Conserving energy is a priority for many taxpayers. There are generous federal income-tax credits available to individuals and businesses that can help defray some of the cost of buying and installing certain energy efficient systems. Individuals The residential energy efficient property (REEP) credit is a tax credit of up to 30% of the expenses paid for solar...
Read MoreThe IRS has announced that, for 2014, it will allow qualifying small businesses to account for tangible property on a go-forward basis for that year and without filing Form 3115. Essentially, the new rule makes it easier for small businesses to adopt the new tangible property regulations made effective for 2014. Background In 2013, the IRS issued long-awaited and...
Read MoreAny employer reimbursing its employees for business-related expenses should consider whether the reimbursement arrangement meets the IRS’s requirements for an “accountable plan.” Meeting these requirements avoids the need to include the expense payments in employees’ gross income and avoids the employer’s share of any payroll taxes that otherwise would be due on the...
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