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Our Blog

4th Quarter 2017 Client Alerts

Jeff Robinson

October 8, 2017

October is upon us and that means football, baseball playoffs and, of course, year-end planning!  As we enter this 4th quarter of the year, the team at RCG is highlighting 5 areas that we have identified for your new or renewed attention:

Virginia's Tax Amnesty Program for Taxpayers

The Commonwealth of Virginia recently announced a tax amnesty program for...

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Department of Labor New Overtime Regulations Announced

Jeff Robinson

May 20, 2016

New Overtime Regulations Announced

Background:
Under the Federal wage and hour law, the Fair Labor Standards Act (FLSA), non-exempt workers are required to be paid overtime pay – 1.5 times their regular rate – for all hours worked in excess of forty (40) in a week There are exemptions to this requirement. The most...

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Embezzlement – Are You Vulnerable?

Jeff Robinson

July 7, 2015

Considerations for for-profits and not-for-profits alike...

According to one online dictionary citing Webster’s, embezzlement is defined as “The act of fraudulently appropriating to one’s own use, the money or goods entrusted to one’s care and management.”  Embezzlement differs from certain other types of theft in that the person committing...

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UPDATE - IRS issues Tangible Property Regulations relief for small businesses

Jeff Robinson

February 13, 2015

The IRS published the following Press Release today on www.irs.gov - 

WASHINGTON —The Internal Revenue Service today made it easier for small business owners to comply with the final tangible property regulations.

Requested by many small businesses and tax professionals, the simplified procedure is...

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Affordable Care Act Impact on 2014 Individual Tax Returns

Steve Lessels

February 5, 2015

2014 will be the first year the Affordable Care Act has impacted individual tax returns. Starting in 2014, individuals must have qualifying health care coverage, qualify for a health coverage exemption, or make a shared responsibility payment.

Taxpayers should be aware of any 2014 forms they receive early in 2015 related to health care coverage. These forms include important...

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Tangible Property Regulations (TPR) – What are they and why should I care?

Jeff Robinson

February 2, 2015

Background

We first posted a blog about the TPRs in early 2014.These regulations are the result of at least a decade of work for the Treasury Department and the Internal Revenue Service.  Portions of the TPRs have been released previously in temporary form and are...

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Starting a Business - Choosing the Type of Business Entity

Jeff Robinson

January 14, 2015

If you are considering the possibility of starting a new business, there will be many decisions to make along the way. One of the first decisions relates to the type of business entity you will establish for your business operations.

When choosing a business entity, it is important to understand that there is no one perfect entity. The goal is to make the best choice based on the...

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Deducting Business Gifts

Jeff Robinson

January 5, 2015

A corporation can deduct the cost of business gifts. However, total business gifts made (directly or indirectly) during a tax year to any one individual are limited to $25—anything above this amount is nondeductible. The deductible portion of gift expenses is reported the same as travel and entertainment.

$25 Limit

A gift to a business entity that is...

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Tax Planning for Individuals 2014 - Part 2

Jeff Robinson

December 1, 2014

This is the second installment of considerations for 2014 year-end tax planning for individuals. Below are additional issues taxpayers may wish to address in the days between now and December 31.

Medical Deductions

Aggregate medical expenses, if possible, into tax years when the total will exceed 10% of your Adjusted Gross Income (7.5% if 65 years of age or...

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Tax Planning for Businesses 2014

Jeff Robinson

November 24, 2014

As we approach the end of 2014, there are tax planning opportunities business taxpayers should consider. In addition, there may be year-end action by Congress to renew dozens of personal and business tax provisions for 2014, most of which expired at the end of the 2013 tax year. Possible “tax extenders” for businesses relate to bonus depreciation, the Work Opportunity Tax Credit,...

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Tax Planning for Individuals 2014 - Part 1

Jeff Robinson

November 17, 2014

As we approach the end of 2014, there are a number of tax planning opportunities individual taxpayers should consider. In addition, there may be year-end action by Congress to renew dozens of personal and business tax provisions for 2014, most of which expired at the end of the 2013 tax year. These possible “tax extenders” include the deduction for mortgage insurance premiums,...

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Estate Tax Exemption Relief Filing

February 22, 2014

Although the estate of a decedent dying in 2011, 2012 or 2013 may not have required the filing of an estate tax return on Form 706, it may have been appropriate to file in order to make the portability election for a surviving spouse.

The portability election allows the surviving spouse to keep and make use of any unused estate or gift tax exemption not used by their husband or wife...

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2014 Depreciation and Capitalization Policies

February 9, 2014

Business owners and company management have been challenged for as long as I have been practicing with questions related to what can be treated as a repair expense vs. what should be classified as a fixed asset and depreciated over its useful life. At long last, the IRS has issued guidance to assist in developing these policies and providing a De Minimis Safe Harbor Election to support your...

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QuickBooks User? Ever need help?

January 24, 2014

If you manage a small business or local non-profit organization, there is a good chance you use QuickBooks in some form or fashion. After all, QuickBooks is not the only player in this segment of software but they are dominant!

At Robinson Consulting Group, we use QuickBooks in our firm and many of our clients use this software as well. If...

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Home Office Deductions - 2013 Choices

February 16, 2013

New Safe Harbor for 2013 Home Office Deductions

The IRS recently released a Revenue Procedure outlining a safe-harbor method for claiming the home office deduction for calendar year 2013 and beyond.  This option does not eliminate the method that has been previously allowed but believing that the current method is too complex for many situations, the IRS has...

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Online Client Access

January 29, 2013

In today's world, we are exposed to technology's influence everyday and the accounting and tax profession, as conservative as we are, is not exempt from this influence.  Our firm has opted to adopt the benefits of these opportunities by working to offer our client's access to their important documents 24/7 by way of a secure, online "portal".  This access is similar to the...

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American Taxpayer Relief 2012 Part II

January 20, 2013

In Part I, we focused on the Act's impact on individual taxpayers.  Part II highlights the Act's impact on business taxpayers.

A number of popular business tax provisions were scheduled to expire at the end of 2012 such as small business expensing under Internal Revenue Code Section 179.  The Section 179 limits were increased retroactive to January 1, 2012...

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American Taxpayer Relief 2012 Part I

January 20, 2013

Although Congress averted many of the potential consequences of the tumble over the fiscal cliff, in Part I of this article, we are highlighting some key provisions of the law for individual taxpayers (Part II will discuss businesses):

A tax increase in 2013 for the highest income earners with a marginal rate of 39.6% in effect for taxpayers earning over $400,000...

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Virginia Tax Update

February 9, 2012

Gov. Bob McDonnell signed a bill today bringing certain Virginia tax rules into conformity with the updated federal tax regulations as of December 31, 2011 helping avoid the challenges of different rules for your federal and Virginia state returns.  This action is effectively

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Estate Planning for Non-Traditional Families

January 27, 2012

Having just attended a webinar hosted by NY Life, I realized how easy it may be to think you have your estate planning in good shape and not realize it still needs work.  The focus of this presentation was planning for the non-traditional family - this could include second or subsequent marriages, adopted children, same sex couples, unmarried couples and so on.  If you fall into...

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IRS Audits 2011

January 25, 2012

According to a recent Kiplinger Tax Letter, the rate of individual tax audits remained steady for 2011 at just over 1% of all individual returns audited by mail or in person - that is 1 return audited for every 90 filed.  If you reported over $1 million in income, you had a 1 in 8 chance of an exam - a little over 12% of these returns were audited.  The chance of audit declined with...

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IRS January Fact Sheet Info

January 13, 2012

Selected Info from the IRS January 2012 Fact Sheet

 Two Extra Days to File and Pay

Taxpayers across the nation will have until Tuesday, April 17, 2012, to file their 2011 income tax returns and pay any taxes due. Taxpayers have extra time because April 15 falls on Sunday, and Emancipation...

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Social Sponsorship

January 11, 2012

I am excited to announce that our firm is the sponsor of the Henrico Business Leaders social on Wednesday, January 18th, at the Westin Richmond from 4 pm to 6 pm - I hope that you can attend - there is no charge to attend and there will be special HBL refreshment

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IRS Mileage Rate for 2012

December 10, 2011

The Internal Revenue Service today issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 55.5 cents per mile for business miles driven, 23 cents per mile driven...

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Our New Website!

December 1, 2011

We are excited to announce the recent launch of our firm’s new website! We’ve been working very hard to enhance our site and give our firm a major facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look around our new website and review...

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804.270.6980 Office
888.258.6751 Toll-Free
804.270.6794 Fax

jeff@rcgcpa.com 

3781 Westerre Pkwy, Suite A
Richmond, VA 23233

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