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Profit Statements: The P&R Blog

Happy Tax Day 2015!

Did you get your individual income tax return filed in time? Don’t worry if you didn’t—the fact is more taxpayers are opting for the automatic six-month extension. The tax code’s growing complexity and filing requirements are slowly but steadily making October 15th our real annual tax day. But that extension to file isn’t an extension …read more.


Last Minute Tax Tips for 2015

With the April 15 tax filing deadline just a week away, are you one of the millions of Americans who haven’t filed (or even started) your individual income tax return yet? No problem! Use these pointers to help guide you through the filing process: Stop Procrastinating. Resist the temptation to delay your taxes until the …read more.


So . . . what exactly is “minimum essential coverage”?

And how does it relate to my healthcare accounting? If an accountant prepared your taxes, he or she probably asked whether your healthcare met the minimum essential coverage (MEC) standards this year. How do you know whether Uncle Sam finds your insurance acceptable?  The good news is most comprehensive general health insurance policies are acceptable, …read more.


Cancelled debt? Maybe it’s not taxable after all.

As a leading accounting firm in Jacksonville, we see many scenarios that can affect your individual income tax return. One such event is a cancelled debt. If you a creditor cancelled debt you owed, you probably know in most cases the IRS counts the amount forgiven as income…and expects you to pay tax on it. …read more.


Bitcoin Befuddlement: How to File Correctly

If you think the tax accounting of your dollars is tricky, try mastering the accounting services needed for bitcoins. Reporting individual tax, business tax or any other taxes on bitcoins can be tough, mostly because the IRS lacks guidelines explaining how to complete the filing process properly. The government doesn’t recognize bitcoins—or any virtual currency—as …read more.

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