D.E. Rodrigues & Company Accounting Blog

April 2015

IRS releases 2015 business vehicle deduction limits

Written by April 13, 2015

The IRS has published depreciation limits for business vehicles first placed in service this year. The limits for passenger autos remain the same as the 2014 limits, but the second year limit for light trucks and vans is $100 higher. 50% bonus depreciation is no longer allowed for business equipment purchases, including vehicles. Here’s a quick review of the adjustments...

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Extensions only extend the filing of the forms

Written by April 9, 2015

During this time of year, many folks request us to file extensions for them. Many of them are under the mistaken impression that filing the extension also extends the time to pay the taxes due. This is not the case; the extension of time to file your taxes is simply an extension of time to file the form, not to...

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Tax deadline approaching for tax-exempt groups

Written by April 2, 2015

If you are involved with a tax-exempt (nonprofit) organization, be aware of this approaching deadline: An annual report must be filed with the IRS on the 15th day of the fifth month after the organization’s year-end. For calendar-year organizations, the deadline for 2014 reporting is May 15, 2015. Organizations with gross annual receipts below $50,000 can file an e-postcard rather...

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Time is running out to claim refunds

Written by April 1, 2015

The IRS reminds taxpayers that tax refunds for the year 2011 remain unclaimed by a million taxpayers who failed to file a return for that year. The tax law provides a three-year period for claiming a refund when no return is filed. That means these individuals must file a tax return for 2011 no later than Wednesday, April 15, 2015,...

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