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IRS Extends MORE Tax Deadlines

Posted by Amanda Royer on Apr 15, 2020 5:11:22 PM

The Department of Treasury and the Internal Revenue Service announced  Yesterday, April 9th, 2020, that they will continue to provide relief to taxpayers during this challenging time with Notice 2020-23 extending additional key tax deadlines for individuals and businesses.

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Topics: taxes, IRS, Accounting, BTR, Coronavirus, COVID-19, IRS Updates, pandemic, Tax Deadline, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Tax Payments, Paycheck Protection Program, PPP

Identity Theft

Posted by Michael Royer on Oct 3, 2016 10:53:00 AM

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Topics: IRS, Tax Scams, Accounting, Trust, Identity Theft

Tax Scams To Watch Out For This Summer

Posted by Michael Royer on Jul 27, 2016 3:00:00 PM


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Topics: IRS, Tax Scams

De Minimis Safe Harbor

Posted by Michael Royer on Mar 17, 2016 1:52:00 PM

For 2014, the IRS issued a whole new set of regulations governing the tax treatment of tangible property (buildings, equipment, computers, etc.) placed in service by a business, rental property owner, or farm.  Among these regulations was a new “de minimis safe harbor” (DMSH) for small capital expenditures.  This safe harbor, if elected on a tax return, stated that the IRS would not challenge the immediate deduction of any capital expenditures of under $500 per unit, provided that the taxpayer had in place, as of January 1, 2014, accounting procedures for tangible property (generally called a “capitalization policy”) that specified a DMSH amount.  For most taxpayers, this policy did not have to be written.  In addition, the taxpayer’s accounting procedures could specify a higher safe harbor amount if that was more applicable to their business.  However, this higher amount could be challenged by the IRS under audit

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Topics: Tax Laws, Audit, IRS, De Minimis Safe Harbor

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