Vernoia, Enterline + Brewer, CPA LLC

Archive for January, 2016

The Benefits of Hiring a Professional Accountant

tax returnAccounting Professional software

According to New Jersey CPA officers at Vernoia, Enterline + Brewer, LLC, accountants pay up to $35,000 for their accounting software, which is far more sophisticated than consumer-based products such as TurboTax. An accountant’s more advanced software has the ability to quickly scan your information and organize line items and forms correctly. While the software automates data entry and organization to minimize the potential for human error on your return, what is most important is the education and experience of your Certified Public Accountants and the tax planning they might offer. (more…)

IRS provides guidance to retirement plans following approval of same-sex marriage

The IRS has issued guidance (Notice 2015-86) for retirement plans and health and welfare plans following the Supreme Court’s approval of same-sex marriage nationwide in Obergefell, 2015-1 ustc ¶50,357.Obergefell requires that a state must license a marriage between two people of the same sex and must recognize same sex marriages performed out of state. (more…)

IRS advises employers of reporting deadlines under Affordable Care Act

The IRS is reminding applicable large employees (ALE) of upcoming information reporting deadlines under the Affordable Care Act (ACA) for the 2015 plan year (Heath Care Tax Tip 2015-80). Reporting for 2014 was voluntary; reporting for 2015 is mandatory. (more…)

NJ Delinquency grace period enacted for taxpayers affected by natural disasters

Enacted New Jersey legislation provides that interest may not be charged to a delinquent property taxpayer in a municipality that has experienced a flood, hurricane, superstorm, tornado, or other natural disaster (more…)

IRS affirms guidance on expensing and capitalization rules for computer costs

IRS Chief Counsel has affirmed the application of the guidance in a 2002 letter ruling (LTR 200236028) regarding the treatment of computer-related costs, both software and hardware (CCA 201549024). Although the LTR may not be used or cited as precedent, taxpayers in effect may rely on the 2002 ruling and on guidance published in Rev. Proc. 2000-50. Considering the growing cost of computer equipment and software in most businesses, the latest LTR from the IRS for the most part is welcomed news. (more…)

How Do I? Elect to be taxed as an S corporation?

An S election is made by a small business corporation with the consent of its shareholders. Both the corporation and its shareholders must precisely follow the S election requirements or the election will not be valid. (more…)

FAQ – 2016 optional standard mileage rates?

FAQ – What are the 2016 optional standard mileage rates for automobile use?

The IRS has issued the 2016 optional standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical, and moving purposes (Notice 2016-1; IR-2015-137). The decline in gas prices appeared to spur the drop in the optional rates. (more…)