The Protecting Americans from Tax Hikes (PATH) Act of 2015 locked in favorable depreciation rules for business use of “heavy” SUVs, pickups and vans. You may be able to write off the entire business-use portion of a heavy vehicle’s cost in the first year by taking advantage of these rules. Here’s how it works. Heavy Vehicle  Continue Reading »

This is a useful library of some IRS publications covering issues that can affect businesses and employers. The rules are often complicated and can be difficult to implement. Contact your tax adviser for more information.   Title Publication Number Description Basis of Assets 551 The amount of your investment in property used to figure depreciation,  Continue Reading »

This election season, there seems to be great deal of disagreement, but there is one thing the majority of voters are agreeing on—95% of voters, regardless of which U.S. presidential candidate they favor, support American-made products. According to the Alliance for American Manufacturing, the vast majority of Americans also favor training programs, trade enforcement, tax incentives  Continue Reading »

Take note if your organization employs seasonal workers or part-timers for the holidays: The IRS has issued a Health Care Tax Tip on how these individuals affect whether your business is subject to the shared responsibility provisions of the Affordable Care Act (ACA). Background Applicable large employers (ALEs) are required by the ACA to report the  Continue Reading »

Sometimes, estate proceedings continue to be open for years with no end in sight. If you’re an executor or personal representative of an estate, or even an heir, eventually you want closure. There are certain steps that must be taken to close the estate. This article describes the general procedures, but the exact process depends  Continue Reading »

A top concern for Maine businesses is attracting and retaining qualified employees. Each year, numerous positions go unfilled, often because job applicants don’t have the requisite skills or training. Some proactive employers are tackling the issue with the help of federal and state programs. Here’s a closer look at the issues. Supply vs. Demand The  Continue Reading »

Health Savings Accounts (HSAs) involve individuals and businesses buying less expensive health insurance policies with high deductibles, and contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, chiropractic  Continue Reading »

If you participate in a qualified retirement plan, such as a 401(k), profit-sharing, or Keogh plan, through your job or self-employment, you might be allowed to borrow from the account. It’s important to note that the borrowing option is not available for traditional IRAs, Roth IRAs, SEPs or SIMPLE-IRAs. In the right circumstances, taking out a  Continue Reading »

There’s no doubt that technology has transformed our lives, from mobile apps to the Internet. It facilitates financial transactions and the transmission of information. But with convenience, it also brings risks. There are weekly news stories about sensitive personal data being hacked online and sold on the black market. Thieves use personal data to access  Continue Reading »

Do you find yourself with the urge to spring clean every year near the federal tax deadline in April? It feels good to throw out some of the financial records stuffing your filing cabinets. But before you head for the trash, make sure you’re not disposing of records you may need, because you don’t want  Continue Reading »