If you are a health coverage provider or an employer of a certain size, the health care law requires you to prepare new information returns starting for 2015. You must report the information to the relevant individuals and the IRS.
After a taxpayer’s basis in property is determined, it must be adjusted upward to include any additions of capital to the property and reduced by any returns of capital to the taxpayer. Additions might include improvements to the property and subtractions may include depreciation or depletion. A taxpayer’s adjusted basis in property is deducted from the amount realized to find the gain or loss on sale or disposition.
Now is the time of year when clients spend a lot of time thinking about taxes: how to pay them for last year and how to reduce the coming year’s tax bill. As part of their deliberations, some clients will be considering what, if any, assets to gift this year.
WASHINGTON, D.C. –Tax filing season began Tuesday, with a warning from the IRS.
The scam calls start with a threat from someone claiming to be from the IRS demanding money. “You need to pay just $1,989.44,” a voice on the phone says.
If you are self-employed and use your personal vehicle for business, you can take a tax deduction for your car insurance. For example, an independent sales professional who travels for work can take the deduction. However, only the actual mileage used for business travel is deductible. In other words, if you drive a vehicle 15,000 miles for business and 15,000 for personal use (a total of 30,000 miles annually) your deduction will cover half of your overall use.
If you’re considering an S corporation election for this year, keep in mind you have a deadline to meet. Corporations with a calendar year-end have until March 15, 2016, to file an election for the current tax year. If you’re just starting your business, your new corporation has until the 15th day of the third month after incorporation to make the election.
FASB affirmed narrow-scope changes and practical expedients to its revenue recognition standard this week on issues including collectibility, contract modifications, and completed contracts at transition. – See more at: http://www.journalofaccountancy.com/news/2016/feb/fasb-affirms-revenue-recognition-changes-201613881.html#sthash.uQeKP0dA.dpuf
The 25 Highest-Earning Hedge Fund Managers And Traders
The rich hedge fund industry has a new king. Ken Griffin tops Forbes’ list of the highest-earning hedge fund managers and traders, personally making $1.7 billion in 2015. At 47, Griffin for the first time in his 26-year career earned more than each of the older titans of the hedge fund world, like George Soros…
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