by apexcpas | Jul 4, 2018 | Tax Planning
With children returning to school, cash-strapped parents may be looking for tax savings in their back-to-school expenditures. Listed below are a few tax-saving tips, as well as a few items that do not offer a tax break, although you may wish they did. Tuition – Most...
by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has attempted to clear up a dilemma that has perplexed businesses that desire to treat certain workers as independent contractors rather than employees. Employers are generally required to withhold and pay employment taxes (FICA, FUTA and withheld income tax)...
by apexcpas | Jul 4, 2018 | Tax Planning
As is most often the case, the Tax Court has once again concluded that a taxpayer must suffer the tax consequences of the transaction he entered into – not the transaction he wished he had entered into – after the IRS pointed out the tax result. (Jess L. Miller v....
by apexcpas | Jul 4, 2018 | Tax Planning
Last minute filers are rightly concerned that the IRS may not receive their documents by the due date. And in most cases, there is no way to prove when the IRS actually receives your documents. Penalties can result or elections may be invalid, if you do not file on...
by apexcpas | Jul 4, 2018 | Tax Planning
Many people plan a yard or garage sale while the weather is nice. Have you ever wondered how taxes affect these events? In most cases, these types of sales involve personal items that you’ve owned and used for a number of years. Since the selling price is...
by apexcpas | Jul 4, 2018 | Tax Planning
Businesses that reimburse employees for away-from-home travel costs using a per-diem amount, rather than the actual costs, should take heed of a new announcement from the IRS. The IRS has announced that it plans to discontinue one of the permissible per-diem methods....