GAO reports on IRS technology roadmap

The Government Accountability Office (GAO) recently released a report on the IRS’s updated plans for its IT programs and related issues. Among other things, the report summarizes the technology objective of the IRS’s strategic plan, determines the extent to which the agency has updated plans for its IT modernization programs and assesses progress made on […]

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Coordinating Sec. 179 tax deductions with bonus depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. […]

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Fuel Tax Credit Fraud

The Fuel Tax Credit is available only for off-highway business and farming use and not for most taxpayers. However, the IRS continues to see instances where unscrupulous promoters mislead taxpayers about fuel use and create fictitious receipts for fuel. By claiming the Fuel Tax Credit on Form 4136, Credit for Federal Tax Paid on Fuels, […]

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Mind the GAAP: How to ensure transparency when using non-GAAP metrics

At Financial Executives International’s Corporate Financial Reporting Insights Conference last November, staff from the Securities and Exchange Commission (SEC) expressed concerns related to the use of financial metrics that don’t conform to U.S. Generally Accepted Accounting Principles (GAAP). Companies continue to have trouble complying with the SEC’s guidelines on non-GAAP reporting, said Lindsay McCord, chief […]

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