This Issue - February 2017
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Gary Leneway, CPA
ARE YOU READY FOR THE NEW TAX YEAR?
With the new year upon us, it’s a good time for your business (as well as you personally) to plan for the upcoming year and discard of some poor habits from the past. It’s a good time to look at strengthening record keeping while the books are starting off fresh for the new year. The CPAs at Fenner, Melstrom and Dooling, PLC would like to point out some good bookkeeping and other general business habits to pick up for the New Year.
Travel, Meals and Entertainment expenses need to be documented with the following items:
Record Keeping for Travel
The IRS has announced the maximum fair market value (FMV) amounts that designate the proper valuation rule for employers calculating fringe benefit income from employer-provided automobiles, trucks, a...
The IRS has provided guidance that describes the de minimis safe harbor for avoiding the information return penalties created by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). In addi...
According to the IRS Whistleblower Office, the IRS made awards to 400 whistleblowers in fiscal year (FY) 2016. The awards totaled more than $61 million.Since FY 2007, the Whistleblower Office, establi...
The Fourth Circuit Court of Appeals has affirmed that an IRS deficiency notice is not subject to the Administrative Procedure Act (APA) “reasoned explanation” requirement. Accordingly, the...
The Tax Court has determined that a taxpayer who held a minority interest in an limited liability company (LLC) in which he performed services was considered an investor in the LLC (Hardy, TC Memo. 20...
The Michigan Department of Treasury has issued a press release warning tax preparers to be alert to an email scam from cybercriminals posing as clients soliciting their services. The scheme's objectiv...