamaCare or the Affordable Care Act, all Americans with an income above a certain threshold will have to purchase health insurance. The provision referred to as the individual mandate is what will legally require most US citizens and legal residents to...
by Renu Vardhan | Mar 10, 2014 | Uncategorized
Corporation and S-corporation federal income tax returns, for corporations with a December 31 tax year-end, are due March 17, 2014 (March 15, 2014, the usual date, is a Saturday). If you miss the filing deadline or do not file Form 7004 for an extension of time to...