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CJBS

Adaptability: The Most Valued Leadership Skill

Directing changes can be a difficult task for any business leader. As the business world evolves, what are some ways that companies are keeping up with the changes of consumers? In an article from Disruption Hub, author Sally Henderson writes, “We are living in a world with unprecedented levels of change. Advances in technology, changes […]
January 12, 2018
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Partnership Audits Increase; Other Business Audits Drop In FY 2014

by Michael W. Blitstein, CPA Just released IRS audit coverage statistics show a slight increase in audits of partnerships, but decreases in audits of large corporations and S corporations in fiscal year (FY) 2014. For all types of businesses, the FY 2014 audit coverage rate was 0.57%, representing a decline from 0.71% in FY 2012 […]
March 12, 2015
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IRS Increases Standard Mileage Rate for 2013

by Michael W. Blitstein, CPA  Optional standard mileage rates for use of a vehicle will go up by 1 cent per mile for 2013.  Taxpayers can use the optional standard mileage rates to calculate the deductible costs of operating an automobile. For business use of a car, van, pickup truck, or panel truck, the 2013 […]
January 7, 2013
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2013 Business Standard Mileage Rate Increases

by Michael W. Blitstein, CPA  The IRS has announced increases in both the optional business standard mileage reimbursement rate and the standard mileage rate for medical and moving expenses for 2013. All increased by one cent, to 56.5 cents and 24 cents per mile, respectively. Also showing a slight increase in 2013 is the maximum […]
November 30, 2012
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IRS Issues Guidance on Expanded Work Opportunity Tax Credit

by Michael W. Blitstein, CPA  The IRS has released guidance and posted online Frequently Asked Questions (FAQs) for employers planning to claim the enhanced Work Opportunity Tax Credit (“WOTC”) for hiring qualified military veterans.  The guidance contains transition relief, describes electronic submission of the form used to claim the credit and describes the procedures for […]
March 30, 2012
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Court Upholds Treatment of S Corporation Dividends as Compensation

by Michael W. Blitstein, CPA  The Eighth Circuit Court of Appeals has affirmed a Federal district court decision holding that a portion of the dividends paid to an employee-owner of professional services firm was compensation for services. As a result, the taxpayer earned additional wages and owed additional Social Security taxes. Taxpayers and the IRS […]
March 27, 2012
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