Tax Increase Prevention Act of 2014

With the recently enacted “Tax Increase Prevention Act of 2014,” Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as “extenders.” The bill now awaits President Obama’s signature and it is expected he will sign it into law in the very near future.  The extenders are a varied ...

Updated Information on Filing Tax Returns

Just a reminder that the IRS began processing the 2012 individual income tax returns on January 30. The majority of individual filers should be able to begin filing their returns. Some individuals and a majority of businesses may have to wait until the end of February or March to file their returns. Several forms, including Form 4562, which reports ...

Year-End Planning: Making the Most of Quick Write-offs for Capital Expenditures

  Jim Wagoner, CPA | Partner, Director of Tax Services Group Although bonus first-year depreciation and more-generous Code Sec. 179 expensing limits have been extended before, another lease on life for these tax breaks is far from certain this time around. Unless Congress acts, additional ‘bonus’ depreciation deductions equal to 50% ...

Governor Signs the Inheritance Tax Phase-Out Act

by Marie Jett, CPA | Manager, Tax Services Group On March 20, 2012, the Governor signed into law Senate Enrolled Act 293 that changes the exemption amounts and eventually calls for the phase-out of the Indiana Inheritance Tax. Prior to January 2012, the Indiana Inheritance Tax was calculated based on different classes of exemptions and tax rates associated ...

Breaking News – Administration Tax Increase and Reform Proposals

by Jim Wagoner, CPA | Partner, Director of Tax Services Group On Monday, February 13, the President unveiled his budget for fiscal year 2013, which included many tax proposals. While it would be unusual for all presidential recommendations to become law, many of the proposed changes have a good chance of being enacted. We want to highlight several ...

The Tax the Rich Rhetoric Needs to Focus on the Realities of the Situation

by Larry K. Greenwalt, CPA | Chairman of the Board It seems to be fashionable in Washington to say that the wealthy are not paying their fair share of income taxes. What is fair? Lets take a look at that. In an interview with NPR, Mr. Roberton Williams, Senior Fellow, Tax Policy Center, noted that in 2009, 47% of Americans did not pay any Federal ...

Contractors – You May Have to Look-Back

by Brandon Cook, CPA | Partner, Tax Services Group and Member of the Construction Services Group In all businesses everyone knows that cash is king. This is especially true in the construction industry. In the new reality of tight margins, high retainage percentages, and slow-paying contracts, every bit of cash a contractor can get their hands on can ...

November 1 Deadline to Avoid Unclaimed Property Reporting Penalties

by Angela N. Crawford, CPA | Tax Services Group Under Indiana law, nearly every business organization is required to annually report unclaimed property to the Indiana Attorney General’s office by November 1. The penalty for failure to file is $100 per day late, up to $5,000.

Health Care Bill 2010 – Part 1 – Impact on Businesses

by Marie Jett, CPA | Manager, Tax Services Group and Member of the Manufacturing & Distribution Services Group The recently enacted health care legislation bill requires applicable large employers (50 or more employees) to offer and contribute to their workers’ health insurance or pay a penalty. Small employers who offer health coverage may ...

The Patient Protection Act Includes Many Tax Provisions

Representing a sweeping overhaul of the U.S. health care system, the Patient Protection and Affordable Care Act was signed into law on March 23, and its companion reconciliation act was signed into law last week. Heres a brief summary of the main tax provisions affecting individuals and businesses. Individual tax provisions Important tax provisions ...