This tax season, several staff members provided insight into what makes Naden/Lean a great workplace and how the firm provides exceptional value to clients. Read on for their perspectives on “the Naden/Lean Difference.” […]
Staff Discuss “The Naden/Lean Difference”
Tax Updates: Notice 2015-82
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 […]
What Are the IRS Rules on Donating Clothing and Furniture to Get a Charitable Deduction?
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 […]
To Tax or Not To Tax – Dealing with Sales Tax in a Creative Services Environment
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 […]
Six Tips for an Efficient Plan Audit
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 […]
Maryland Sales Tax on Creative Design and Services
Historically, the ultimate factor in determining if sales tax was to be charged was whether the product being sold or the work completed was tangible. Tangible items in this case might include brochures, posters, flyers, mail pieces, reports, etc. With the increasing development of the Internet and new forms of creative services, sales tax within the graphic design industry […]
How do I deduct a bad debt on my individual income tax return?
Nonbusiness creditors may deduct bad debts when they become totally worthless (i.e. there is no chance of its repayment). The proper year for the deduction can generally be established by showing that an insolvent debtor has not timely serviced a debt and has either refused to pay any part of the debt in the future, gone through bankruptcy, […]