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Tax Alerts

A $100 donation may not provide a $100 charitable deduction. What you give and how the charity uses the gift are just two of the factors that may also affect your deduction. Here’s what you need to know.


Considering a home mortgage restructuring or foreclosure? You may be surprised to learn that such debt relief can increase your taxable income. But if you act soon, you may be eligible for a tax break.


Productivity and, indeed, profitability are both tied to highly engaged employees. When looking to promote employee engagement, lessons lie in Maslow’s “hierarchy of needs.”


Being classified as a trader rather than an investor has certain tax advantages if you make short-term investments. But qualifying as a trader isn’t easy.


Would you drive a car without a functional dashboard? Perhaps once a month someone could tell you how fast you were going and how much fuel you had left. Sound good? Probably not. Yet this is how many business owners run their companies.


If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved. And you’re probably right — but there is a chance your miles could be taxable.


Succession planning raises some tough questions. When should you hand over the reins? And how and when should you reveal your successor’s identity to employees? We offer some helpful advice.


If you’ve paid investment advisory fees, retained certain legal services or not been reimbursed for employee business expenses, you might benefit from “bunching” miscellaneous deductions into 2016.


It’s the goal of many Americans to pass wealth to the next generation. To maximize what goes to your loved ones vs. Uncle Sam, you need to carefully plan your gifts.


Today’s companies can be undermined by many things. Savvy leaders must lay a solid foundation and continue to elevate their success. Here are the four pillars on which you should build your business.


You want employees to show up for work. But a worker who’s ill or distracted can actually inhibit productivity — otherwise known as “presenteeism.” Learn more about this common problem.


If you win a bet, do you have to report the income? Are wagering losses deductible? If you’ve gambled this year and can’t answer these questions, here’s what you need to know.


Nearly every business is vulnerable to fraud. One common scheme is padding expense account reports. This threat could derail your profitability. Here’s how to fight back.


Lawmakers continue to debate comprehensive tax reform, aiming for a package to clear Congress and be signed into law by the President before summer. At the same time a “mini” tax reform package in an Affordable Care Act (ACA) repeal and replacement plan appears to have stalled in Congress.


The IRS has released the inflation-adjusted limitations on depreciation deductions for business-use passenger automobiles, light trucks, and vans first placed in service during calendar year 2017. All limitations are inflation-adjusted based upon October 2016 CPI amounts, with rounding conventions that account for almost all 2016 limits remaining the same for 2017 (only the third-year limitation for light trucks and vans rose, from $3,350 to $3,450 in 2017).


In a case that provides a lesson to anyone donating property to charity for which a deduction of more than $500 is claimed – get proof in writing and get it at the time you donate the property. After-the-fact substantiation, no matter how convincing, is not acceptable under the tax law to support a deduction.


Starting a new business venture can prove exciting, but rather costly. There are certain tax advantages that can help alleviate some of the financial burden associated with entrepreneurship.


Miscellaneous itemized deductions are certain nonbusiness expenses that individuals as taxpayers who otherwise itemize deductions may take against their taxable income. Such miscellaneous expenses are allowed only to the extent that they exceed 2-percent of a taxpayer’s adjusted gross income. Miscellaneous itemized deductions may also be limited by the overall itemized deduction phase-out.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of April 2017.


Health flexible spending arrangements (health FSAs) are popular savings vehicles for medical expenses, but their use has been held back by a strict use-or-lose rule. The IRS recently announced a significant change to encourage more employers to offer health FSAs and boost enrollment. At the plan sponsor's option, employees participating in health FSAs will be able to carry over, instead of forfeiting, up to $500 of unused funds remaining at year-end.


The IRS has made several changes to its examination (aka, "audit") functions that are designed to expedite the process and relieve some burden on business taxpayers. These include the expansion of the Fast Track Settlement (FTS) program for small business, self-employed (SB/SE) taxpayers and a new process for issuing information document requests (IDRs) in large case audits.





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