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We here at Clark & Leucht would like to take a moment of your time to inform you of a new Indiana income tax credit that you may want to take advantage of but action must be taken before year end to reap the tax benefits in 2007.

IDR/Newsroom/December 18, 2006 - Beginning January 1, 2007, businesses that are delinquent in paying their Indiana sales taxes could find themselves out of business.

The holidays are quickly approaching. It seems the list of things to take care of this time of year is nearly endless. For our team at Clark & Leucht, tax planning time is here. For many of our clients, the approaching year end means decisions about technology. Before you buy a new computer, upgrade to the latest operating system, or download the new version of Microsoft Internet Explorer, we would like to bring to your attention a compatibility issue that could affect your ability to use QuickBooks versions older than QuickBooks 2006. Versions of QuickBooks prior to QuickBooks 2006 release 8 are not compatible with the new version of Microsoft Internet Explorer 7.

Since taking office in January, President Trump has called for comprehensive tax reform. The President’s recently released fiscal year (FY) 2018 outlines some of his key tax reform principles. At the same time, White House officials said that more tax reform details will be released in coming weeks. These details are expected to describe rate cuts for individuals and businesses, new incentives for child and elder care, elimination of certain deductions and credits, and more.


The future of the Affordable Care Act and its associated taxes has moved to the Senate following passage of the American Health Care Act (AHCA) in the House in April. Traditionally, legislation moves more slowly in the Senate than in the House, which means that any ACA repeal and replacement bill may be weeks if not months away.


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. As a general rule, meals and entertainment are deductible as a business expense only if specific conditions are met. What's more, the deduction for either type of expense generally is limited to 50 percent of the cost.


As “hurricane season” officially begins, the IRS has released a number a tax tips, reminders and other advice to help taxpayers weather the storm of natural disasters and similar emergencies. The underlying theme for all IRS "tax tips" is that recordkeeping has generally become easier in the digital age. However, it remains the primary responsibility of the taxpayer to preserve adequate records whether or not caused by a disaster.


Individuals, trusts, estates, personal service corporations and closely held C corporations may only deduct passive activities losses from passive activity income. The rules do not apply to S corporations and partnerships but do apply to their respective shareholders and partners. In general, limited partners are not deemed to materially participate in partnership activities. Thus, a limited partner's share of partnership income is passive income. However, general partners or acting general partners may hold limited partnership interests and materially participate in the partnership.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of June 2017.