by apexcpas | Jul 4, 2018 | Tax Planning
Last week, the Joint Committee on Deficit Reduction – the so-called super committee – announced its failure to reach a compromise on a combination of revenue enhancements and spending cuts designed to reduce the federal deficit by $1.2 trillion over a 10-year...
by apexcpas | Jul 4, 2018 | Tax Planning
A recent Tax Court case serves as a reminder that taxpayers bear the responsibility of proving the business nature and amount of any claims for unreimbursed business expenses. In this case, Eliana Farias’ primary job was teaching elementary school fitness,...
by apexcpas | Jul 4, 2018 | Tax Planning
In a recent Tax Court case, even presiding Judge Vasquez thought the result was unfair. Richard Nixon (not that one!) was a divorced parent who paid child support for two children who were in the custody of his ex-wife. Neither child qualified as...
by apexcpas | Jul 4, 2018 | Tax Planning
In a new ruling, the IRS has made it easier for companies to deduct year-end bonuses. The ruling allows an employer using an accrual method of accounting to take a deduction in the current year for a fixed amount of bonuses payable to a group of employees, even though...
by apexcpas | Jul 4, 2018 | Tax Planning
Watching the news every night, you would think natural disasters are a regular occurrence. Hurricanes, tornadoes, floods and earthquakes disrupt lives, challenge communities and cause significant financial losses. If you are the victim of a casualty and you live in a...