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Howdy Partners! IRS Partnership Audit Rules Have Changed

9/13/2018

Reminder: As of January 1, 2018, the landscape for how the IRS audits (or “examines”) a partnership tax return has changed. A new “centralized partnership audit regime” is now in place for tax years beginning in 2018. 

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Sales Tax AlertU.S. Supreme Court Rules in South Dakota v. Wayfair

6/27/2018

On June 21, 2018, the Supreme Court of the United States issued its widely anticipated decision in South Dakota v. Wayfair, et al. No. 17-494. In a 5-4 decision, the Court held that the physical presence rule for state tax jurisdiction is incorrect and not a requirement under the Commerce Clause of the U.S. Constitution.

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Common Tax Return Red Flags to Avoid

5/31/2018

Your federal return for the periods shown above has been selected for examination.

Have you ever received one of these letters? If so it can be a very stressful event! Your first thought is “Why am I being audited?”

Sometimes it is pure luck that your return has been selected for audit by the IRS, but most of the time it is due to “red flags” that the IRS has identified. “Red flags” is a term used for items of income or deductions in a return that may stick out as unusual or may be an irregularity for that year.

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New Technology, Same Old Scams: Criminals Holding on Line One

5/24/2018

 

Phone calls from the IRS notifying you there is a warrant for your arrest! You may think that tax scams only take place online these days, but many criminals prefer old-fashioned tactics that could catch you completely off-guard!  

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Don't Fall Victim to Cyber Crime!Protect Your Personal Information

4/26/2018

You are driving to a meeting with a new prospective client.  Your boss calls and needs those reports for her meeting that starts in 10 minutes.  Whipping into the local coffee shop with free wi-fi, you can shoot those reports out, buy a round of lattes for the meeting and still make it on time.  Out comes the laptop as you find a small table in the corner, and you connect to the CoffeeShoppe_Guest wireless network. The New Email button is clicked, the reports are attached, you add the recipient and click Send.  

 But, did you just expose your personal information?  Will you be a victim of cyber crime?  The most frequent target for cyber criminals is personal information

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Non-Profits 101: Overcoming Obstacles to Tax-Exempt Status

4/18/2018

In my last blog, I discussed the basics of receiving and maintaining tax-exempt status. Yet, many new non-profits encounter common mistakes and errors that complicate these efforts. Two areas where obstacles are most commonly encountered are payroll and fundraising.

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Tax Scams Across the Nation Part Three: Have You Seen My Tax Refund?

3/27/2018

Identity-theft tax refund fraud occurs when someone uses your stolen Social Security number or Individual Taxpayer Identification Number (ITIN) and then files a tax return on your behalf claiming a fraudulent refund.

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Industry Check-Up: How New Accounting Standards Will Impact Healthcare

3/22/2018

Some of the most significant accounting changes in recent years are right around the corner. Two new standards will have a great impact on healthcare and other entities: revenue recognition and lease standards.

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Advisory Insights: Financial Institutions - Options for Syndicated Loans

3/15/2018

One benefit of performing reviews of accounting operations for our Financial Institution (FI) clients is the chance to review a specific function that while infrequent, is unique to that client.

One such review is that of syndicated loans. These allow FIs to take part in large loans that they would otherwise not be able to originate alone. During a recent review of syndicated loans, the question was raised concerning the proper way to amortize purchase premiums or accrete purchase discounts. 

 

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Leadership in Your CommunityHow to Choose the Right Organization

3/13/2018

As a young professional moving back home to Pensacola over a year ago, I've had the opportunity to start from scratch in building my community involvement. Thankfully, I've found the community to be welcoming and appreciative of young professionals wanting to get involved. In fact, I would take it further to say the community truly embraces new and young professionals trying to make their way. Below are the pieces of advice provided by others that impacted my choices in determining where and how to get involved. 

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Avoid Surprises Next YearRevisit Your Wage Withholding

3/6/2018

The IRS has just released the revised Form W-4 online withholding calculator & Form W-4 updated for the Tax Cuts & Jobs Act. The IRS has also recently released the new withholding tables to reflect the new law.  Many taxpayers are seeing increased take home pay because of the new tables. 

 

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Non-Profits 101: Intro to Obtaining Tax-Exempt Status

3/1/2018

Non-profit status and tax-exempt status: what exactly do those terms mean from a tax perspective? Is my non-profit automatically tax-exempt? How do I become tax-exempt? These are just some of the questions I have received over the years. Before we discuss how to earn and maintain the tax-exempt status, you need to understand how the two statuses relate! 

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No More Free Lunches... Or Rounds of Golf!Meal & Entertainment Expenses under the Tax Cuts & Jobs Act

2/21/2018

The provisions of the Tax Cuts and Jobs Act will impact every individual and business. One of the provisions that has not been widely publicized but will have significant  impact is the new rules related to meal and entertainment expenses

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Tax Scams Across the Nation Part Two: Ring, Ring, Ring! Bad Guys on Line One

2/14/2018

Warning: The IRS does not call and leave pre-recorded, urgent messages asking for a call back.

 

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To Do Your Own Taxes or Not? That is the Question!

2/1/2018

With tax season just around the corner, the question of whether or not to prepare your own taxes should be on your radar screen. Why? Because that decision is wise to reassess periodically to account for any significant personal changes, and it is best done in advance of filing deadline pressures. Whether you are a veteran DIYer when it comes to preparing your taxes, or you have always outsourced your tax return preparation up until now, considering the options in light of your current circumstances can help you arrive at an informed decision.

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Tax Scams Across the Nation Part One: Bad Guys Have Gone Phishing

1/18/2018

The IRS is warning taxpayers to stay alert to several tax scams that are occurring across the nation. Phishing, phone scams and identity theft top the list of scams normally reported. Following hurricanes and other recent disasters, the IRS is urging taxpayers to be on the lookout for schemes stemming from these recent events during this year's tax season.

 

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Tax Cuts and Jobs Act (TCJA): For Individuals and Businesses

12/21/2017

The Tax Cuts and Jobs Act (TCJA) is a sweeping tax package. Here's a look at some of the more important elements of the new law that have an impact on businesses and individuals. Unless otherwise noted, the changes for individuals are effective for tax years beginning in 2018 through 2025.

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The Truth About Getting Rid of Tax Debt

11/30/2017

If any of you have listened to satellite radio or watch TV, I will assume you have heard those commercials from those specialty tax firms that claim they can settle your debt for “pennies on the dollar.”  Is this too good to be true? Probably.  Is this as common as those commercials say? Absolutely not.

Can you settle your debt for 10 cents on the dollar?  Yes, you can…if you meet the right criteria. 

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I See, You See, We May See an IC-DISC in Your Future!

11/9/2017

IC-DISC is an acronym for Interest Charge - Domestic International Sales Corporation. Strict formation and operating requirements must be met, but the tax benefits to you and your company can be substantial. Learn more about the requirements and benefits from John Mascaro.

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Conference Prep: Don't Forget Networking Opportunities

10/26/2017

Seasoned conference pros know that every conference is an opportunity to network, whether you go to attend, exhibit, or both. Here are some networking tips to consider before, during, and after the conference.

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New Technical Corrections to SNF RUG Rates Published for FY 2018

10/17/2017

The Centers for Medicare & Medicaid Services published a technical correction to the SNF RUG rates for FY 2018, effective 10/1/2017.

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Tax Alert: Hurricanes Harvey, Irma and Maria Tax Relief for Businesses

10/12/2017

One of the additional relief provisions added by recent legislation after Hurricanes Harvey, Irma and Maria is the Employee Retention Credit. 

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Interim Rate Adjustments for Skilled Nursing Facilities after Irma

10/2/2017

Will you be getting a bump in your SNF Medicaid rate to cover costs incurred in preparation for or recovery after Irma? Learn more about how to qualify for an interim rate adjustment for your SNF.

 

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Make Your Move: Game Planning for the CPA Exam

9/28/2017

Now for the final piece in our 5 part CPA Exam Series!

It is absolutely imperative that you develop a game plan for test day.  Going into these exams with the mindset of “I’m going to take it one question at a time” is big mistake. Get tips from Brandon Heppler, CPA on how to be ready for test day!

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New Waivers Regarding Care Issued by Center for Medicare & Medicaid Services (CMS) Following Hurricane Irma

9/25/2017

The Reingruber ALERT provides insights from advisors serving the post-acute healthcare community. Learn more about the new waivers authorized by the administrator of the Center for Medicare & Medicaid Services (CMS) following Hurricane Irma.

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