Monthly Archives : September 2014

Home/2014/September

Final regs. allow deduction for local lodging expenses

Regulations issued on Tuesday finalize rules the IRS put into effect in 2012 allowing employees to deduct certain expenses paid or incurred for local lodging as business expenses (T.D. 9696). Normally, lodging expenses a taxpayer incurs while not traveling away from home are considered personal     
Continue Reading

On the Theoretical Four Day Work Week

The standard work week went from six days to five in the early 20th century, in part due to labor activism and in part due to changing industry standards--now that we're in the early 21st century, is it time to cut things back further and make the three-day weekend
Continue Reading

ATM and Overdraft Fees Rising Fast

Banking is getting more expensive, according to an article in CNBC. The average out-of-network ATM fee has risen 5 percent over the past year, to $4.35 a transaction, while overdraft fees have risen to a $32.74 average, the 16th consecutive record high. The changes are in response to regulations
Continue Reading

Not All Excuses Are Made Equal

No one likes excuses, but if we're going to be honest with ourselves, we all tend to make them sometimes. But what's the difference between a good excuse and a bad one? An article in the Wall Street Journal said that there are certain excuses that, provided they are
Continue Reading

Asset protection of retirement funds after Clark

What's in a name? According to the U.S. Supreme Court, nothing.In June, the Supreme Court in Clark v. Rameker, No. 13-299 (U.S. 6/12/14), said that just because funds are held in an account called an individual retirement account (IRA), it doesn't necessarily mean that they are     
Continue Reading

11 QuickBooks tips for producing stellar reports

Today's accounting systems capture unprecedented levels of information, requiring CPAs to sort through more data than ever. In last month's JofA (page 64), the first article of a two-part series on QuickBooks provided general tips for printing, memorizing, organizing, and distributing     
Continue Reading

IRS signals PPACA compliance issues for 2015

This month, the IRS made several updates to the Internal Revenue Manual (IRM) that provide insight on the notices and enforcement methods the Service will use next tax season to ensure taxpayers comply with the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148. Most compliance     
Continue Reading