The IRS is using both a "carrot" and a "stick" to encourage more taxpayers living overseas and those with undisclosed foreign financial accounts to comply with U.S. tax obligations. The tax agency recently announced immediate changes in its Offshore Voluntary Disclosure Program, which is designed to ease taxpayer burdens, as well as expand streamlined procedures [...]
Many businesses may benefit from purchasing assets by Dec. 31 to take advantage of depreciation-related deductions that are scheduled to either disappear or become less favorable in 2013: Bonus Depreciation: For qualified assets acquired and placed in service through Dec. 31, 2012, this additional first-year depreciation allowance is, generally, 50%. Among the assets that qualify [...]
Shiv Kothari, tax manager at Gumbiner Savett Inc. recently wrote an interesting piece about like kind exchanges and how they can assist in deferring taxes on gains. The entire article appears in Commercial Property Executive. A like-kind exchange is any exchange of property held for investment or for productive use in your trade or business [...]
The IRS has issued new guidance designed to clarify the tax treatment of employer-provided cell phones and similar telecommunications devices. The guidance relates to a provision in the Small Business Jobs Act of 2010, enacted last year, that removed cell phones from the definition of "listed property," a category under tax law that normally requires [...]
