1067
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Ducks in a row – Preparing your company for next year’s budget
Year End 2013
Newsletter: Trendlines
Price: $225.00, Subscriber Price: $157.50
Word count: 1067
Abstract: As one year winds down and another revs up, it’s important for any company to address the elements of its business budget. If any of the major items are askew, it could diminish the value of the time that’s put into the budgeting process and weaken the effectiveness of the budget itself. This article discusses the process, which involves analyzing the numbers, reviewing inventory and services, and evaluating risks. A sidebar looks at one consulting firm’s tips on improving the process.
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Worker classification update – IRS revamps VCSP program
April / May 2013
Newsletter: Trendlines
Price: $225.00, Subscriber Price: $157.50
Word count: 1067
Abstract: More and more businesses are using independent contractors to benefit from staffing flexibility and to achieve tax savings. But this latter item has increasingly attracted the attention of the IRS, which is wary of businesses misclassifying full-time employees as contractors, and is ready to serve up stiff penalties for doing so. But a voluntary self-reporting program can mitigate this. This article explains how the Voluntary Classification Settlement Program can benefit those businesses eligible to participate, while a sidebar discusses how to maintain the distinction between employees and contractors.
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Investors: Before you sell, know the basics of basis
November / December 2012
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 1067
Abstract: Investors who are selling shares of stock, mutual funds or other investments need to familiarize themselves with the cost basis rules before they call their broker. They also need to understand the different accounting methods available for determining which shares to sell; the method they choose can have a big impact on their tax bill. This article discusses basis and the wash sale rule and examines the tax implications of three specific accounting methods. It also discusses new reporting rules; a sidebar chart shows which securities are subject to these rules.
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Can you expense your repairs? Your answer might be at odds with the IRS
Summer 2011
Newsletter: Auto Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 1067
Abstract: When fixed assets are repaired, how should this be accounted for? Most business owners prefer to expense repairs and maintenance in the current period, because it saves taxes and simplifies the accounting. But the IRS has another, more complicated plan for these costs: capitalizing them. This article explores the tax implications of this approach, and shows what kinds of repairs can still be expensed. A sidebar lists the factors that the Tax Court considers in determining whether a repair should be classified as a capital improvement or an expense.