The IRS released Revenue Procedure 2015-56 which provides a safe harbor method of accounting for costs incurred in remodel and refresh...

On November 24th the IRS issued Notice 2015-82 announcing an increase in the deductible amount for purchases of tangible property for...

The Tax Increase and Prevention Act of 2014 ABLE Act/Omnibus Funding Agreement extended a number of critical tax benefits for individuals...

On September 12, 2013, the IRS and Treasury Department released final regulations under IRC Section 162(a) and 263(a) on the deduction...

As 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...

In the restaurant industry, it is common for businesses to post a menu notation requiring a certain percentage mandatory gratuity due...

Many taxpayers are engaged in businesses that may be classified as a hobby by the Internal Revenue Service (“IRS”). The tax treatment of...

The Internal Revenue Service (“IRS”) is attempting to pre-verify tax refunds before they are issued. Taxpayers are being notified of this...

It is no secret that taxing authorities are encouraging or requiring taxpayers to participate in electronic filing of their tax returns....

The Internal Revenue Service released Revenue Procedure 2013-13 which provides a simplified method for claiming the home office...

The American Taxpayer Relief Act of 2012 was passed by Congress and signed by the President on January 2, 2013. This new tax law impacts...

California Proposition 30 was voted into law as a constitutional amendment on November 6, 2012 by California voters. Prop 30...

You 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,...

General Explanation The IRS has issued guidance that clarifies and updates existing guidelines on the taxation of tips (Rev. Rul....

2012 began with great uncertainty over federal tax policy and now, with the end of the year approaching, that uncertainty appears to be...

The last thing you want to deal with when facing a foreclosure or short sale of your principal residence is worrying about the tax...

Posted by Halverson & Company | 0 Comments » The Internal Revenue Service (“IRS”) now requires additional reporting related to the sale...