by ABIP | Aug 7, 2019 | News
More businesses are accepting bitcoin and other virtual currency payments, and the IRS is taking notice. The agency just announced it is sending letters to taxpayers who potentially failed to report income and pay tax on virtual currency transactions or didn’t report...
by ABIP | Jul 31, 2019 | News
Many businesses struggle to turn abstract strategic planning ideas into concrete, actionable plans. One reason is simple: ineffective meetings. A good way to get started running better ones is to involve everyone in the agenda-setting process. Also, encourage meeting...
by ABIP | Jul 24, 2019 | News
The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations. Many ATGs target specific industries,...
by ABIP | Jul 17, 2019 | News
The Section 179 deduction has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of depreciating them over time. For 2019, the maximum deduction is $1.02 million, subject to a phaseout rule if more...
by ABIP | Jul 10, 2019 | News
If you’re in the process of a merger or acquisition, it’s important that both parties report the transaction to the IRS in the same way. Otherwise, you could increase your chances of being audited. If a sale involves business assets (as opposed to stock or ownership...