By Kenneth H. Bridges, CPA, PFS July 2015
Because of the inherent potential for abuse, tax rules require a higher level of substantiation for travel, meal and entertainment expenses. For these expenses to be tax deductible, you must document what …
By Kenneth H. Bridges, CPA, PFS July 2015
In order to be deductible as a business expense, an expense must be ordinary and necessary and be incurred in an activity engaged in for profit. Under the “hobby loss” rules, there …
By Kenneth H. Bridges, CPA, PFS July 2015
Many of our clients see on their tax returns a “domestic production activities deduction” and wonder what this is. This deduction, enacted in 2004, was designed to replace the exclusion for “extraterritorial …
By Jacquelyn J. Brown, CPA July 2015
The Affordable Care Act included a new 3.8% Medicare tax on net investment income which first took effect for 2013. “Net investment income” for these purposes includes most interest, dividends, rents, royalties, capital …
By Kenneth H. Bridges, CPA, PFS July 2015
While many of the accounting and tax issues faced by software companies are common in other industries as well, there are certain areas in which software companies must be well-versed in order …
By Kenneth H. Bridges, CPA, PFS March 2015
Most states impose a sales tax on the sale of most items of tangible personal property, while typically exempting from the tax the sale of services and intangible property. So what is …
By Kenneth H. Bridges, CPA, PFS March 2015
It is well-known that an employer can provide health insurance benefits to its employees tax-free under a group plan. It has also long been the rule of tax law that an employer …
By Kenneth H. Bridges, CPA, PFS March 2015
Georgia has a tax credit program which permits individuals and businesses to receive a credit against their Georgia tax for contributions to qualified student scholarship organizations (SSOs). An SSO is a 501(c)(3) …
By Scott A. Fincher, CPA March 2015
In late 2013, the IRS issued final regulations (effective for 2014 and beyond, with elective retroactive application back to 2012) relating to the deduction or capitalization of amounts paid to acquire, produce or …
By Kenneth H. Bridges, CPA, PFS March 2015
At Bridges & Dunn-Rankin, we have not yet started accepting bitcoin for payment of our fees, but it is estimated that over 80,000 businesses do now accept it.
Bitcoin is an online …