The Protecting Americans from Tax Hikes (PATH) Act of 2015 retroactively extended over 50 taxpayer (favorable) tax provisions. These are the temporary tax provisions that are routinely extended by Congress on a one or two year basis. Some provisions have now become permanent. Here are a few of the permanent tax breaks: The $500,000 expensing […]
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 […]
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 […]
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% of the adjusted basis […]
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 […]
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 […]
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 […]
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 […]
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.
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 be able […]