On February 28, 2014, the Internal Revenue Service released Revenue Procedure 2014-17, which will appear in the Internal Revenue Bulletin dated March 17, 2014, and supersedes Rev. Proc. 2012-20. Rev. Proc. 2014-17 provides procedures for taxpayers to obtain automatic consent to change certain methods of accounting for dispositions of tangible depreciable property.

If you get tips on the job from customers, the IRS has a few important reminders: Tips are taxable.  You must pay federal income tax on any tips you receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax. Include all tips on your […]

Fringe Benefit Guide for Government Entities available here. The IRS provides a helpful reference guide for governmental entities on the basic tax rules for employee fringe benefits and reporting.  This document can be helpful to all employers that provide employee fringe benefits as it covers such issues as; How to determine whether specific types of […]

Congress Offers Two Tax Incentives Tailor Made for the Construction Industry. Are You Taking Advantage? By Linda McCluskey, alliantgroup Managing Director – Energy Credits and Incentives For construction firms looking for ways to increase their bottom line, take a second look at the tax code – the work you do on a daily basis could […]

Tax season is a stressful time for people and accountants alike.  It is not uncommon for tax payers to get an overwhelming urge to set fire to all their paperwork then move into the woods and live off the land. Most of us can resist that temptation, but we still want to do some purging […]

In a New York personal income tax case involving an individual whose parents lived in a New York apartment building that he owned, the Court of Appeals has reversed a lower court’s judgment and held that, in order for an individual to qualify as a statutory resident, there must be some basis to conclude that the dwelling was used […]

FACT SHEET — Opportunity For All: Rewarding Hard Work Raising the Minimum Wage through Executive Order to $10.10 for Federal Contract Workers & Calling on Congress to Finish the Job for All Workers by Passing the Harkin-Miller Bill Today, continuing to fulfill his promise to make 2014 a year of action, the President will sign […]

Smolin partner Sergio Ruta’s daughter, Juliana Ruta, had the privilege of singing backup for Queen Latifah during Super Bowl XLVIII. Juliana is a member of the New Jersey Youth Chorus, a group comprised of 72 girls in grades seven through twelve. The invitation came as an unexpected surprise to both the girls and artistic director/founder, […]