Federal Tax News – January

February 27, 2017

1. IRS Whistleblower Program had a “transformative year.”
2. Meal and entertainment deductions were denied by U.S. Tax Court.
3. The IRS announces large business and international taxpayer audit targets.
4. President Trump vows to end the political activity ban on tax exempt organizations.
5. Legal fees reclassified by the IRS and upheld by the U.S. Tax Court

Do You Have Undisclosed Foreign Accounts or Assets?

February 21, 2017

By Pete Lachance, CPA and Partner, and Shannon Hudson, CPA and Manager at Howe, Riley & Howe, PLLC Over the past few years our firm has seen a dramatic increase in the number of new clients who have come to us seeking assistance with unreported foreign accounts or foreign financial assets. Typically, it’s not because taxpayers […]

IRS Approves Section 199 Deduction for Construction Business

February 21, 2017

The Section 199 deduction is often thought of as a manufacturer’s tax break. But it’s available to companies in other industries, too. In a recent Technical Advice Memorandum, the IRS approved the deduction for a business engaged in construction and renovation. This article looks at the details of the guidance as well as the activities from which a firm can derive domestic production gross receipts (DPGR).

Howe, Riley & Howe Named Best Accounting Firm in NH Business Review’s BOB Awards for Seventh Year in a Row

February 9, 2017

Culture, community and commitment to excellence keep Manchester and Portsmouth CPAs on top We are excited to announce that we are once again taking home the Best Accounting Firm in New Hampshire Business Review’s 2017 BOB Awards. The award marks the seventh year in a row that the firm has taken home the honor, which […]

Important Tax Figures for 2017

February 5, 2017

Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2017, compared with 2016, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more.

Shannon Hudson, CPA Joins Howe, Riley & Howe as Manager

February 3, 2017

Howe, Riley & Howe is pleased to welcome Shannon Hudson, CPA, to the firm as a Manager. Hudson specializes in individuals, trusts and estates, professional services and international taxation and will work in the Manchester office. “We are delighted that Shannon has joined us and think she will be a great fit for our growing […]

Federal Tax News – January

January 25, 2017

1. Due dates for filing Affordable Care Act information returns are deferred.
2. Accumulated earnings penalty tax applies.
3. Farm widow wins her case in U.S. Tax Court.
4. National Taxpayer Advocate’s message to the IRS: Keep it simple.
5. Court finds investments were nondeductible equity and not debt.