All businesses should adopt a written policy regarding the threshold for capitalizing fixed assets.  Follow the link for an explanation and sample policy.

You are required to issue 1099s for payments you made in the course of your trade or business. Penalties have recently increased.  This article describes the requirements.

Congress has passed, and the President has signed, a bill that extends many tax provisions that expired on December 31, 2014.  The extensions are retroactive to January 1, 2015.  Some of the provisions are made permanent; others are extended until December 31, 2016.  Follow the link to see the extended provisions that most commonly affect our clients.

Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 54 cents per mile for business miles driven, down from 57.5 cents for 2015
• 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
• 14 cents per mile driven in service of charitable organizations

Did you donate your services to charity this summer? Did you travel as part of your service? If so, some travel expenses may help lower your taxes

Employers and health coverage providers now have access to recorded webinars from IRS about the Affordable Care Act’s employer provisions and related tax requirements.

Beginning with tax years starting on or after January 1, 2014, the IRS has issued a very complex set of Regulations that will require most businesses to keep much better records for repairs, maintenance and supplies expenditures.

Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own.  Read the full article for details and transactions that are not affected by this rule.

After much anticipation, Congress has passed the Tax Increase Prevention Act of 2014 (2014 Tax Prevention Act) to extend popular individual and business tax provisions retroactively for one year (through 2014).

Here is the table, from the Social Security Administration, showing normal retirement ages based on your year of birth.  You can also follow the links to the SSA website for additional information.

The Internal Revenue Service issued a consumer alert on August 28, 2014 providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.

As 2013 draws to a close, individuals should talk to their tax advisor to see whether they are on track with their tax projections or need to make any adjustments. They should also be aware of a number of recent and upcoming tax law changes that might provide them with tax-saving opportunities.

Marci White-Stumpf who was recently recognized at the Vancouver Business Journal's annual Accomplished & Under 40 awards...