On July 21, the Senate Finance Committee approved the extenders bill. This bill includes the extension of 52 tax provisions that usually get extended each year. It includes reinstating the section 179 expense amount back to $500,000 and also includes the 50% bonus depreciation. Will this bill become law? The answer is maybe. And while we don’t know when this could happen, the good news is Congress is working on this extenders bill early in the year. Tax Tip Tuesday will be

A recent law change will affect the penalties that can be assessed for not filing IRS 1099 forms. The Internal Revenue Code imposes a penalty on taxpayers that fail to file correct information returns (e.g., IRS Form 1099) with IRS, as well as a separate, but parallel, penalty on taxpayers that fail to provide the payee with a correct copy of the information return filed with IRS. The penalties are based on the duration of the delinquency, whether the delinquency was intentio

“What is the current status of Code Section 179 for the calendar year of 2015?” That is the question that I have been asked multiple times in recent weeks. As of right now, the Section 179 limit for 2015 is $25,000. That’s dramatically lower than in 2014 when it was $500,000. Will this be increased this year? I think it will. But, to what level, I don’t know for sure. Many members of Congress have talked about raising this. But one issue that keeps coming up, as well as with

Have you or someone in your family recently gotten married? Today we are going to discuss some things you need to consider for tax purposes. One of these deals with changing your name. All the names and Social Security numbers on your tax return must match your Social Security Administration records. If you change your name, report it to the SSA. To do that, file Form SS-5, Application for a Social Security Card. The easiest way for you to get the form is to download and pri