Blog: Accounting Unbuttoned

Where Perkins explores accounting topics and news.

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The Perkins Field Guide to Tax Reform

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Where’s the comprehensive tax reform we’ve been hearing about for the past few years? 2010’s Simpson-Bowles plan, although it had fairly widespread bi-partisan support, resulted in no actual legislation; Republican Dave Camp released a widely-cited road map in early 2014, which has not been taken up in any meaningful way; Oregon’s own Senator Wyden, now…

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Do I Need an Identity Protection PIN to File My Return?

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Many taxpayers, who had difficulty filing their 2013 federal tax returns due to identity theft or potential fraud, as well as many tax practitioners, are confused about how to file their 2014 federal tax returns. Taxpayers who informed the IRS that they were a victim of identity theft or suspected they were a potential victim…

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TPR Update: Small Businesses Need Not File Forms 3115

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Last Friday the 13th was one to remember at Perkins & Co! After months of gearing up to prepare Forms 3115 for nearly all of our business clients, we learned Friday that the IRS is no longer requiring small businesses to file them to comply with the new tangible property regulations (TPRs). Around here, this is…

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Deducting a Home Office: Simpler May Be Better

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For those of us who go to a downtown office every weekday, the benefits of working from home glow brightly: no morning commute and working in sweatpants! My kitchen, my coffee! Walking my own dog! And, perhaps, a nice tax deduction for using a home office. As we will discuss below, qualifying for a home…

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Congress Passed The Tax Increase Prevention Act of 2014

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We held off writing our year-end message with hopes that Congress would provide clarity for taxpayers before 2014 is over. We finally got what we were looking for! The Senate passed H.B. 5771, The Tax Increase Prevention Act of 2014 (the “Act”) late on December 16th. The Act previously passed the House on December 3rd,…

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AICPA Warning – Is your Employee Benefit Plan Auditor Qualified?

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On December 3, 2014 the AICPA Employee Benefit Plan Audit Quality Center issued a Plan Advisory, The Importance of Hiring a Quality Auditor to Perform Your Employee Benefit Plan Audit. The advisory was prepared to provide plan sponsors, plan administrators, and trustees with an understanding of the importance of hiring a qualified auditor to perform their…

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The New Tangible Property Rules Take Effect Now

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As the expression goes, change is inevitable. This year, change in accounting method may also be inevitable. We’ve previously discussed the far-reaching IRS regulations on the deductibility of repairs, maintenance and supplies costs. Those rules provide complex guidelines for determining whether a cost can be expensed in the current year. The regulations also provide avenues…

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U.S. Estate Tax for Non-US Decedents

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“What on earth is an estate tax?” As there are many foreign countries that do not have estate/inheritance taxes, this is a question you might hear when dealing with the executor of a non-US decedent who left certain assets located in the US. Estate tax is a tax levied on the net value of the…

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Net Investment Income Tax for 1040 Filers: First Year Thoughts

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Since the Affordable Care Act was passed in 2010, there have been plenty of articles discussing one of its new taxes, the Net Investment Income Tax (NIIT), which assesses an additional 3.8% tax on the investment income of individuals and trusts. (For instance, we posted a planning article, Minimizing “Net Investment Income”  in May of…

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Are You Saving Enough for Retirement?

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Day in and day out you’re bombarded with endless variations of that same question. Invariably, this question leads to the topic of a 401(k). It’s promised as the panacea for your dim, penniless future. But the signal to noise ratio can be deafening, and, often times, confusing. So let’s attack this topic with some firm…

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