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Final IRS Repair and Supply Regulations

If you are a business owner, whether big or small, the Internal Revenue Service has issued final regulations that will impact your business in 2014 and beyond.  These new regulations provide guidelines and safe harbors in relation to capitalization of certain expenditures.  They are split into two areas: (1)…

February 28, 2014

The IRS Attempts to “Capitalize”

During 2013 the IRS finalized new regulations that govern the decision regarding whether a cost may be expensed in the current tax year or must be capitalized and the depreciation rules then applied.  The overall concepts have not changed drastically but there are significantly more details in the new…

December 19, 2013

Affordable Care Act – Where are we now?

If you are confused as where you stand as an individual or employer when it comes to the Affordable Care Act (ACA) you have plenty of company. In an effort to ease some of your anxiety or perhaps clarify some issues, please read on. INDIVIDUAL MANDATE The individual mandate…

December 18, 2013

A Difficult Year for Ranchers

Farmers and ranchers have had another difficult year with concerns of continuing drought conditions and the devastation of the early blizzard over western South Dakota. In preparation for a shortage of grass some ranchers sold portions of their herd earlier in the year. A big increase in rain started to…

December 18, 2013

Donor Acknowledgement

Individuals typically provide donations in the form of monetary or donated property.  These contributions benefit the charitable organization and also provide a tax deduction to the donor.  In order for this tax deduction to be allowed, the IRS has specific requirements for the charitable organization to follow.  Do you…

December 15, 2013

Form 1099 Requirements

FORM 1099 REQUIREMENTS: When Do You Need to File Form 1099? The following are the most common situations requiring filing of Form 1099: You paid more than $600 for services, rents, director fees, prizes, or awards to nonemployees You paid more than $10 in royalties You paid dividends…

December 10, 2013