Halverson & CompanyDec 11, 20154 minRestaurant Remodeling CostsThe IRS released Revenue Procedure 2015-56 which provides a safe harbor method of accounting for costs incurred in remodel and refresh projects. The safe har...
Halverson & CompanyDec 11, 20151 minDe Minimis Safe Harbor Threshold Increased to $2,500On November 24th the IRS issued Notice 2015-82 announcing an increase in the deductible amount for purchases of tangible property for taxpayers without appli...
Halverson & CompanyJan 6, 20141 min2014 ExtendersThe Tax Increase and Prevention Act of 2014 ABLE Act/Omnibus Funding Agreement extended a number of critical tax benefits for individuals and businesses that...
Halverson & CompanyDec 12, 20133 minNew "Repair" RegulationsOn September 12, 2013, the IRS and Treasury Department released final regulations under IRC Section 162(a) and 263(a) on the deduction and capitalization of ...
Halverson & CompanyDec 3, 20133 minCharitable ContributionsAs we draw towards the end of 2013, the season for tax planning is in full swing. One area of tax planning comes to the forefront of many clients’ minds duri...
Halverson & CompanyNov 7, 20132 minMandatory Tips & Sales TaxIn the restaurant industry, it is common for businesses to post a menu notation requiring a certain percentage mandatory gratuity due from large parties. Th...
Halverson & CompanyAug 16, 20133 minIs Your Business a Hobby?Many taxpayers are engaged in businesses that may be classified as a hobby by the Internal Revenue Service (“IRS”). The tax treatment of a for-profit busines...
Halverson & CompanyJun 10, 20131 minRefund VerificationThe Internal Revenue Service (“IRS”) is attempting to pre-verify tax refunds before they are issued. Taxpayers are being notified of this verification proces...
Halverson & CompanyFeb 9, 20132 minTax Return Filing DelaysIt is no secret that taxing authorities are encouraging or requiring taxpayers to participate in electronic filing of their tax returns. Taxing authorities p...
Halverson & CompanyJan 16, 20131 minSafe Harbor for Home Office Deduction for 2013The Internal Revenue Service released Revenue Procedure 2013-13 which provides a simplified method for claiming the home office deduction. Instead of determi...
Halverson & CompanyJan 9, 20131 minThe American Taxpayer Relief Act of 2012The American Taxpayer Relief Act of 2012 was passed by Congress and signed by the President on January 2, 2013. This new tax law impacts a wide variety of ta...
Halverson & CompanyNov 12, 20122 minCalifornia Prop 30 - Individual Income Tax Rate Increase and Sales Tax IncreaseCalifornia Proposition 30 was voted into law as a constitutional amendment on November 6, 2012 by California voters. Prop 30 substantially increases individu...
Halverson & CompanySep 14, 20122 minStock Basis Reporting OptionsYou are probably aware that brokers must now report your basis in any stocks that you sell during the year to the IRS. (See blog post, “The Corrected 1099-B”...
Halverson & CompanySep 12, 20122 minTax Bulletin: Guidance on Tips and Service ChargesGeneral Explanation The IRS has issued guidance that clarifies and updates existing guidelines on the taxation of tips (Rev. Rul. 2012-18). The guidance cove...
Halverson & CompanySep 7, 20126 min2012 Year-End Tax Planning2012 began with great uncertainty over federal tax policy and now, with the end of the year approaching, that uncertainty appears to be far from any long-ter...
Halverson & CompanyJun 4, 20122 minTax Implications of a Short Sale or ForeclosureThe last thing you want to deal with when facing a foreclosure or short sale of your principal residence is worrying about the tax ramifications; however, th...
Halverson & CompanyMay 15, 20123 minThe Corrected 1099-BPosted by Halverson & Company | 0 Comments » The Internal Revenue Service (“IRS”) now requires additional reporting related to the sale of capital assets (st...
