Monthly Archives: May 2016

Luxury auto depreciation limits announced for 2016

The IRS recently issued the depreciation limits for business vehicles you buy and place into service this year. For cars, if 50% bonus depreciation does not apply, the first year limit is $3,160. If bonus depreciation applies to a business … Continue reading

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5 IRS Audit Red Flags

You may have done nothing wrong. But the prospect of an IRS audit makes everyone sweat. Many things probably go through your mind as you’re preparing a tax return or looking at one that’s been completed for you. Did I … Continue reading

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Tracking Products and Services in QuickBooks Online, Part 2

Last month, we explored the process of creating a product record. Now we’ll look at where they’re used in QuickBooks Online. Have you been able to create records for all of your products and services? If you have a large … Continue reading

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Are You Applying Finance Charges? Should You Be?

Assessing finance charges is a complicated process. But if you have a lot of late payments coming in, you may want to consider it. There are many reasons why your customers send in payments past their due dates. Maybe they … Continue reading

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Count employees to avoid ACA penalties

The IRS recently updated a web page explaining how to figure out if you’re an “applicable large employer,” or ALE. If you are, you may have to pay a penalty for not providing health insurance to your employees. For 2016, … Continue reading

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Nonprofits: Heed this May deadline

May 16, 2016, is the deadline for filing annual information returns for nonprofit organizations. Missing the due date three years in a row means losing tax-exempt status. The revocation is automatic and has severe consequences, including the possibility of paying … Continue reading

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The IRS wants your RSVP for this notice

Did you receive advance payments of the federal income tax credit that helps pay your health insurance premium? You’re required to reconcile that amount with how much you’re eligible to claim and file a form with your tax return. If … Continue reading

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