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Latest News

Wall Street drops, led by banks, as investors book profits
Reuters.com - Fri, 17 Feb 2017 10:04:46 -0500

Unilever rejects $143 billion Kraft Heinz bid as without merit
Reuters.com - Fri, 17 Feb 2017 09:29:38 -0500

Samsung chief Lee arrested as South Korean corruption probe deepens
Reuters.com - Fri, 17 Feb 2017 03:27:44 -0500

S&P downgrade warning sends Toshiba shares falling
Reuters.com - Fri, 17 Feb 2017 05:27:40 -0500

U.S. shale oil braces for the unfamiliar in 2017: inflation
Reuters.com - Fri, 17 Feb 2017 10:16:21 -0500


 

 
 
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    News from McGowen, Hurst, Clark & Smith, P.C.
 
Documenting Charitable Contributions for Income Tax Deductions
 
  As you begin to gather your information in order to prepare your tax return, it is a good time to review the record keeping requirements for deducting charitable contributions. The IRS rules for substantiating deductions for charitable contributions are strict.
FULL ARTICLE



 
Tax Season Changes to Be Aware of & Possible Refund Delays
 
  The IRS has implemented some new restrictions for 2016 individual income tax returns filed in 2017 to help prevent paying fraudulent refunds.  The information in this article summarizes a few of these significant changes which may alter the timing of some refunds as well as the documentation taxpayers will need to provide to their paid preparers.
FULL ARTICLE



 
    Timely Opportunities
 
IRS Reports a Significant Increase in Whistleblower Awards
 
  The IRS Whistleblower Office is celebrating its tenth anniversary this year. According to a recent report, fiscal year 2016 was "very productive" and "transformative" for the program. It collected nearly $369 million in unpaid tax liabilities and awarded more than $61 million to informants. Here's more on how the IRS program works, along with a list of federal laws that provide whistleblower programs for employees and others.
FULL ARTICLE



 
    Timely Opportunities
 
IRS Updates FAQs on Certain ACA Provisions
 
  Although there's a good chance the Affordable Care Act will be repealed and potentially replaced in the coming months, employers still must comply with the existing rules for 2016, including the information reporting requirements and shared responsibility provisions. The IRS recently revised its FAQs to help employers comply with the current law and avoid penalties for 2016.
FULL ARTICLE



 
    Business Tax
 
'Loan Payments' Can Be Taxable Corporate Distributions to Shareholders
 
  It takes planning to set up tax-free shareholder loans. If transactions are not structured properly, payments can trigger taxable dividends and capital gains for the shareholders. Negative tax consequences can occur when purported loan payments are recast as corporate distributions to shareholders. Here's an explanation of the rules.
FULL ARTICLE



 
    Marketing
 
Six Tactics To Improve Your Search Engine Results
 
  What business doesn't want to increase traffic to its website? More than 90 percent of people who visit websites today enter them via search engine links rather than by typing in a specific URL. Consequently, search engine optimization (SEO) presents a huge opportunity for businesses looking to increase their site traffic. Take a look at six tactics to help increase your website traffic.
FULL ARTICLE



 
    Not-for-Profit Organizations
 
How to Approach Succession Planning
 
  Some not-for-profit organizations delay detailed succession planning, thinking of it as a project that they'll get around to "someday." But that's a mistake. This article examines three common succession planning approaches. We'll also discuss key person insurance.
FULL ARTICLE