DALLAS-FORT WORTH, Texas (August 19, 2014) – Weaver, the largest independent accounting firm in the Southwest, announces the appointments of Dale Jensen, CPA, CFE as the oil and gas industry practice partner-in-charge and Brad Jay, CPA as the manufacturing, distribution and retail industry practice partner-in-charge.

Many expenses that may qualify as miscellaneous itemized deductions are deductible for regular tax purposes only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow you to exceed this “floor.”

A Travis County District Court judge held that an auto dealer may include direct labor costs under Texas Administrative Code Rule 3.588(c)(8) in its cost of goods sold (COGS) for Texas franchise tax purposes.

Determining whose tax returns will be audited by the IRS might not be a perfect science, but there are several triggers known to raise interest.

The Audit Senior is responsible for performing in-charge responsibilities as assigned on small to mid-size engagements and helps with any other duties necessary to complete an engagement.

A taxable sale of a business might be structured as an installment sale if the buyer lacks sufficient cash or pays a contingent amount based on the business’s performance.

Long-term volunteers can save a nonprofit the time and money it would spend training new volunteers. They also become ambassadors and recruiters for the organization. And through their knowledge and experience, long-term, or “repeat,” volunteers add value to programs.

As the year progresses, employers will need to begin withholding an extra 0.9% from the wages of more and more high-earners for the additional Medicare tax. This Affordable Care Act (ACA) provision went into effect last year. However, nothing is simple when it comes to new taxes.

If you have a traditional IRA, you might benefit from converting some or all of it to a Roth IRA. A conversion can allow you to turn tax-deferred future growth into tax-free growth.

In a Comptroller of Texas Tax Policy Division letter ruling, a physical-change requirement is no longer a determinative factor for subcontractor revenue exclusion and COGS deduction for entities that have “a reasonable nexus” with real property including design, construction, remodeling, repair, or industrial maintenance.