Disaster relief, tax reform on Congress’ September agenda
As lawmakers return to work after their August recess, Hurricane
Harvey has increased expectations on Congress to quickly pass
disaster-relief tax breaks. September is also expected to bring
Congressi...
Don’t overlook child-related deductions and credits
Parents incur a variety of expenses associated with children. As a
general rule, personal expenditures are not deductible. However,
there are several deductions and credits that help defray some of
th...
Courts Loosen Up On Conservation Easement Rules
Two recent court cases indicate that, although use of a
conservation easement to gain a charitable deduction must continue
to be arranged with care, some flexibility in determining ultimate
deductibil...
How do I? Distinguish partnerships from other arrangements
A partnership is created when persons join together with the intent
to conduct unincorporated venture and share profits. Intent is
determined from facts and circumstances, including the division of
pr...
FAQ: What is “assignment of income” under the tax law?
Gross income is taxed to the individual who earns it or to owner of
property that generates the income. Under the so-called “assignment
of income doctrine,” a taxpayer may not avoid tax by...
September 2017 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important federal tax reporting and filing data for
ind...
IRS unveils taxpayer bill of rights
The Tax Code contains many taxpayer rights and protections.
However, because the Tax Code is so large and complex, many
taxpayers, who do not have the advice of a tax professional, are
unaware of thei...
FAQ: What is the self-employment tax?
Taxpayers who are self-employed must pay self-employment tax on
their income from self-employment. The self-employment tax applies
in lieu of Federal Insurance Contributions Act (FICA) taxes paid by
e...
How do I? Compute depreciation for tax purposes
The simple concept of depreciation can get complicated very quickly
when one is trying to determining the proper depreciation deduction
for any particular asset. Here’s only a summary of some of...
Congress juggles immediate/long-term tax issues
Nearly half-way into the year, tax legislation has been hotly
debated in Congress but lawmakers have failed to move many bills.
Only one bill, legislation to make permanent the research tax
credit, ha...
IRS will treat virtual currency as property for tax purposes
As virtual currencies such as Bitcoin rise in prominence and use,
the IRS has for the first time described how virtual currency will
be treated for tax purposes. The agency concluded in new guidance
(...
FAQs: What are AFRs for tax purposes?
The applicable federal rates (AFRs) are used for a number of
federal tax provisions. For example, Code Sec. 1274 uses AFRs to
determine whether a debt instrument has original issue discount
(OID or im...
How do I? Write off baseball season tickets to my business
Code Sec. 162 permits a business to deduct its ordinary and
necessary expenses for carrying on the business. However, Code Sec.
274 restricts the deduction of entertainment expenses incurred for
busin...
IRS takes aim at employment tax compliance
The current likelihood that your business will become involved in
an employment tax audit or an employment-related income tax audit
has increased: the IRS is aggressively attempting to reduce the
"tax...
Withdrawals from retirement savings: Tough rules may change
In response to the economic downturn that has affected the
retirement portfolios of millions of individuals across the
country, Congress has been considering a variety of alternatives to
offer relief ...
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Welcome to Corwin, Reichter & Co, P.C. Since 1971, our focus has been on helping you grow and preserve your personal wealth, as well as the wealth of your business. Initially, we were focused on taxation and auditing. However, over the years we have seen the industry change. In response to the industry changes, our clients have grown and evolved also. Our response to this evolution was to fully educate ourselves in many areas: business development, growth strategy, human resources, marketing, sales, management, operations, systems, customer service, business health checks, and more… This is our way of saying that you, and your needs, are important to us.
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