Elek & Noss Blog | Ohio CPA Firms | Cleveland Accounting & Business Consultants

Running Out of Storage for Old Records? How Long Should You Keep Records?

The length of time you should keep a document depends on the action, expense, or event which the document records. Generally, you must keep your records that support an item of income, deduction or credit shown on your tax return until the period of limitations for that tax return runs out.

R&D Tax Credit to Offset AMT and Payroll Tax

It will be welcome news to many in the business community that the research and development (R&D) tax credit has been permanently extended by Congress, retroactively as of January 1, 2015.

IRS Suffers Another Data Breach

The IRS revealed last Tuesday that it discovered and stopped an automated cyberattack on its e-filing personal identification number (PIN) system last month.

2016 Standard Mileage Rates for Business, Medical and Moving Announced

The Internal Revenue Service issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

2015 (and beyond) Tax Extenders are Now OFFICIAL

IT’S OFFICIAL!!! President Obama has signed into law a federal tax bill that was previously passed by Congress. The official name of the bill is the Protecting Americans from Tax Hikes (PATH) Act of 2015 and includes many tax deductions and savings for both the individual and business tax payer.

Cutting Business Income Taxes

Virtually all businesses are now eligible for a 75% tax deduction on the first $250,000 of business income.

In what has become a pretty much annual ritual, taxpayers and tax preparers are waiting on Congress to renew dozens of expired tax breaks.

The Importance of Year-End Tax Planning

Where has the year gone? Thanksgiving is here and with the holiday season soon in full swing you may not give year-end tax planning the attention it deserves.

Update on New Tax Return Due Dates

This past summer Congress passed, and President Barack Obama subsequently signed, legislation that modified the due dates for several common tax returns.