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If you have already filed your tax return and overlooked an item of income or forgot to claim a deduction or credit, it is not too late! An amended return can be filed to correct an already-filed tax return. Failing to report an item of income will most certainly generate an IRS inquiry, which typically … Continued →
Increase in De Minimis Safe Harbor Limit for Taxpayers Without an Applicable Financial Statement Notice 2015-82 increases the de minimis safe harbor limit provided in § 1.263(a)-1(f)(1)(ii)(D) of the Income Tax Regulations for a taxpayer without an applicable financial statement (“AFS”) from $500 to $2,500. Notice 2015-82 will be published in Internal Revenue Bulletin 2015-50 … Continued →
The IRS allows taxpayers with a charitable inclination to take a deduction for a wide range of donated items. However, the IRS does provide specific guidelines for those taxpayers contributing non-cash items, from the type of charity you can donate to in order to take a deduction to the quality of the goods you contribute … Continued →
Once the revelry of celebrating the New Year has ended and confetti has been swept up, that nagging thought rolls around once again. Taxes. Hopefully the prior year’s planning has left your agency in a good position and there are no looming surprises. Unfortunately, one of the issues that continues to crop up does not involve an … Continued →
Have appropriate people available (e.g., trustee, representative with power of attorney, record keeper, actuary, employer personnel) Plan documents, including amendments, summary plan description, etc. (include all prior versions requested) Opinion letters/determination letters Requested records efficiently organized Agreements with service providers Be prepared to explain terms of the plan Be prepared to explain operation of the … Continued →