Friday, October 28, 2016

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa

JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa: PENALTY ABATEMENT OVERVIEW | Jeffrey B. Travis CPA For a CPA firm, penalty abatement can be challenging.  Between IRS notices as well as sta...

PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa

PENALTY ABATEMENT OVERVIEW | Jeffrey B. Travis CPA

For a CPA firm, penalty abatement can be challenging.  Between IRS notices as well as state and local agency correspondence, you can spend quite a bit of time answering penalty notices for late filing, late payment, failure to file, etc.

The number of penalty provisions continues to grow:
1)    In 1955, there were 14 provisions
2)    Now, there are more than 100
3)    Penalty provisions continue to grow

Penalty provisions are designed to encourage compliance
1)    But may cause liability to increase substantially

Penalties range across every type of tax.  The most common penalties are:
1)    Estimated tax penalty
2)    Collection related
3)    Accuracy related

Estimated tax penalty is:
1)    Treated more like interest
2)    Rate of this is same as current interest rate
3)    Underpayment of tax current rate is 3% in 2015

Collection related penalties are:
1)    Failure to file
2)    Failure to pay
3)    Failure to deposit
4)    Trust fund recovery penalty

Accuracy related penalties are:
1)    Commonly imposed as a result of an IRS audit or notice of underreporting income
2)    Substantial understatement of income




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JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: jeffrey b travis cpa

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Jeffrey B. Travis, CPA

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Friday, October 21, 2016

GENERAL AUDITING CONSIDERATIONS FOR NON-FOR-PROFIT ENTITIES

GENERAL AUDITING CONSIDERATIONS FOR NON-FOR-PROFIT ENTITIES | Jeffrey B. Travis, CPA

The AICPA has published its audit and accounting guide for audits of non-for-profit entities. 

This guide references the Clarified Auditing Standards:

1)    Overview of the auditing standards
2)    Compliance auditing under Government Auditing Standards
3)    Risk Assessment Procedures, including NFP specific characteristics
4)    Planning Materiality
5)    Performance Materiality
6)    Communications with those charged with governance
7)    Completing the audit
8)    Related Party Transactions
9)    Compliance with Laws and Regulations
10)   Going concern considerations
11)   Fraud considerations

Non-for-profit entities are presumed to be supported by the general public if contributions are 20% to 30% or more of the total revenue and support include cash and “in kind” (e.g.  free services or goods).


Thursday, October 20, 2016

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Tuesday, October 11, 2016

Jeffrey B. Travis | jtraviscpa.com

ENHANCED DEPRECIATION DEDUCTIONS-UPDATE


    ENHANCED DEPRECIATION DEDUCTIONS-UPDATE

Business may immediately elect to deduct up to $500,000 of the cost of qualifying asset acquisitions and is indexed to inflation

These assets apply to purchases of:

1)    Computer software
2)    Qualified leasehold improvements
3)    Retail improvements
4)    Restaurant improvements

These assets do not apply to purchases of:

1)    Vehicles
2)    Buildings-residential and commercial
3)    Land

After applying this large depreciation deduction, if there is any undepreciated balance, bonus depreciation rules are then applied at:

1)    50% for property placed in service in 2015, 2016 and 2017.
2)    40% for 2018 and 30% for 2019



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