Twelve Most Missed Tax Deductions and Credits that Save Money

Tax season is here. There will soon be a rush to collect paperwork, fill out forms and find receipts, as people try to file taxes by the April 15th deadline. Happily, it’s easy to get the biggest tax refund with these little-known tax deductions and credits: Depreciation on Computers & Cell Phones If the use of a… [More…]

New Tangible Property Regulations: Tax Deduction Opportunities and Potential Pitfalls

The new tangible property regulations from the IRS are some of the most dramatic tax law changes to affect businesses since 1986.

The new tangible property regulations from the IRS are some of the most dramatic tax law changes to affect businesses since the 1986 Internal Revenue Code overhaul. These rules are complicated and require immediate action from all businesses that own tangible property, as they are effective now.  Lack of action could mean lost opportunity to… [More…]

Federal Courts Deal Gamblers Two Good Hands: Foreign Gamblers Win Big

After a night of gambling, it’s no fun to walk out of the casino a loser. It’s even worse when the IRS tries to tax each individual bet that was won over the course of a losing night. Enter Sang Park, a South Korean businessman who enjoyed gambling during his trips to the United States… [More…]

New Tangible Property Regulations Impact All Business Owners

The new tangible property regulations from the IRS are some of the of the most dramatic tax law changes to affect businesses since the 1986 Internal Revenue Code overhaul.

By Tanya LaCosse, CPA Shareholder Johnson Jacobson Wilcox CPAs The new tangible property regulations from the IRS are some of the of the most dramatic tax law changes to affect businesses since the 1986 Internal Revenue Code overhaul. The IRS created these new rules to provide clearer guidelines for how to treat repairs and improvements of… [More…]

Independence Day 2013: Freedom Fighters Wanted

It’s fitting to ask how much freedom U.S. citizens really have in 2013, and how much we have handed over to the federal government.

As Americans celebrate Independence Day this month, it’s fitting to ask how much freedom U.S. citizens really have in 2013, and how much we have handed over to the federal government. I won’t say the feds have taken our freedom away from us, because they’ve done so with our permission. Ever since the FDR administration,… [More…]

Protect Your Assets: Nevada Offshore Trust

A Nevada Offshore Trust, also known as an Asset Protection Trust, is the single most effective way to protect your assets.

Imagine that, through no fault of your own, you find yourself in a difficult lawsuit. It’s clear they are coming after your assets, your business, everything you have worked a lifetime to build. But you are not worried. You sleep well because years ago you set up a Nevada Offshore Trust, and your assets are… [More…]

April 2013: Around the State

Read Nevada Business News: April 2013 - business news from around Nevada for April 2013.

IRS Announces Over $11 Million in Unclaimed Refunds for Nevadans The Internal Revenue Service (IRS) has announced that Nevadans who didn’t file a tax return in 2009 are entitled to over $11 million in unclaimed funds. The agency estimates a median $559 refund is waiting for just over 12,500 individuals in the Silver State. Returns… [More…]

Internal Revenue Service Annual Inflation Adjustments for 2013

The Internal Revenue Service announced today annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. The tax items for 2013 of greatest interest to most taxpayers include the following changes. Beginning in tax year 2013 (generally for tax… [More…]

Independent Contractor or Employee?: IRS Will Now Settle Employment Taxes

After receiving much success from its Voluntary Offshore Bank Account Disclosure Program, the Internal Revenue Service (“IRS”) has now decided to provide an opportunity for businesses to come clean by reclassifying workers as employees for federal employment tax purposes. The IRS announced on September 21, 2011 that it has developed the Voluntary Classification Settlement Program… [More…]