The 1st Circuit Court of Appeals affirmed a Tax Court ruling that a covenant not to compete must be amortized over 15 years rather than the contract term of 1 year.
An engagement letter is an excellent communication link between the CPA firm and the client.
In 2008 when the housing market was in more trouble than it is now Congress passed the Housing and Economic Recovery Act to help move an excess number of houses off the market. One of the key provisions was a tax credit for first-time homebuyers. That original provision has since been extended twice resulting in three different versions. Getting in on the original would have been a mistake.
For taxpayers who itemize, the IRS permits a deduction for portions of "casualty and theft losses'.
With year end fast approaching below are 10 tax saving steps that business owners can take before the end of this year.
As we enter into the last quarter of the 2011 calendar year there are many tax-saving steps that can be taken before the end of this year. Here is a list of 10 the most important actions that should be taken no later than Dec. 31, 2011 to save taxes:
This year I began planning my summer vacation in February, dead of winter and tax season. As a birthday gift to my hubby I ordered tickets to see the Phillies play the Cubs at the infamous Wrigley Field on July 18. The excitement could not have been more intense as we finally sat in the Philadelphia airport on a Sunday morning enjoying a few grown up cocktails without a dependent in sight.
Anne McPeake went to Ireland for the 20th time this year and shares her experiences.
Our firm, Brinker, Simpson & Company, sponsored the Delaware County Chamber of Commerce Day at the Races for the second year. About 200 people turned out for an afternoon of networking, food, fun and horse racing.
Below is a summary of the special depreciation rules that apply to 2011 purchases of capital assets. Please use this summary to assist with your 2011 tax planning strategies. As always, Brinker Simpson & Co., LLC are available to discuss this topic or any other business issues. Please call our office at (610) 544-5900 with questions.
The NJ Department of Labor and Workforce Development borrowed funds from the United States Treasury to pay Unemployment Insurance benefits.
If you have not explored the HSA program with your health benefits professional, you should understand the benefits it brings in controlling premium costs.
Section 1244 of the Internal Revenue Code was enacted to allow shareholders of domestic small business corporations to deduct as ordinary losses, losses sustained when they dispose of their small business stock.
The Internal Revenue Service accounced an increase in the standard mileage rates for the final six months of 2011. Taxpayers may use the standard rates to calculate the deductible costs of operating an automobile for business, charitable, moving and medical purposes.
If you, or your business, have an investment in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, you be may required to report it annually to the Internal Revenue Service.
Social networking can be an important tool in helping you achieve professional goals. It can be used to promote your finest skills and accomplishments. However, a questionable photo or quote on your Facebook page can do great harm, to you professionally.
Brinker Simpson & Company has recently joined the Health Care Association of New Jersey as an Associate Member.
Now that most of us have recovered from tax season we must now look ahead and start planning for 2011. Below are some key changes that may affect your personal, business or investment situation in 2011.
The Senate voted to repeal a tax-reporting requirement contacined in last year's health-care law.
The Internal Revenue Service issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years. The reporting will be to investors and the IRS. This additional reporting will be optional for stock purchased prior to these dates.
The IRS has ruled that indebtedness to acquire, construct, or substantially improve a qualified residence can constitute home equity indebtedness to the extent it exceeds $1 million (Rev Rul. 2010-25). In doing so the IRS confirmed it�¢??s reasoning from informal guidance issued in 2009 (Chief Counsel Advice 200911007).
The IRS released its yearly statistical report that includes details about its audit rates from the last quarter of 2008 through the first three quarters of 2009. In addition, the IRS has released preliminary information about the National Research Program (NRP) regarding S corporations audited for tax years 2003 and 2004 and has announced a new NRP on compensation, independent contractors, etc., relative to S corporations.
Many taxpayers who were hoping to make charitable donations for 2010 won't be able to do so.
The recently enacted "Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010" is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate tax relief, a two-year "patch" of the alternative minimum tax (AMT), a two-percentage-point cut in employee-paid payroll taxes and in self-employment tax for 2011, new incentives to invest in machinery and equipment, and a host of retroactively resuscitated and extended tax breaks for individuals and businesses. There are many key elements of the package following.
Brinker, Simpson & Company is very proud to receive the Philadelphia Business Journal's Best Places to Work 2010 honor and is especially grateful for our loyal, dedicated and hard-working employees.
Labor Day also constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well being of our country.Finally as we do celebrate and enjoy the unofficial end of summer remember Labor Day is holiday to pay tribute to the creator of so much of the nation's strength, freedom, and leadership �¢?? the American worker.
We at Brinker Simpson wish you all a safe and happy Labor Day weekend.
Starting a business can be a complicated process, so contact Brinker, Simpson & Company at 610-544-5900 to make sure you are maximizing all of your business deductions and selecting the appropriate entity.
