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IRS Raises Tangible Property Expensing Threshold to $2,500

The Internal Revenue Service has simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an audited financial statement. It applies to amounts spent to acquire, produce or...... Read More

Pence Decides to Pay Off Federal Unemployment Loan

Gov. Mike Pence on Thursday morning announced that the state would use about $250 million from Indiana’s surplus to finish paying back the federal government for a loan the state took out to pay unemployment benefits during the recession. By paying off the loan by Nov. 10, the state’s...... Read More

IRS ANNOUNCES MASSIVE DATA BREACH

The Internal Revenue Service warned of a huge data breach of its online Get Transcript application that allowed the tax returns of approximately 104,000 taxpayers to be accessed by identity thieves. The IRS said Tuesday that criminals used taxpayer-specific data acquired from non-IRS sources to gain unauthorized access to...... Read More

TAX SCAM TARGETS HOOSIERS

A national telephone scam is targeting Indiana communities. Several Hoosiers have received threatening telephone calls from scam artists claiming to represent the Indiana Department of Revenue. The department does not call taxpayers without first corresponding through mail and does not threaten to use local law enforcement. “It’s important that...... Read More

INDIANA SECRETARY OF STATE WARNS BUSINESSES OF DECEPTIVE LETTER

Indiana Secretary of State Connie Lawson announced on February 20 that some Indiana businesses have received a deceptive letter that may appear to come from the office’s Business Services Division. The letter is an attempt to solicit Indiana business owners and is not dispatched by or from the Secretary...... Read More

2015 RETIREMENT PLAN LIMITS

The IRS has released the 2015 retirement plan limits. The annual compensation limit is $265,000. Elective deferrals to 401(k), 457 and 403(b) plans are limited to $18,000. The catch-up contribution to a 401(k) or 403(b) plan for persons age 50 or older is limited to $6,000. The limit on...... Read More

2015 MILEAGE RATES RELEASED

The IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase by 1.5¢ to 57.5¢ per mile for business travel after 2014. This rate can also be used by employers to provide tax-free reimbursements to employees who supply...... Read More

2014 TAX EXTENDERS SIGNED INTO LAW

The President recently signed into law the “Tax Increase Prevention Act of 2014,” once again extending a package of expired or expiring individual, business, and energy provisions known as “extenders.” The extenders are a varied assortment of more than 50 individual and business tax deductions, tax credits, and other...... Read More

UNCLAIMED PROPERTY: MAJOR REVENUE GENERATOR FOR STATES

States are beginning to become more aggressive in their pursuits of unclaimed property. Because of this fact, we encourage our clients to take the proper steps to protect themselves from potential unclaimed funds loss. Unclaimed property is defined as any financial asset with no activity by its owner for...... Read More

TIME TO BEGIN WORKING ON THOSE 2014 1099’S

Now is the time to begin compiling all of the information for 2014 1099’s.  The deadline for submitting your 1099’s per IRS Guidelines to the recipient is no later than January 31, 2015.  The compiled reports of 1099’s with Form 1096 is due to the IRS on February 28,...... Read More

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