For Small Businesses: IRS Raises Tangible Property Expensing Threshold to $2,500; Simplifies Filing and Recordkeeping

IR-2015-133, Nov. 24, 2015 WASHINGTON —The Internal Revenue Service today simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to …

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Don’t get caught by a phishing attempt

Scammers are very creative – don’t be sucked in. If you think something is wrong or doesn’t feel right, trust your instincts. If you get contacted by someone you know add the email seems off, don’t be afraid to send a clean email (a new email with the address taken from your address book, don’t …

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Can you be an independent contractor in California?

The more I work with the EDD and see the court cases, the more I think the answer the question is – NO, you cannot be an independent contractor in California! The IRS has a 20 point test to figure out whether you are an independent contractor or an employee. Some of the things it …

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Taxpayers with Foreign Assets May Have FBAR and FATCA Filing Requirements in June

IR-2015-86, June 10, 2015 WASHINGTON—The Internal Revenue Service today reminded all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. FBAR filings have risen dramatically in recent years as FATCA phases in and other international compliance efforts have raised awareness among taxpayers with offshore assets. The IRS encourages …

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IRS CP-2100As for 2013 regarding backup withholding have been sent out

Many businesses have recently received a letter from the IRS notifying them about incorrect payee information and that they may need to begin backup withholding. Here is an explanation of what these notices mean. The bottom line is this is a warning and a reminder to request correct Social Security numbers or federal EIN’s from …

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Identity theft statistic

I am participating in a Webinar and here’s an interesting comment. Florida was one of the states where identity theft was most prevalent. According to the presenter, drug dealers in Florida stopped selling drugs earlier this year and filed fraudulent returns because it was more profitable!!! IRS Identity Theft Page