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Several tax law changes may affect bottom line of many business owners

November 2, 2018 By Mike Edwards Leave a Comment

The Internal Revenue Service has reminded business owners that tax reform legislation passed last December affects nearly every business.

With just a couple of months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations.

Here are several changes that could affect the bottom line of many small businesses:

Qualified Business Income Deduction

Many owners of sole proprietorships, partnerships, trusts and S corporations may deduct 20 percent of their qualified business income. The new deduction — referred to as the Section 199A deduction or the qualified business income deduction — is available for tax years beginning after Dec. 31, 2017. Eligible taxpayers can claim it for the first time on the 2018 federal income tax return they file next year.

A set of FAQs provides more information on the deduction, income and other limitations.

Temporary 100 percent expensing for certain business assets

Businesses are now able to write off most depreciable business assets in the year the business places them in service. The 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify.

Taxpayers can find more information in the proposed regulations.

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The IRS ‘Dirty Dozen’ of 2017 tax scams

March 1, 2017 By Mike Edwards Leave a Comment

The Washington, D.C.-based Internal Revenue Service (IRS) has announced the conclusion of its annual “Dirty Dozen” list of tax scams. The annual list highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season.

Taxpayers need to guard against ploys to steal their personal information, scam them out of money or talk them into engaging in questionable behavior with their taxes.

This is the third year the IRS has highlighted its Dirty Dozen list in separate releases over 12 business days. Taxpayers are encouraged to review the list in a special section on IRS.gov and be on the lookout for these con games.

Perpetrators of illegal schemes can face significant fines and possible criminal prosecution. IRS Criminal Investigation works closely with the Department of Justice to shut down scams and prosecute the criminals behind them. Taxpayers should keep in mind that they are legally responsible for what is on their tax return even if it is prepared by someone else. Be sure the preparer is up to the task. For more see the Choosing a Tax Professional page.

Click here for a recap of this year’s “Dirty Dozen” scams.

Rural U.S. postal services versus broadband

October 14, 2016 By Mike Edwards Leave a Comment

uspostalservicevsbroadband2015Broadband use has in recent years been associated with reduced use of First-Class Mail.

Continued declines as a result of broadband, however, are uncertain, according to U.S. Postal Service: Information on How Broadband Affects Postal Use and the Communications Options for Rural Residents, a report from the U.S. Government Accountability Office (GAO) .

Broadband access to various Internet services, especially online bill paying, is associated with reduced use of transaction mail, a subset of First-Class Mail.

The GAO analysis of the U.S. Postal Service’s (USPS) Household Diary Survey (HDS) data from 2007-2014 found that households using broadband to access Internet services tended to send less transaction mail than other households, controlling for age, income, and education.

However, GAO found that in recent years broadband use may not have had a statistically significant effect on correspondence mail, a subset of First-Class Mail that includes letters and greeting cards. Experts GAO spoke with had mixed views on the future of First-Class Mail as a result of broadband use, with only 4 of the 11 experts expecting decreases in First-Class Mail in the short term.

Several experts and officials suggested that Internet privacy and security concerns, as well as many individuals having already changed postal habits in response to the Internet, are among the factors that could be contributing to a slowed rate of “electronic diversion” from mail.

With regard to rural areas, GAO analysis of HDS data suggests that rural households without broadband tended to send more transaction and correspondence mail than non-rural households without broadband in recent years. The officials in rural areas GAO interviewed generally agreed that residents of rural areas value mail and postal services for a variety of reasons, including that they have fewer retail alternatives and trust USPS services.

Despite this relationship, GAO found that the subset of rural households with broadband were not statistically different in the volume of correspondence mail sent compared to non-rural households. In rural areas, two groups of businesses that GAO spoke with also noted that improved Internet access could result in mail volume declines.

E-commerce continues to have a strong effect on USPS package and shipping volumes. GAO analysis of HDS data found that broadband use in the home was associated with sending and receiving more packages with USPS in recent years.

This analysis also found that households in rural areas made greater use of package and shipping services, a view echoed in interviews with officials in rural areas. While research and experts interviewed by GAO generally agreed that USPS’s package business will grow in the short term, USPS is likely to face longer-term challenges, such as increased competition in the delivery market.

It is unclear what role broadband use has played in the reduction in post office visits in recent years. GAO analysis of HDS data found no statistically significant relationship between broadband use and post office visits. However, GAO found that rural households tend to visit post offices more regardless of broadband use.

Local stakeholders GAO interviewed said that rural residents may use post offices at higher rates because post offices play a valuable social role in small communities and that alternatives for certain services, such as money orders, are lacking. To balance the benefits of its postal retail network with the high costs of some facilities, USPS is undertaking various initiatives. Despite these efforts, balancing the benefits of a robust network with the costs of maintaining that network, especially in rural areas, will remain a challenge for USPS.

Why GAO Did This Study

As broadband availability grows, Americans—including those in rural areas—increasingly partake in communications and services offered via the Internet. Some of these Internet services have changed how individuals use USPS.

Though many factors influence use of postal services, understanding the relationship between broadband use and the use of postal services is critical to both the future of postal services overall and the communication options available to rural residents. GAO was asked to examine the relationship between broadband and postal use, particularly in rural areas.

This report addresses the relationship between broadband use and the use of USPS’s (1) mail services, (2) package and shipping services, and (3) post offices, particularly in rural areas.

To address these objectives, GAO reviewed literature on broadband and mail trends, factors associated with postal and broadband use, and the role of post offices in rural America. GAO conducted regression analyses using 2007-2014 data, the most recent available, from the USPS HDS, which collects information from a nationally representative sample of households.

GAO interviewed local stakeholders, such as officials from post offices and Internet service providers, in five rural areas, chosen based on recent deployment of broadband and other factors. GAO also interviewed 11 postal experts, chosen based on participation in previous GAO work and postal conferences.

GAO is not making recommendations in this report. USPS did not have any comments on the draft report. For more information, contact Lori Rectanus at (202) 512-2834 or rectanusl@gao.gov.

Progress toward some national drug control strategy goals

May 17, 2016 By Admin Leave a Comment

ONDCP2016Policymakers, health care providers, and the public are concerned about the nation’s current drug epidemic and its effects, as drug overdose deaths surpassed auto accidents as the leading cause of death or injury in recent years.

To help address national drug control policy efforts, the Office of National Drug Control Policy (ONDCP) coordinates and oversees implementation of a National Drug Control Strategy to reduce illicit drug use, among other things.

The U.S. Government Accountability Office (GAO) reports that the ONDCP and federal agencies have made mixed progress toward achieving the goals articulated in the 2010 National Drug Control Strategy (Strategy) and ONDCP has established a mechanism to monitor and assess progress.

In the Strategy, ONDCP established seven goals related to reducing illicit drug use and its consequences by 2015. As of May 2016, analysis indicates that ONDCP and federal agencies have made moderate progress toward achieving one goal, limited progress on three goals, and no progress on the three other three goals.

Overall, none of the goals in the Strategy have been fully achieved. In March 2013, GAO reported that ONDCP established the Performance Reporting System to monitor and assess progress toward meeting Strategy goals and objectives.

GAO reported that the system’s 26 new performance measures were generally consistent with attributes of effective performance management. A 2015 ONDCP report on progress towards these measures similarly identified some progress towards overall achievements—some of the measures had met or exceeded targets, some had significant progress underway, and some had limited or no progress.

Federal drug control spending increased from $21.7 billion in fiscal year (FY) 2007 to approximately $30.6 billion in allocated funding in FY 2016 as shown in figure 1.

Although total federal drug control spending increased from FY 2007 through FY 2016, spending on supply reduction programs, such as domestic law enforcement, interdiction, and international programs remained relatively constant at $13.3 billion in FY 2007 and $15.8 billion allocated in FY 2016.

However, federal spending for—treatment and prevention has steadily increased from FY 2007 through FY 2016 and spending in these two programs went from $8.4 billion in FY 2007 to $14.7 billion allocated in FY 2016.

Obamacare audit reveals clean bill of health

April 5, 2016 By Admin Leave a Comment

Based on the procedures performed by the U.S. Government General Accounting Office (GAO) regarding the independent public accountant’s (IPA) financial audit of the Patient-Centered Outcomes Research Institute’s (PCORI) fiscal year 2015 financial statements, GAO did not identify any significant issues related to the financial statement audit that it believes require attention.

[Read more…]

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