● February 2015 Tax Alert  2015 Standard Mileage Rates- The Internal Revenue Service has issued 2015 option standard milage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes...(Read full article)

● August 2014 Tax Alert  Important Note About the Premium Tax Credit- If you receive advance payment of the Premium Tax Credit in 2014 it is important that you report changes in circumstances, such as changes in your income or family size, to your Health Insurance Marketplace...(Read full article)

● July 2014 Tax Alert  Telephone Scam Targeting Michigan Businesses- The Michigan Department of Licenseing and Regulatory Affairs (LARA) has put out a fraud alert to Michigan business owners.....(Read full article)

● June 2014 Tax Alert  Second Quarter Estimates- Estimated tax is the method used to pay tax on income tax is not subject to withholding.  This includes income from self-employment, interest, dividends, alimony, rent and gains from the sale of assets, prizes and awards.....(Read full article)

● May 2014 Tax Alert  Moceri & Company's Privacy Policy- Just like the W-4 form that employers are required to have on file for each employee, the W-9 is required for anyone who did work for a company but was not an actual employee of that company, ie vendors for which a 1099 will be required....(Read full article)

● April 2014 Tax Alert  Moceri & Company's Privacy Policy- CPA's, like all provider of personal finalcial services are now required by law to inform their clients of their policies regarding privacy of client information.  CPA's have been and continue to be bound by professional standards of confidentiality that are even more stringent than those required by law.  Therefore,....(Read full article)

● February 2014 Tax Alert  IRS Warns of Tax Scams- It’s true: tax scams proliferate during the income tax filing season. This year’s season opens on Jan. 31. The IRS provides the following scam warnings so you can protect yourself and avoid becoming a victim of these crimes:......... (Read full article)

● Janury 2014 Tax Alert   January is 1099 Time- The new year is here and the first item on the agenda is issuing Form 1099 to any non-incorporated entity to which you paid at least $600 over the course of 2013 for services, rent, interest, prizes, or royalties......... (Read full article)

● Dectember 2013 Tax Alert   IRS Warns of Possible Relief and Charitable Organizations Scams- During the Christmas season and following major disasters, like the recent typhoon in the Philippines, it is common for scam artists to impersonate charities to get money or private information.  Schemes may involve contact by telephone, social media, email or in-person solicitations......... (Read full article)

● September 2013 Tax Alert   Notice of Possible Income Underreporting- Some businesses have received notices from the IRS as a result of the information reported on Form 1099-K.  Generally, the notice is titled as "Notification of Possible Income Underreporting."  Receipt of this type of notice does not automatically mean that the business is under audit.  However, choose to ignore the notice and you could face an assessment for unpaid taxes or an audit at a later date......... (Read full article)

● August 2013 Tax Alert   Requesting a Copy of a Prior Year Tax Return- Though we should all keep a copy of our tax returns, occasionally we all run into situations in which accidently lost or destroyed our copy and now find ourselves in a situation in which we need it.  For example, answering an IRS inquiry or applying for a student loan or home mortgage.  Thankfully, the IRS can provide a copy of give you a transcript of the tax information you need......... (Read full article)

● July 2013 Tax Alert   Business Travel or Commuting Expenses?- A recent Tax Court case uphelp taxes and penalties assessed on disallowed travel expenses deducted by an oral surgeon on his Schedule C in 2008 and 2009.......... (Read full article)

● June 2013 Tax Alert   Reduced Exclusion of Gain on Principal Residence- Generally, an individual can exclude up to $250,000 of the gain from the sale of his principal residence if he has owned and used the residence as his principal residence for at least two years out of the five-year period before the sale. What are the tax consequences if you sold your appreciated principal residence before satisfying the two-year ownership and use tests?.......... (Read full article)

● May 2013 Tax Alert   Tips for Dealing with IRS Notices- Each year, the IRS sends millions of letters and notices to taxpayers for a variety of reasons.  Here are some things you should know in case one shows up in your mailbox. ........... (Read full article)

● April 2013 Tax Alert   Late Payment Penalty Relief-  In February, Jeffrey Porter, chair of the AICPA’s Tax Executive Committee, requested in a letter on behalf of the AICPA that the IRS consider penalty relief for taxpayers due to the delay of 31 forms, which included forms for education credits and depreciation. ........... (Read full article)

● March 2013 Tax Alert   2013 Automobile Depreciation Limits-  The IRS has issued the 2013 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2013-21). Vehicles placed in service in 2013 that were purchased new and to be used more than 50% for business are eligible for bonus depreciation. The depreciation limit for passenger automobiles is $11,160 for the first tax year. Trucks and vans have a slightly higher limit: $11,360 for the first tax year........... (Read full article)

● February 2013 Tax Alert   Michigan Personal Property Tax Reform-  Michigan will begin to phase out the Personal Property Tax (PPT) beginning in 2014.  Business owning personal property worth $80,000 or less, in total, will automatically have their property considered 100% exempt at the beginning of 2014.  The exemption schedule for existing property above the $80,000 threshold phases in based on the purchase year and will reach 100% at the beginning of the eleventh year.......... (Read full article)

● January 2013 Tax Alert   Are You Retirement Ready?-  To  make an accurate assessment about being prepared fore retirement requires you to take into consideration challenging life questions......... (Read full article)

● October 2012 Tax Alert   Two-Thirds Tax Proposal on the November Ballot-  A proposed state constitutional amendment requiring approval by two thirds of the legislature to raise taxes in Michigan has been approved for the November ballot.  The group sponsoring the proposal, the Michigan Alliance for Prosperity, says the law would provide a more stable tax structure by requiring a true consensus of the public and elected leaders on tax issues.  The group has the support of about 53% of likely voters, according to a recent poll.  However, not everyone is in support of the amendment............ (Read full article)

●  September 2012 Tax Alert   2012 May Be the Best Year for Gifts-  The gift tax began in 1932 during the Great Depression as a way to prevent estate and income tax avoidance by the wealthy.  Prior to the gift tax large estates could be split up during the lifetime of the owner to avoid the inheritance taxes. ........... (Read full article)

●  August 2012 Tax Alert   Audit Red Flags-  Through the IRS audits only about 1% of individuals tax returns annually, some items on your tax return can increase the risk of being subjected to an audit.  There is no guaranteed way to avoid an IRs audit: however, you should be aware of items that may, potentially, attact the attention of the IRS. ........... (Read full article)

●  July 2012 Tax Alert   Save the Date-  Moceri & Company, P.C. will once again host an informative seminar, "Retirement Survival Basics", on Wednesday September 19th, 2012.  We wanted to let you know early so you can save the date on your calendar. ........... (Read full article)

●  June 2012 Tax Alert   Moceri Minute Re-Cap- During the month of May the Moceri Minute has focused on changes to the tax code that will take effect January 1, 2013 if the Bush-era tax cuts are allowed to expire.  We feel that these changes are important enough to re-cap this information for anyone who may have missed our emails or perhaps does not receive them. ........... (Read full article)

●  May 2012 Tax Alert   How Long Must You Keep Your Tax Records-  Are you in the middle of spring cleaning and wondering if it is safe to get rid of your old tax records?  According the the IRS, the length of time you should keep a document depends on the action, expense, or event the document records . ........... (Read full article)

●  April 2012 Tax Alert   Using S Corporations to Reduce Self Employment Income-  Income that you generate conducting a business is subject to both income tax and self-employment tax.  Income passed through from an S Corporation is not treated as self-employment . ........... (Read full article)

●  March 2012 Tax Alert   Moceri Minute Recap-  We send out a weekly email with tax information and accounting news, and thought you may be interested to see what has been included over the last several weeks. ........... (Read full article)

●  February 2012 Tax Alert   E-File Now Open for 2012 -  The Internal Revenue Service opened the 2012 electronic filing system on January 17th. ........... (Read full article)

●  January 2012 Tax Alert   Important Retirement Tax Deadlines -  Even though 2011 is over there are deadlines affecting the 2011 tax year, that reirement savers and retirees need to be aware of. ........... (Read full article)

●  December 2011 Tax Alert   Get Ready for 1099-K Reporting -  The additional 1099-Misc requirements included as part of the health care legislation were repealed in April 2011.  However the 1099 provision included in The Housing Assistance Tax Act of 2008 was not repealed. ........... (Read full article)

● November 2011 Tax Alert   Our 2011 Tax Planning Letter is now available.  If you would like to receive a copy, please notify our office and we will be happy to send one to you!

●  October 2011 Tax Alert   Create a Tax Break by Becoming Your Parents Landlord -  Are your parents living in a home and either no longer have a mortgage or make mortgage payments consisting mainly of principal?  If that is the case, they may no longer reap any tax benefits of homeownership. ........... (Read full article)

●  September 2011 Tax Alert   Maximize Your Itemized Deductions -  Successful tax planning includes a review of your available deductions and the impact of your filing status on your option to itemize.  It is important that all of the technical requirements for your decuctions are met............ (Read full article)

●  August 2011 Tax Alert   Second Quarter Federal Tax Developments -  During the second quarter of 2011, there were many important federal tax developments.  Highlights of some of the more important federal tax developments............ (Read full article)

●  July 2011 Tax Alert   Make Sure Entertainment Expenses Yield Deductions -  Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost of doing business. The same goes for taking business associates or even employees out to lunch once in a while after an especially tough assignment has been completed successfully. It's easy to think of these entertainment costs as deductible business expenses, but they may not be............ (Read full article)

●  June 2011 Tax Alert   Self-Employed May Lose Tax Deduction  The Small Business Jobs Act, corrected a quirk in the tax code that left self employed individuals as the only business in which health-care costs were not fully deductible.............. (Read full article)

●  May 2011 Tax Alert   Tax Aspects of Employment Termination  Recent economic events have caused major changes in employment status for many individuals. This letter is designed to alert our clients to several potential tax issues..............      (Read full article)

●  April 2011 Tax Alert   What Constitutes Cancellation of Debt  If you have had a lender discharge part or all of a debt that you were liable for, you may owe income tax on the amount that was discharged. This is because certain debts that are cancelled or forgiven by a lender result in taxable income to you, even though you have not technically received any money.............      (Read full article)

●  March 2011 Tax Alert   Tax Consequences for the Self-Employed  Owning your own business can be very rewarding, both personally and financially. Business owners have many choices to make, and these choices involve tax consequences that are not always foreseen. There are some risks involved in adopting tax positions relating to operating a business as an independent contractor............      (Read full article)

●  February 2011 Tax Alert   New Landlord Tax Reporting Requirements  While January 1, 2011 ushers in a new year for all, it also brings with it new reporting requirements for landlords. New legislation enacted as part of the Small Business Jobs Act of 2010 (2010 Small Business Jobs Act), landlords receiving rental income from real property will be required to file information returns with the IRS, generally a Form 1099-MISC, when they pay any contractor or other service provider $600 or more during the year for rental property expenses...........      (Read full article)

●  January 2011 Tax Alert   2010 Tax Relief Act  After weeks of intense negotiations between the White House and Congressional leaders, President Obama signed into law a two-year extension of the Bush-era tax cuts, including extension of current individual tax rates and capital gains/dividend tax rates. Called the most sweeping tax law in a decade, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (H.R. 4853)..........      (Read full article)

●  December 2010 Tax Alert   New Website Feature  We are happy to share that we have added a “Frequently Asked Tax Question” feature to our website. Please visit www.moceri-cpa.com and click the link at the bottom of the page. A search can be done by category or by keyword to find plain language answers to some of the most common tax questions. Of course, as always, our office is available to assist you with any tax situation!  Also included: 2010 Year-End Tax Planning for Individuals  Year-end tax planning for 2010 presents new challenges for individual taxpayers to reduce or defer their federal income tax liability. Although it is generally beneficial to defer income and accelerate expenses, with tax reform on the horizon, the focus shifts to balancing overall tax rates in 2010 and beyond..........      (Read full article)

●  November 2010 Tax Alert   - Tax Organizers  We will be mailing out the tax organizers for 2010 shortly. This document is a great reminder of what documents and information will need to be gathered prior to preparing your 2010 income tax return. Generally, we send out the tax organizers via the U.S.  Postal Service. However, this year we have the ability to email the organizer to our clients. If you would prefer to receive the 2010 tax organizer via email rather than regular mail please send an email to ldiederich@moceri‐cpa.com or give our office a call at (586) 254‐2010..........      (Read full article)

●  October 2010 Tax Alert   - 2011 HSA Contribution Limits  The IRS has released the 2011 inflation adjusted amounts that may be contributed to health savings accounts (HSAs).  Contributions to HSAs are deductible in determining adjusted gross income, which effectively allows taxpayers with highdeductible health insurance to make contributions on a pretax basis to cover health care costs. For calendar year 2011, the annual limitation on deductions for HSAs for an individual with self-only coverage under a high deductible health plan is $3,050 ($6,150 for an individual with family coverage). These are the same limits that applied for 2010.........      (Read full article)

 ●  September 2010 Tax Alert   - New 1099 Requirements With the goal of catching unreported income congress attached new tax reporting requirements to the Housing Assistance Tax Act and to the Patient Protection and Affordable Care Act. Unless congress repeals the new reporting requirements, as many believe will happen, business owners will need to become familiar with a new setof reporting guidelines .........      (Read full article)

●�  August 2010 Tax Alert   - 2010 Second Quarter Tax Developments  During the second quarter of 2010, there were many important federal tax developments. Some of the more important federal tax developments are featured below. As always, please give our office a call or send us an email if you have any questions about these developments........      (Read full article)

●�  July 2010 Tax Alert   - Mixing Business Trips with Pleasure  With summer now in full swing many of us start to think about vacations. Often business trips, conventions, and continuing education seminars are planned to incorporate exotic locations and leisure time. With proper planning, these trips can yield great personal pleasure while generating legitimate deductions. Although the basic rules are relatively simple, there are a number of factors to consider........      (Read full article)

●  June 2010 Tax Alert   - HIRE Act: Incentives to Hire and Retain the Unemployed  In an effort to confront high unemployment, the Hiring Incentives to Restore Employment (HIRE) Act provides incentives for hiring and retaining unemployed workers.  Under the HIRE Act, a qualified employer's 6.2 percent share of OASDI Social Security tax liability is forgiven for new hires, and a general business credit is allowed for each retained worker that satisfies a minimum employment period........      (Read full article)

●�  May 2010 Tax Alert   - Convention Expenses - Self-Employed Individuals  The Tax Code allows you to deduct the cost of attending work-related conventions, conferences and seminars, but your attendance at these functions must be related to your business and they must benefit your business activities.......      (Read full article)

●�  April 2010 Tax Alert   - Establishing Profit Motive  If you are thinking about turning your hobby into a business you should be aware that the IRS has rules
that generally limit the deductibility of expenses and losses from a hobby or activity not engaged in for profit.  If the IRS determines that an activity is not profit-driven, deductions from the activity are limited to the amount of income the activity generates. Losses from such activities cannot be used to offset other income, such as salary or investments........      (Read full article)

●�  March 2010 Tax Alert   - 2009 4th Quarter Developments  The start of 2010, and tax planning for the rest of 2010, has been shaped in several important ways by recent developments that took place just as 2009 drew to a close.  Those fourth quarter 2009 tax developments should not be overlooked both in implementing 2009 return preparation strategies and in developing ways to immediately start lowering your 2010 tax bill.......      (Read full article)

●�  February 2010 Tax Alert   - Proving Tax Deductions Without Canceled Checks  The Check Clearing for the 21st Century Act (Check 21) became effective several years ago. Check 21 allowed your bank to truncate each of your checks and create a new electronic negotiable instrument called a substitute check. After doing this, your bank destroys your original check.......      (Read full article)

●�  January 2010 Tax Alert   - Employee Expense Rules  As you know, business meals, lodging, and incidental expenses incurred while traveling away from home are deductible if properly substantiated. Although taxpayers have the option of keeping the actual records of travel expenses, IRS-provided per diem allowances can be used instead to substantiate the business travel expenses......      (Read full article)

●�  December 2009 Tax Alert    - Charitable Contributions to IDA Program Fund  Although many taxpayers already use charitable contributions as a means to decrease their tax burden, many Michigan taxpayers are unaware of a new tax credit in 2009 available for Individual Development Account (IDA) Program contributions......      (Read full article)

●�  November 2009 Tax Alert    - This Letter is being sent to remind you that right now is the ideal time to identify actions you can take before year-end to cut your 2009 taxes. It’s also the right time to review your overall tax strategy in light of the coming tax changes......      (Read full article)

●�  October 2009 Tax Alert   - Reviewing Last Year's Tax Return for 2009 Tax Savings  Now is a good time for you to take proactive steps by examining your 2008 return to determine what you might do differently this year to change the outcome of your 2009 return to realize greater tax savings......     (Read full article)

●�  September 2009 Tax Alert   -  Business and Nonbusiness Bad Debts  It is virtually inevitable that all of us will at one time or another incur financial losses in our business and personal lives. One frequently occurring type of loss is a bad debt......     (Read full article)

2009 Planning: Vehicle Depreciation and Deductions  As part of your ongoing tax planning, you should consider the tax benefits available from the use of your car for business purposes......     (Read full article)

●�  August 2009 Tax Alert  - 2009 Planning: Casualty Losses  If your home or other property is damaged as a result of a fire, earthquake, flood, hurricane, vandalism or similar event, you may be able to take a deduction for the loss......     (Read full article)

2009 Recovery Act: American Opportunity Education Credit  The American Recovery and Reinvestment Tax Act of 2009 (2009 Recovery Act), which provides billions of dollars of tax relief, includes a tax credit for individuals seeking a college education. This provision may benefit you as a parent of a child working toward a college degree......     (Read full article)

●�  July 2009 Tax Alert  - The first three months of 2009 have seen a flood of new federal tax developments.  We'd like to highlight some of the more important federal tax developments for you.  As always, please give our office a call 586-254-2010 or send us an email general@moceri-cpa.net if you have any questions about these developments........                    (Read full article)