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Category Archives: Tax
Hiring Experienced Tax Accountants
WDJ is seeking a full-time team member with strong knowledge and experience in individual, corporate, and partnership return preparation, tax planning, and research. If you are tired of working excessive work hours during the busy tax season, then consider joining … Continue reading
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Harvey Tax Relief
by MICHAEL W. KIEFER, CPA Michael W. Kiefer, CPA and partner at WDJ recently appeared as a guest writer for the Jefferson County Bar Association and was published in their most recent newsletter.
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Lost Tax Documents
If you lost your tax documents in the Harvey flood, you can obtain your tax transcript directly from the IRS website. It’s very easy! You will need access to your cell phone and email when registering so your identity can … Continue reading
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Fiscal Cliff Tax Act
Summarized from an AICPA article by Paul Bonner and Alistair M. Nevius With some modifications targeting the wealthiest Americans with higher taxes, the American Taxpayer Relief Act permanently extends provisions of the Economic Growth and Tax Relief Reconciliation Act of … Continue reading
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Reconcile Your Credit Card Statements
Properly accounting for and reconciling credit card statements are good accounting practices and part of a fraud prevention and detection program. QuickBooks can keep track of your credit card purchases. To setup and use credit cards in QuickBooks: Add the best … Continue reading
Posted in Fraud, QuickBooks, Tax
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Congress Votes to Repeal New 1099 Requirement
The Senate and House have approved a measure that would repeal the expanded Form 1099 reporting requirements that were part of last year’s health care law. The move has broad support because the Form 1099 rules, which are set to … Continue reading
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Section 199 Manufacturing Deduction
If your business didn’t meet the requirements in the past to claim a manufacturing deduction or you determined that it wasn’t worth the time, maybe you should reconsider it. One of the most compelling reasons is because the 9% deduction … Continue reading
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Medicare Part B Now Deductible as SE Health Ins.
According to page 29 of the 2010 Form 1040 Instructions, “Medicare Part B premiums can be used to figure the [Self-Employed Health Insurance] deduction” That’s a change from 2009 Form 1040 instruction where on page 39, it stated “Medicare premiums … Continue reading
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IRS Agents Requesting QuickBooks Data File
During a recent examination…, the agent requested a copy of the QB file and told me they will be specifically reviewing the QB audit trail. He said they want to see if there were any significant changes to the transaction coding in the days leading up to the audit appointment. Continue reading
Posted in QuickBooks, Tax
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IRS Delay in Processing Tax Returns Until Feb 14th
The IRS announced a delay in its ability to process some tax returns affected by late-year changes to the tax law, which involve: State and local sales tax deductions The higher education tuition and fees The educator expenses deductions Schedule … Continue reading
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