BHT&D Certified Public Accountants Blog

Good tax planning and working with an accountant specializing in your field are key factors for agribusinesses in managing their tax liability.  As we head into the end of the year, here are five things to keep in mind to be prepared for next tax season:

1.  Tax Planning – Determining your year-to-date income PRIOR to the end of the year and planning for an appropriate income level is 

On November 22, 2016, U.S. District Judge Amos Mazzant from the Eastern Texas district issued an injunction to disallow the application of the Department of Labor’s March 23, 2016 “Final Rule” ruling on overtime requirements for salaried workers.

The Final Rule would have raised the minimum salary level to qualify for exempt employee status (EAP) to $913 per week ($47,476 annually), effectively requiring employers to pay overtime to many salaried workers.

The time spent getting organized for your tax appointment is priceless.  It gives you confidence that your returns will be filed timely, accurately, and that all qualified deductions are accounted for. 

Partnering with an experienced Certified Public Accountant can bring you piece of mind and possibly tax savings.  Here are some tips for making the best of that partnership: 

On May 9, 2014, the IRS published final regulations pertaining to certain costs incurred by estates and non-grantor trusts, and finally brought an end to some controversial issues surrounding the deductibility of certain costs.  

Several provisions of the Protecting Americans from Tax Hikes Act of 2015 (PATH) impact Code Section 179 and taxpayer’s depreciation options beginning in 2016.  The highlights of those changes include the following:

1. The elevated expensing limitation and the phase out limits have been made permanent and indexed for inflation. For 2016,

It seems like yesterday, but it was actually 45 years ago on November 1, 1971 when Connie and I opened the office on Bridge Street in Saranac, Michigan, two doors down from Larry's Store which was owned by my Dad.

I had been working for the national CPA firm of Alexander Grand & Company when Herb Talcott honored his promise to let me know when he was ready to retire. So, with 6 business clients and about 100 personal clients, we were off and running on our new adventure.

Many times throughout the year I get asked the question, “How long do I need to keep my tax records?” 

Generally, you should keep your records to support income, deductions or tax credits until the statute of limitations for that item runs out. While the answer may depend on your exact circumstance, you should generally follow the guidelines below:

The geography of your community may be anything from a rural village to several city blocks, or even something more global.  The thing they all have in common is a support network for everyone calling that area home.  It is no secret that businesses are looked to as a major part of that support network, and for good reason.  We benefit financially, if we do things right, and should be in a position to give some back.

Taxpayers that have a taxable highway motor vehicle registered in their name must file an IRS Form 2290. 

For vehicles placed in service July 1, 2016 or earlier, the due date to file the return is August 31, 2016. 

The IRS is no longer sending out reminders and the penalties for late payment are significant.  Here are a few points to consider when filing Form 2290: