BGBC Partners LLP Tax Update: Section 179 Qualified Retail Improvement Property

Time is almost up to take advantage of the 15-year life for qualified retail improvement property, and limited Section 179 depreciation write-off! To be eligible, the qualified retail improvement property must be placed in service before December 31, 2011. Property put into service after that date will generally have to be depreciated over 39 years.

Year-End Payroll Considerations – Are you prepared for 2011 and 2012?

December and January are historically the most hectic for payroll personnel.  To make your year-end as painless as possible, we have provided information for the preparation of your year-end payroll. Whether you process your payroll in house or use a third party processor, there are several cash and non-cash wage payments that need to be reported on the employees W-2.

Common types of wage payments:

All of the following types of wage payments belong on the W-2 and have specific reporting requirements.

BGBC Partners, LLP Tax Update: Retirement Funding 2012 Limitations

This is the time of year we consider all the things we are thankful for. Generally, we would be thankful for our family, friends, health, etc. This year, you may want to add the IRS to your list. The IRS has just released the 2012 retirement savings limitations, which have increased from 2011!

BGBC Partners, LLP Tax Update: Record Retention

Do you find yourself wanting to clean out old records from time to time, either at home or at your business, but don’t because you aren’t familiar with the rules for retaining your tax records? If the IRS decides to audit a personal or business tax return, the burden of proof falls to the taxpayer. You must be able to substantiate the income that was reported and the deductions that were claimed. So how far back can the IRS go? Generally, the statute of limitations is three years from either the due date (including extensions) or the filing date of the return, whichever is later.

BGBC Partners, LLP Tax Update: Current Deduction for Smallwares

Many grocery stores today not only offer traditional grocery shopping, but also include additional services from outside vendors. A shopper can go into a grocery store today and find optometrists, pharmacies, banks, and limited-service eating places.


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