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Accelerated Depreciation – The Differences Between Section 179 and Bonus Depreciation

When you buy an asset that provides value over the course of a year, you may need to capitalize the asset and claim depreciation expense over the useful life of the asset. However, sometimes it makes more sense to claim …

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IRS Mistakenly Sent Non-Filing Notices

forget to file tax

The IRS has posted a statement on its website acknowledging that it mistakenly sent non-filer notices to thousands of taxpayers regarding their 2019 returns (“CP59 notices”). The IRS shouldn’t have sent the CP59 notices because it hasn’t finished processing all …

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How Long You Should Retain Certain Records

Have you ever wondered exactly how long record retention is necessary? Which records are important? How long should you keep them? The Internal Revenue Service has provided a list detailing every important document and their retention schedule. This list includes: Accident reports …

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Court Stops December 1 FLSA Overtime Regulations

A nationwide emergency injunction was granted to prohibit the implementation of final FLSA regulations, which doubled the current minimum annual salary level required for exemption from $23,660 to $47,476 per year effective December 1st. On September 20, 2016, 21 states, …

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