Restaurant Remodeling Costs
The IRS released Revenue Procedure 2015-56 which provides a safe harbor method of accounting for costs incurred in remodel and refresh...
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Halverson & Company
- Dec 11, 2015
- 1 min
De Minimis Safe Harbor Threshold Increased to $2,500
On November 24th the IRS issued Notice 2015-82 announcing an increase in the deductible amount for purchases of tangible property for...
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Halverson & Company
- Jan 6, 2014
- 1 min
2014 Extenders
The Tax Increase and Prevention Act of 2014 ABLE Act/Omnibus Funding Agreement extended a number of critical tax benefits for individuals...
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Halverson & Company
- Dec 12, 2013
- 3 min
New "Repair" Regulations
On September 12, 2013, the IRS and Treasury Department released final regulations under IRC Section 162(a) and 263(a) on the deduction...
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Halverson & Company
- Dec 3, 2013
- 3 min
Charitable Contributions
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...
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Halverson & Company
- Nov 7, 2013
- 2 min
Mandatory Tips & Sales Tax
In the restaurant industry, it is common for businesses to post a menu notation requiring a certain percentage mandatory gratuity due...
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Halverson & Company
- Aug 16, 2013
- 3 min
Is 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...
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Halverson & Company
- Jun 10, 2013
- 1 min
Refund Verification
The Internal Revenue Service (“IRS”) is attempting to pre-verify tax refunds before they are issued. Taxpayers are being notified of this...
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Halverson & Company
- Feb 9, 2013
- 2 min
Tax Return Filing Delays
It is no secret that taxing authorities are encouraging or requiring taxpayers to participate in electronic filing of their tax returns....
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Halverson & Company
- Jan 16, 2013
- 1 min
Safe Harbor for Home Office Deduction for 2013
The Internal Revenue Service released Revenue Procedure 2013-13 which provides a simplified method for claiming the home office...
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Halverson & Company
- Jan 9, 2013
- 1 min
The American Taxpayer Relief Act of 2012
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...
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Halverson & Company
- Nov 12, 2012
- 2 min
California Prop 30 - Individual Income Tax Rate Increase and Sales Tax Increase
California Proposition 30 was voted into law as a constitutional amendment on November 6, 2012 by California voters. Prop 30...
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Halverson & Company
- Sep 14, 2012
- 2 min
Stock Basis Reporting Options
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,...
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Halverson & Company
- Sep 12, 2012
- 2 min
Tax Bulletin: Guidance on Tips and Service Charges
General Explanation The IRS has issued guidance that clarifies and updates existing guidelines on the taxation of tips (Rev. Rul....
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Halverson & Company
- Sep 7, 2012
- 6 min
2012 Year-End Tax Planning
2012 began with great uncertainty over federal tax policy and now, with the end of the year approaching, that uncertainty appears to be...
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Halverson & Company
- Jun 4, 2012
- 2 min
Tax Implications of a Short Sale or Foreclosure
The last thing you want to deal with when facing a foreclosure or short sale of your principal residence is worrying about the tax...
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Halverson & Company
- May 15, 2012
- 3 min
The Corrected 1099-B
Posted by Halverson & Company | 0 Comments » The Internal Revenue Service (“IRS”) now requires additional reporting related to the sale...
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