True Ups on Business Sale/Acquisition
Every business sale/acquisition has various “true ups” that occur, usually handled as working capital adjustments. A recent article written by James A. Beindorf, CPA, CVA, CFF, discusses adjustments professionals need to be aware of that are easily missed and could lead to issues after a sale occurs, such as accrued vacation, payroll taxes, and any contracts in place. To see the full article and helpful ways to avoid these costly mistakes, click the link below.
Closing the Sale – Website Post 10.23.17
As our presidential election nears, questions arise on how each presidential candidate’s views on tax policies differ. See the link below for a reference guide:
Tax Policies of 2016 Major Presidential Candidates
Offutt Barton Schlitt LLC, is not endorsing or indicating support for any particular candidate or policy with this message, but merely providing this information as a courtesy.
There has been an increase recently in scam voicemails or phone calls from persons claiming to be from the IRS. The calls are mentioning warrants for the arrest of the taxpayers, back taxes due and other frightening tax complications. The IRS continues to warn the public to be vigilant about fraudulent phone calls or emails, and offers five tell-tale warning signs to tip you off if you get such a call. See the link below for more details:
In our experience, the IRS does not call taxpayers directly nor does the IRS contact taxpayers via email. Feel free to call your tax preparer if you are alarmed by such a phone call or message.
Offutt Barton Schlitt receives an Architectural Recognition Award from the Indian River Chamber of Commerce at a luncheon held to celebrate the achievements of local companies. The Chamber’s Industry Appreciation Event recognizes local businesses that stimulate the Indian River County economy and enrich our community through quality employment, sales, purchases, taxes and their support of local non-profit organizations.
As we round the corner into fall, it’s a good time to start thinking about records you will need for next year’s taxes. Certain expenses that are eligible for tax credits or deductions are often concentrated in the summer months. See details at the IRS link below:
We would be happy to give you more pointers on setting up a record-keeping system and on what types of credits and deductions apply to your situation. Give us a call for a brief consultation.
For all taxpayers who need assistance determining how the Affordable Health Care Act will impact them, the IRS has created a new Website as a self-guided resource:
One of our CPAs would be happy to discuss any concerns you may have about compliance or tax impacts of the health care law.
Itemizing deductions is one way to reduce your taxes, and there are some miscellaneous deductions that you should consider:
Call our office for a consultation to determine which of these deductions would be helpful for you.
When your tax return is filed, if you owe taxes, there are several payment options for you to select between. Click the link below to see the IRS’ eight tips for taxpayers:
CPAs in our office can assist you with tax planning calculations or advice that may help you streamline your withholding or gain assistance with a payment plan. Give us a call for more information.
If you are working from home and want to take advantage of the home office deduction, you no longer have to keep detailed records of certain expenses and prorate these by the square foot. The IRS has a simplified method available starting with your year 2013 tax return:
Contact your tax preparer at our office for information on whether the simplified method is appropriate for your situation.
A vacation home can be a house, apartment, condominium, mobile home or boat. If you own a vacation home that you rent to others, you generally must report the rental income on your federal income tax return. But you may not have to report that income if the rental period is short. See this IRS article for more information about renting your vacation home:
If you have plans for renting, feel free to check with your CPA on how these rules apply to your situation.