Aronson Technology Report

What is the Real Value of a Benefit Plan Audit?

Mark Flanagan — Tue, 17 Apr 2012 11:00:43 +0000

That depends on who you ask. If you ask an employer that takes their fiduciary obligations seriously, or one that has had problems with their plan in the past, then [...]

Employee or Independent Contractor? That’s the Question in California and Everywhere Else

Henry Chiwaya — Thu, 12 Apr 2012 13:00:21 +0000

A business owner’s hiring of a worker as an employee has real costs beyond the wages paid to the employee. Such costs range from hard costs (e.g., payroll taxes, unemployment, [...]

What are your chances of being selected for an IRS tax audit?

Larry Rubin — Tue, 10 Apr 2012 11:30:50 +0000

The 2011 IRS Data Book, a compilation of statistical data and IRS activities, is out. You can read the whole book here: http://www.irs.gov/pub/irs-soi/11databk.pdf or just skip to page 22 of [...]

To expense or not to expense – that is the question.

Larry Rubin — Fri, 30 Mar 2012 12:33:19 +0000

Capitalization or repair expense? IRS issues field memorandum to agents. In December 2011, the IRS issued temporary regulations that offer guidance on capitalizing or expensing costs incurred in the acquisition, [...]

Home Mortgage Interest – Deduction is More Limited than You Think

Larry Rubin — Fri, 09 Mar 2012 16:57:33 +0000

The home mortgage interest deduction is, as you may know, limited to interest on a maximum of $1,100,000 loan principal ($1,000,000 of acquisition indebtedness plus $100,000 of home equity indebtedness) [...]

Form 1099 Reporting: Failure to Do It Can Be Costly!

Jack Koniszewski — Mon, 05 Mar 2012 20:18:43 +0000

The IRS has changed its 2011 tax forms and added the following new questions on all business tax returns (including Schedule C for sole proprietors as well as partnership, LLC, [...]

Burn down your house to get a tax deduction? May not be such a hot idea!

Larry Rubin — Tue, 28 Feb 2012 17:37:09 +0000

A property owner, wanting his lot cleared of the existing house so a new one could be built, donated the house to the fire department and claimed a charitable deduction. [...]

Major Family Gifting Faces Headwind if Obama’s Budget Proposal Passes

Michael Yuen — Tue, 21 Feb 2012 18:00:30 +0000

On February 13th, the Obama Administration released its fiscal year 2013 budget, including various estate tax proposals that, starting in 2013, would result in: Reducing the lifetime gift exemption back [...]

Need cash? Don’t borrow from the IRS!

Larry Rubin — Mon, 20 Feb 2012 11:00:55 +0000

Many businesses and individuals are experiencing cash flow difficulties in today’s economy. To ease the cash crunch, it may be tempting to delay payment of taxes in the hope that [...]

Opportunity for Maryland Taxpayers: Get Credit for Taxes Paid to Other States!

Mario DeLuca — Mon, 13 Feb 2012 10:00:11 +0000

Maryland taxpayers who were not permitted to claim a credit for personal income taxes paid to other states against their local income tax (i.e., City, County or Town) may still [...]