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Tax Updates

Stay On Top Of New Due Dates This Year

Due Dates

Tax filing season officially begins this month. Did you know due dates for certain returns have been changed? Why are the dates changing? One reason is to bring due dates into a more logical order. For example, in prior years, if you were a partner in a partnership, you may have had to extend your…

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What is a 1099 and Who Should Receive a 1099?

Who Should Receive a 1099?

What is a Form 1099-MISC? And who should receive a 1099? IRS Form 1099-MISC summarizes income from all non-employee compensation. It’s what independent contractors use to calculate and file taxes. You must send out a Form 1099-MISC to all contractors you’ve hired and paid more than $600 during the year; this includes any partnerships or…

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Close Is Not Good Enough With New Reporting Rules

Reporting Rules

The old adage “close only counts in horseshoes” is an accurate reflection of the new IRS information reporting rules. Beginning with 2016 returns, due dates for Forms W-2 and certain Forms 1099 have been moved up, and the penalties for late or inaccurate forms have substantially increased. Here are the new filing deadlines and reporting…

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Tax News – 2016 Tax Changes to Note

2016 Tax Changes

2016 tax changes you need to know about: Effective beginning with 2016 taxable years, the de minimis tangible property safe harbor has increased to $2,500 per invoice or item. The change affects regulations issued in 2013 that clarified when your business could expense tangible real and personal business property. Previously, the de minimis safe harbor…

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Are You Aware Of Your Healthcare Reporting Requirements?

Healthcare Reporting Requirements

If you’re an applicable large employer, there may be healthcare reporting requirements that will impact your business. You may be required to file a new tax form this month. Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, is required for each full-time employee. The form discloses information on the group health insurance coverage you provide.…

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Congress Passes Tax “Extender” Legislation

Tax "Extender" Legislation

Dana McGuffin CPA is excited to share with you that once again, Congress has arrived at a consensus to pass a tax bill – the tax extender legislation called “Protecting Americans from Tax Hikes (PATH) Act of 2015” – at the end of December, 2015! The good news is that the beneficial tax provisions we have…

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IRS Raises the De Minimis Safe Harbor Threshold

You may remember the fiasco at the beginning of 2015 with the implementation of the new capitalization regulations and how we received revised procedures every 2-3 weeks. Well, after receiving many public comments, the Internal Revenue Service has made another change: to raise the de minimis safe harbor threshold, for taxpayers without audited financial statements,…

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Texas Franchise Tax Relief

On June 15, 2015 Texas Governor Greg Abbott signed into law a permanent reduction in the Texas Franchise Tax.  There was a 25% reduction in both the retail rate which dropped from 0.5% to 0.375% and the non-retail rate which was reduced from 1.0% to 0.75%.  In addition, the maximum revenue for filing the EZ…

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Identity Theft – What To Do If It Happens to You!

Tax identity theft once again topped the IRS list of tax scams for 2015. Here’s what you need to know if it happens to you. The warning signs. Have you gotten a tax bill you weren’t expecting based on income you never received? Has your return been rejected or your refund delayed? These unanticipated incidents…

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