Its that time of the year again to ensure you are taking full advantage of your tax deductions.
Compared to other businesses, the Horse Industry's application of tax laws are unique in many ways.
In this industry, you cannot simply apply the general business advice most accountants are familiar with if you want to maximize your tax deductions and save money.
Can we demonstrate this expertise to you?
The Green Group is proud to announce that we have been named one of the top accounting firms in New Jersey.
Thank you to all of our hard working staff and loyal clients!
You can check it out on pages 20-21!
Click on link below to learn more!
How The Green Group Can Help You Prepare For The Upcoming Tax Reform
Due to an error, taxpayers are receiving Identity Protection PIN letters with an incorrect year listed. Taxpayers and tax professionals should be advised the IP PIN listed on the CP 01A Notice dated January 4, 2016 is valid for use on all individual tax returns filed in 2016.
Beginning for the 2016 filing tax year, there will new due dates for Partnership, C-Corp, and FBAR returns.
The IRS may be signing new regulations to limit discounts on the transfer of family company interests.
It was generally recognized that “discounts” could be applied in valuing transfers of business interests among family members.
There were two recognized types of discounts:
In March, we put together a post on various IRS scams that are prevalent this year. (If you missed it, view it here) This month’s update is due to the increasing level of identity theft that is occurring throughout the country. Already, a number of our clients have needed to refile their returns by mail due to the IRS rejecting their e-file authorizations. The reason why? A return has already been filed under their Social Security number.
The IRS has issued regulations that change accounting rules for 2014 for certain categories of expenses, including repairs, spare parts, and materials & supplies. For instance, any item that generally costs less than $200 is a material and supplies item, whereas the previous rules set this limit at $100. If you own a building, or have materials and supplies, your preparer may have to prepare an additional form called a Form 3115. This form is separate from your tax return and requires its own signature. The form is then mailed to