The CPA Desk

A Thought Leader Production by PKFTexas

Tag Archives: tax

Considerations When Buying or Selling a Business

Jen:  This is the PKF Texas Entrepreneur’s Playbook.  I’m Jen Lemanski, this week’s guest host, and I’m here with Chris Hatten and Martin Euson, two of our directors on our Transaction Advisory Services team, Martin is on the tax side, Chris is on the audit side; guys welcome to The Playbook. Both:  Thank you for… Continue Reading

Helpful Tax Tips for Not-for-Profit Fundraisers

Whether you’re planning to raise funds for your not-for-profit with a simple bingo game or raffle, or with a more elaborate casino night, you need to understand and follow the federal rules that govern these kinds of activities. Gaming activities can open the door to unexpected taxes and trigger requirements for specific IRS filings. Filings… Continue Reading

Tax treatment of NQSOs differs from that of their better-known counterpart

With nonqualified stock options (NQSOs), if the stock appreciates beyond your exercise price, you can buy shares at a price below what they’re trading for. This is the same as for the perhaps better-known incentive stock options (ISOs). The tax treatment of NQSOs, however, differs from that of ISOs: NQSOs create compensation income — taxed… Continue Reading

Facing an unexpected bill for the additional 0.9% Medicare tax?

The additional 0.9% Medicare tax applies to FICA wages and self-employment income exceeding $200,000 per year ($250,000 for married filing jointly and $125,000 for married filing separately). Unfortunately, the withholding rules have been tripping up some taxpayers, causing them to face an unexpected tax bill — plus interest and penalties — when they file their… Continue Reading

You might benefit from deducting investment interest expense on your 2014 tax return

Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make the deduction less beneficial than you might think. Your investment interest deduction is limited… Continue Reading

Rafael Carsalade, CPA, Alison Muecke, CPA and Jim Streets, CPA Join PKF Texas Shareholder Ranks

We are pleased to announce Directors Rafael Carsalade, CPA, Alison Muecke, CPA and Jim Streets, CPA have been named shareholders in the firm, practicing in the tax services group. “Rafael, Alison, and Jim have contributed greatly to the growth of our firm. My fellow shareholders and I at PKF Texas are extremely pleased to welcome… Continue Reading

Have you had your annual estate plan checkup?

An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan: Lifetime gift and estate tax exemption 2014: $5.34 million 2015: $5.43 million   Generation-skipping transfer tax exemption 2014: $5.34 million… Continue Reading

You may be able to save more for retirement in 2015

Many retirement plan contribution limits increase slightly in 2015; thus, you may have opportunities to increase your retirement savings: Type of limitation 2014 limit 2015 limit Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans $17,500 $18,000 Annual benefit for defined benefit plans $210,000 $210,000 Contributions to defined contribution plans $52,000 $53,000 Contributions to SIMPLEs… Continue Reading

Accelerating deductions to save taxes

Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. When you don’t expect to be subject to the alternative minimum tax (AMT) in the current year, accelerating deductible expenses into the current year typically is a good idea. Why? Because it will defer tax, which usually is… Continue Reading

Are You TPR Ready?

In September 2013, the IRS issued final guidance regarding capitalization of expenditures related to tangible property for final regulations that became effective Jan. 1, 2014. The gist of guidance seems to indicate all expenditures should be capitalized unless there is an exception or de minimis safe harbor rule to follow. Under the guidance, material and… Continue Reading

Business Tax Items to Finalize Before Year End

Russ: This is PKF Texas Entrepreneur’s Playbook. I’m Russ Capper, guest host today, and my guest, once again, is Matt Powalski, a Tax Associate at PKF Texas. Matt, great to have you back on the Playbook. Matt: Thanks again, Russ. Russ: Okay, so let’s look at year-end tax planning once again. But let’s think about… Continue Reading