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The MPS|CPA accounting blog is your home for thoughts on industry trends and issues, news from around the financial world, and much more.

2017 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers

During summertime, tax deadlines are probably the last thing on your mind. But there are some important Q3 2017 deadlines that businesses can’t afford to forget about. Here are a few key tax-related deadlines for businesses and other employers during Quarter 3 of 2017.

By |June 20th, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

Pay Attention to the Details When Conducting an Investment Sale

f you don’t pay attention to the details, the tax consequences of selling an investment may be different from what you expect. For example, if you bought the same security at different times and prices and want to sell high-tax-basis shares to reduce gain or increase a loss to offset other gains, be sure to identify which block of shares is being sold. Learn more about what can affect the tax consequences of your sale in this blog post.

By |June 13th, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

Coverdell ESAs: The Tax-Advantaged Way to Fund Elementary and Secondary School Costs

The school year’s end is a good time to think about Coverdell Education Savings Accounts (ESAs), especially if you have young children or grandchildren. One ESA advantage is that tax-free distributions aren’t limited to college expenses; they also can fund elementary and secondary school costs, such as tutoring and private school tuition. Learn more in this new blog post.

By |June 6th, 2017|Categories: Blog, College Planning|0 Comments

Donating a Vehicle Might Not Provide the Tax Deduction You Expect

Your deduction for a vehicle donation depends on what the charity does with it. Before you make your donation, be sure you're aware of the rules on taking charitable deductions. Learn more in this blog post.

By |May 31st, 2017|Categories: Blog, Tax Planning and Tips|0 Comments

IRS Must Reveal Workers’ Tax Return Information in Employee Misclassification Case

A recent unanimous ruling by the U.S. Tax Court could make it easier for employers whose workers have been reclassified as “employees” by the IRS to avoid income tax liability for the workers’ earnings. The ruling allowed an employer access to its reclassified workers’ individual tax returns, which could reveal that they had already paid income tax on their earnings, thereby reducing the employer’s liability for withholding taxes. This article details the implications of the U.S. Tax Court Case.

By |May 30th, 2017|Categories: Blog, Labor & Employment|0 Comments

Business Owners: When it Comes to IRS Audits, Be Prepared

As a business owner, you likely are concerned about being audited by the IRS. Audits can occur randomly, but some tax return items may raise red flags with the IRS, such as major inconsistencies between previous years’ filings and the most current one, profit margins or expenses markedly different from those of similar businesses, and unusually high deductions. Learn more about what may lead you to be audited and how to prepare in this blog post.

By |May 23rd, 2017|Categories: Audits, Blog|0 Comments