Clients Alerts
See also: Tax & Business Alert Newsletter
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IC-DISC Offers Tax Breaks for Exporters
Setting up and operating an interest charge domestic international sales corporation (IC-DISC) can reduce the tax rate on qualifying export sales by up to 20 percentage points. An IC-DISC’s tax-savings power is derived from the current 15% tax…Posted in: Client Alerts, Taxation -
Capitalization Rules: Building Systems
On December 23, 2011 the Treasury Department, together with the Internal Revenue Service, released further guidance related to taxpayers’ capitalization policies. It had been over two years since the service released guidance for taxpayers as it relates to… -
Capitalization Rules: Acquisition of Real Property
In Article 1 (Capitalization Rules: Building Systems), we discussed capitalization policies of real property as they relate to building systems. In this article, we focus on the clarifications as they relate to acquisition of real property. Read More:… -
Individual Tax Planning for the Coming Capital Gains Tax Rate Increases
It appears to be a pretty safe bet that the tax rate on Long Term Capital Gains (LTCG), like the gain from the sale of a typical business, will be higher in 2013 and future years compared to… -
Recent FASB Accounting Standards Updates Take Effect for Not-For-Profit Organizations
Author: Douglas K. Nickerson, CPA, CGFM, CFE, CIA The Financial Accounting Standards Board (“FASB”) recently issued Accounting Standards Update (“ASU”) 2011-08, Intangibles – Goodwill and Other (Topic 350) in September 2011 and ASU 2011-04, Fair Value Measurement (Topic… -
Challenges Ahead for Many Distributors
Author: Carroll D. Hurst, CPA The distribution industry continues to be challenged by intense price competition and increases in commodity costs which adversely affect both gross profit margins and operating expenses. The volatility of petroleum products is particularly… -
Not All Meals are Created Equally for Tax Purposes
Author: Gary G. Wallace, CPA Source: Taxalmanac.org Meals can only be deducted as a business expense if they are directly related or associated with the active conduct of a trade or business (valid business purpose). Meals expense falls… -
Requesting Copies of Prior Year Tax Returns from the IRS
Have you ever misplaced a tax return? It may not seem like a big deal until you try to provide data for a refinance of your home mortgage or try to fill out a financial aid form. We often… -
Virginia Legislative Update
The VMA hosted its Day on the Hill this week. "We had a wonderful turnout on a beautiful day with good feedback from attendees that it was a worthwhile use of time to help support the VMA and…Posted in: Client Alerts, Manufacturing -
Going Green May Save You Money on Both Your Energy Bill and Your Tax Return
The IRS recently released Publication 4845, Key Points about Residential Energy Credits, which explains the rules regarding the nonbusiness energy property credit and the residential energy-efficient property credit. With 2011 individual tax return filing deadlines coming up in…Posted in: Client Alerts, Taxation
