2017 Income Tax Season: Last-Minute Tips For Filing Your Returns

HUDSON VALLEY, NY — Early-bird taxpayers have already collected their income tax returns, while procrastinators have an extra weekend to submit their tax returns in 2017. Because of a holiday in the nation’s capital, the filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date, which falls on a Saturday.

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IRS Polices What Is Tax Planning Or Tax Evasion

Tax planning–even tax avoidance–can be OK, but not tax evasion, so how do you tell the difference? It is tax filing season and whether you’ve started or not, it isn’t pleasant. And the stakes are high. After all, every IRS tax return must be filed under penalties of perjury. Many people assume that the IRS will not impose penalties if you weren’t actually trying to cheat on your taxes. Taxes are complex, and mistakes happen. But the burden is on you to show that you acted reasonably (such as by relying on professional tax advice). If you can’t, you will probably end up with penalties.

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IRS offers a new way for small business startups to claim the research tax credit

The Internal Revenue Service has issued a notice explaining how small businesses can take advantage of a new option allowing them to apply a portion or all of their research credit against their payroll tax liability, instead of their income tax liability.

Before 2016, taxpayers could only take the research credit against their income tax liability, but thanks to the PATH Act legislation passed at the end of 2015, they have a new option.

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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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