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Reilly Tax Advisor

Large employers: Time to start planning for ACA information reporting

Jul 07, 2015

With the U.S. Supreme Court’s June 25 decision upholding the Affordable Care Act (ACA) yet again, employers subject to the act’s information reporting provision can no longer afford to put off planning in the hope that the requirements might go away.

Reilly Tax Advisor

IRS and identity theft

Apr 09, 2015

We have heard from a few clients that they have received phone calls or emails from the Internal Revenue Service demanding payment of outstanding federal taxes. These communications are fraudulent, and should be reported to the IRS.

Reilly Tax Advisor

IRS announces ‘Taxpayer Bill of Rights’

Jun 11, 2014

A 2012 survey by the Taxpayer Advocate Service, an arm of the Internal Revenue Service, found that only 46% of U.S. taxpayers believed they had rights before the IRS, and only 11% knew what those rights were.

Reilly Tax Advisor

Taking tax deductions for 2013 charitable donations? Get proof

Feb 12, 2014

To support a charitable deduction, you need to comply with IRS substantiation requirements. This generally includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation, and the value of any such goods or services.

Reilly Tax Advisor

New IRS rules expand ability to deduct property expenses

Feb 05, 2014

New rules regarding capitalization vs. repair of tangible property went into effect on Jan. 1 of this year, and they will significantly benefit certain taxpayers.

Reilly Tax Advisor

New ‘safe harbor’ for home office tax deduction

Feb 05, 2014

If your use of a home office is for your employer’s benefit or because you’re self-employed, you may be able to deduct a portion of your mortgage interest, property taxes, insurance, utilities and certain other expenses, as well as the depreciation allocable to the office space.

Reilly Tax Advisor

To capitalize or deduct? New IRS rules clarify the question

Jan 30, 2014

New rules regarding capitalization vs. repair of tangible property went into effect on Jan. 1 of this year, and they will significantly benefit certain taxpayers.

Reilly Advisor

How long should you keep tax and business records?

Jan 14, 2014

It's that time of year when individuals and business owners pull together what seems like reams of records to support their tax deductions and credits.

Reilly Benefits Advisor

IRS modifies ‘use or lose’ rule for Health Flex Spending Accounts

Dec 06, 2013

The IRS recently announced a modification to the longstanding “use-it-or-lose-it” rule for health flexible spending arrangements (FSAs).

Reilly Advisor

The odds you’ll be audited by the IRS rise with your income

Oct 01, 2012

Although the overall individual audit rate by the IRS is about 1.11%, the odds increase dramatically for higher-income taxpayers.

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