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Profit Statements: The P&R Blog

Changes to the tax code for individuals, too

On July 31, 2015, Congress made significant changes to the tax law, as discussed in last week’s blog (https://www.cpasite.com/ready-for-more-change-to-the-tax-code/). To make the filing process flow more smoothly for shareholders and partners, the due dates for some business tax returns and extension periods were adjusted. The 1040 due date or extension period experienced no change, but …read more.


Ready for more change to the tax code?

As you know, we often reach the end of the year (and sometimes the new year) waiting for government decisions that may or may not affect our tax returns. This year, Congress started early (wow—a miracle!) by changing due dates of some business tax returns. If you’re the owner or CFO of an S-corporation, relax. …read more.


Do I adopt a tax credit when adopting a child?

Adopting a child can be a rewarding and enriching experience for both the child and adoptive parents. If you welcomed an adopted child into your family, you may wonder how this change affects your individual tax return. The good news is if you adopted, or even tried to adopt, you may qualify for a tax …read more.


Remember to deduct your charity travel expenses

You’re likely aware that providing financial gifts or goods to charity entitles you to an individual tax deduction…but did you know traveling in the service of an organization may qualify as deductible travel expenses? Some stipulations include: You must perform genuine work for the charity for most of the trip. If you spend a lot …read more.


Potential Overtime Rules Could Change Your Business’ Payroll Accounting

The U.S. Department of Labor (DOL) recently proposed regulations to increase the minimum salary an employee must earn to be exempt from the Fair Labor Standards Act (FLSA) overtime requirements, and if enacted, the change could significantly affect your bottom line. Under current regulations, employees who earn $455 per week or less ($23,660 annually) are …read more.

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