Let's say a partner in your medical practice exits half way through the firm's tax year. How are partnership tax items for that year allocated between the departing partner and the remaining partners? There are multiple ways to handle this situation.
Self-employed business travelers have the opportunity to mix business and pleasure with potential tax-saving results. Just as ordinary business travel can be expensed, a combination of business and personal travel can potentially be expensed as well.
Tuesday Tax Tidbit: Employers Given Another Year to Get into Compliance with the Health Care Act's "Play or Pay" Provision
The Patient Protection and Affordable Care Act of 2010’s shared responsibility provision, commonly referred to as “play or pay,” was scheduled to take effect January 1, 2014, but on July 2, the U.S. Treasury announced that the effective date would be delayed one year, to January 1, 2015.
On June 26, the U.S. Supreme Court struck down Section 3 of the 1996 Defense of Marriage Act (DOMA) as a violation of the U.S. Constitution’s guarantee of equal protection under the law. Sec.
If you allow employees to telecommute, be sure to consider the potential tax implications. Hiring someone in another state, for example, might create sufficient nexus to expose your company to that state’s income, sales and use, franchise, withholding or unemployment taxes.
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) recently released proposed changes for the financial reporting of leases.
In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: