Businesses often wrestle with understanding what items should be deducted versus what should be expensed. That task got a little more complicated this year when the Internal Revenue Service finalized new tangible property rules. They affect every business that has tangible property (buildings, machinery, equipment, furniture, vehicles, etc…) so they’re pretty far reaching. And they […]
• An extension is a form filed with the IRS to request additional time to file your federal tax return. The extension period is six months, which extends the due date for submitting your final returns from April 15 to Oct. 15*. In some states, filing an extension with the IRS will automatically extend the […]
The top federal statutory corporate income tax rate in the U.S. is 35%. With state taxes, the top rate averages 39.1%. President Trump and House Republicans have vowed to reduce the top corporate tax to 15%-20%. The CBO studied corporate rates in 2012 and found the U.S. had the highest rate among G20 countries. It […]
This article is part of our 2017 Tax Season FAQ Series – If you have a question submit it to FAQ@rmfcpallc.com, and it may become part of a future post. The answer is, surprising to some, but yes. There are some situations where a taxpayer has not made any payments and still gets a payment […]
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