To take a 2014 charitable donations deduction, the gift must be made by Dec. 31, 2014. According to the Internal Revenue Service (IRS), a donation generally is “made” at the time of its “unconditional delivery.” But what does this mean? Is it the date you, for example, write a check or make an online gift via your credit card? Or is it the date the charity actually receives the funds — or perhaps the date of the... more
Congress has approved the 2014 Tax Increase Prevention Act, extending more than 50 favorable tax provisions for businesses and individuals through 2014. Download our special report from Wolters Kluwer for more on the impact of the passed extenders, including:
50 percent bonus depreciation
Section 179 expensing
Research and development tax credit
Download now.... more
If you’re self-employed, you may be able to set up a retirement plan that allows you to make much larger contributions than you could make as an employee. For example, the maximum 2014 employee contribution to a 401(k) plan is $17,500 - $23,000 if you’re age 50 or older. Look at how the limits for these two options available to the self-employed compare:
Profit-sharing plan: The 2014 contribution limit is $52,000... more
Michigan financial institution advisor Kia Hekneby, a senior compliance specialist at Doeren Mayhew, recently became a Certified Regulatory Compliance Manager through the Institute of Certified Bankers.
With more than 20 years’ experience in the regulatory compliance area, Hekneby works within Doeren Mayhew’s Financial Institutions Group to assist community banks, credit unions, CUSOs and mortgage companies remain ... more
In general, when meal and entertainment expenses are incurred in the context of an employer-employee or customer–independent contractor relationship, one party will be subject to a 50 percent limitation on the deduction. But which party? Last year, the IRS finalized regulations that address this question.
In the employer-employee setting:
If the employer reimburses the employee for meal or entertainment expenses... more
On Nov. 19, 2014, The Construction Association of Michigan’s (CAM) Board of Directors recognized Matthew J. Gurwin, director of business development of Michigan CPA firm Doeren Mayhew, and the firm for its on-going industry support.
The presentation of the Outstanding Industry Partner Award comes as a result of Doeren Mayhew’s most recent initiative to assist CAM in facilitating a three part construction roundta... more
The long-term capital gains rate is 0 percent for gain that would be taxed at 10 percent or 15 percent based on the taxpayer’s ordinary-income rate. If you have loved ones in the 0 percent bracket, you may be able to take advantage of it by transferring appreciated assets to them. The recipients can then sell the assets at no federal tax cost.
Before acting, make sure the recipients you’re considering won’t be ... more
The Texas Tax Policy Division has amended guidance for determining when an entity "changes combined groups" and loses its right to claim the temporary credit for business loss carryforward.
A taxable entity "changes combined groups," and loses the right to claim the credit when:
The entity leaves a combined group
An entity joins an existing combined group
An entity’s acquisition results in the creation of a n... more
Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) in the current year, accelerating deductible expenses into the current year typically is a good idea. Why? Because it will defer tax, which usually is beneficial.
One deductible expense you may be able to control is your property tax... more
Increased limits recently announced by the Internal Revenue Services for 2015 contribution limits for both employer-sponsored plans and individual retirement accounts (IRAs) may provide individuals and businesses with opportunities for additional tax savings in the coming year. These increases included:
Employees participating in 401(k), 403(b) and most 457 plans may defer up to $18,000 in earnings, an increase from $... more