New IRS Tax Audit Rules for Partnerships (including LLCs taxed as partnerships)

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February 11, 2019 IRS Tax Audit Rules for Partnerships (including LLCs taxed as partnerships) The Bipartisan Budget Act of 2015 (“Act”) made significant changes to the Internal Revenue Service’s partnership audit rules effective for partnership tax years beginning in 2018. How the new audit rules will affect a partnership and its partners will depend, in

OUR RENO OFFICE HAS MOVED!

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We are now open in our new South Reno location, just south of the Kietzke Lane and Neil Road roundabout. If you are in the area, please stop by to say hello! p

Contact Us

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We are located in North Lake Tahoe and Reno. Incline Village 937 Tahoe Boulevard Suite 200 Incline Village, NV 89451 775-831-7288 info@ashleyquinncpas.com Reno 5520 Kietzke Lane Suite 310 Reno, NV 89511 775-746-1999 info@ashleyquinncpas.com

Jeffrey A. Quinn

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Jeff started his professional career in the San Francisco office of Price Waterhouse Coopers (formerly Price Waterhouse) in 1970, upon graduation from the University of San Francisco with a Bachelor of Science degree in Accounting. After almost ten years of practice in the large firm environment, he relocated to Incline Village, where he has practiced

SIMPLY TAXES Beware! Appraisal Required

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Using appreciated stock held over a year to fund a significant contribution to a public charity instead of cash can result in a “double play”. You can get the benefit of a deduction equal to the full fair market value of the shares and at the same time avoid paying capital gains tax on the

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

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by: Internal Revenue Service If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as

Offshore Anti-abuse and Other Foreign Provisions in the HIRE Act

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by: RIA The President recently signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the HIRE Act, P. L. 111-47, 03/18/2010). The HIRE Act includes a comprehensive set of measures to reduce offshore noncompliance by giving IRS new administrative tools to detect, deter and discourage offshore tax abuses, as well as a

Tax Planning for Uncertainty – What you can do!

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by: Ashley Quinn, CPAs and Consultants, Ltd. Planning for 2013…  As it stands, the Bush tax cuts will expire, the temporary payroll tax cut will end, and unemployment benefits will be substantially curtailed at the end of 2012. Expiration of Bush tax cuts will mean an increase in tax rates for investment income, estates and

AMT relief in the 2012 American Taxpayer Relief Act

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by: Ashley Quinn, CPAs and Consultants, Ltd. Most taxpayers are very interested in key provisions in the recently enacted 2012 American Taxpayer Relief Act which provide permanent relief to individual taxpayers from the alternative minimum tax, or AMT. Earlier temporary measures to deal with the unintended creep of the AMT’s reach expired at the end of

Business Extenders in the 2012 American Taxpayer Relief Act

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by: RIA   In addition to permanently extending the Bush-era tax cuts for most taxpayers, revising tax rates on ordinary and capital gain income for high-income individuals, modifying the estate tax, providing permanent relief from the AMT, and imposing limits on the deductions and exemptions of high-income individuals, the recently enacted 2012 American Taxpayer Relief

Tax Savvy 17th Ed. co-written by Jeffrey A. Quinn

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by: Frederick W. Daily JD and Jeffrey A. Quinn CPA     Tax Savvy for Small Business by Frederick W. Daily J.D and Jeffrey A. Quinn CPA (Nov 29, 2013) Editorial Reviews Review “This plain-English guide will show you how to make the most of your tax-deductions”. Business Week “..Even if you use an accountant, pick

De Minimis Safe Harbor Election under the New Capitalization Regulations

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by: RIA RE: New Capitalization Regulations – ACTION ITEM: Business taxpayers must have written accounting policies in place on the first day of the tax year (January 1, 2014 for calendar year taxpayers) to deduct the de minimis amounts provided under safe harbor provision.   Recently, the Internal Revenue Service issued final tangible property capitalization

Year End Tax Planning Considerations – 2013

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Year end tax planning could be especially productive this year, because timely action could nail down a host of tax breaks that won’t be around next year unless Congress acts to extend them which, at the present time, is uncertain at best. Additionally, a significant new tax provision which will impact high-income earners starting in

Move to Nevada – Save a Bundle!

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MOVE TO NEVADA – SAVE A BUNDLE!     One of the factors motivating many individuals and businesses to move to Nevada is the hospitable income tax climate which prevails in the State. Nevada imposes no state income tax on individuals or on business entities.    California, on the other hand, imposes a very significant

California residents, businesses consider bailing on Golden State over taxes

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From small businessmen in San Diego to vintners in Napa Valley, top-earning Californians reeling from a new state income tax are preparing to pack up and bail out. Top-ranked golfer Phil Mickelson ignited a firestorm this week by suggesting that the state’s tax landscape might force him to make tough decisions, such as moving elsewhere.

Nevada Residency – Taking Advantage of Nevada’s Hospitable Income Tax Climate

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Clearly one of the factors which motivates many individuals and businesses to relocate to Nevada is the hospitable income tax climate which prevails in the state. Nevada imposes no income tax whatsoever on individuals or on business entities. The single most important prerequisite to enable a taxpayer to take advantage of Nevada’s “tax hospitality” is