How financial statement audits deliver key business insights

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Financial statement audits are not just a compliance exercise, but also an opportunity to gain knowledge that can generate positive business results, according to a new survey.

In many cases, though, companies are not taking full advantage of the insights that audits provide, a survey of 300 executives and 100 audit committee members by Deloitte’s US audit practice revealed.

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The Basics of a Partnership:

Relationship between two or more persons based on a written, oral, or implied agreement whereby they agree to carry on a trade or business for profit and share the resulting profits. Unlike a CORPORATION’S shareholders, the partnership’s general partners are liable for the DEBTS of the partnership.

IRS issues 2017 car and truck depreciation limits

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The IRS on Friday issued the 2017 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2017-29).

This year’s guidance includes figures for vehicles that are placed in service in 2017 and to which first-year bonus depreciation applies. For passenger automobiles (other than trucks or vans) placed in service during the calendar year 2017, the depreciation limit under Sec. 280F(d)(7) is $11,160 for the first tax year, including bonus depreciation, and $3,160 if bonus depreciation does not apply.

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Do this during tax season to maximize your Social Security benefits

Tax season is a great time to make sure your Social Security statement accurately reflects your earnings history. You will have all the documents you need at your fingertips to correct any mistake.

The annual statement details how much you earned each year to estimate monthly benefits, which are based on an average of your highest 35 years of earnings. An error in your earnings history could cost you thousands of dollars in retirement.

 

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The IRS ACA audit process forces employers to prove their case or face penalties

A few weeks after the national election, the Internal Revenue Service began to issue notices to employers who may have failed to comply with the Patient Protection and Affordable Care Act.

These notices appeared to be the first salvo in the IRS ACA audit process. Failure to successfully defend this IRS audit could mean significant ACA related penalties. A recent industry report projects that companies could face up to $31 billion in ACA penalties in the 2016 tax reporting period for noncompliance with ACA requirements. These penalties, which include the Section 4980H penalties and Section 6721 and 6722 penalties, may be imposed on what the ACA terms Applicable Large Employers, or ALEs, namely, those employers with 50 or more full time or full-time equivalent employees.

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Married Taxpayers 101:

Taxpayers that are married may file a JOINT RETURN, therefore combining their INCOME and expenses. Individuals will be considered married if:
1. They are living as husband and wife;
2. They are recognized living as common law marriage; or
3. Legally married but separated and living apart but not legally divorced.
Marriage is determined as of the last day of the tax year.

Your Home Tax Deduction Checklist: Did You Get Them All?

Homeowners, get excited: It’s tax season, that magical time of year when having a house actually saves you money. But just know that taking advantage of all these tax breaks can be kind of complicated, especially if you’re used to filing a 1040EZ and calling it a day. For one, with a home, it usually makes sense to itemize your deductions rather than take the standard, so that means it’s really on you to know all the niggling things that make the cut. To help you make sure you aren’t missing anything, we’ve compiled this handy home tax deduction checklist. Don’t file that return until you’re sure you’ve got ’em all!

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