News and Alerts

//News and Alerts

Stay up to date with latest accounting, tax, and consulting news! Dean Dorton's experts let you know the latest industry and emerging accounting and tax information and most importantly how it will affect you and your business.

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Now’s the Time to Start Thinking About “Bunching” — Miscellaneous Itemized Deductions, That Is

August 29th, 2016|

Many expenses that may qualify as miscellaneous itemized deductions are deductible only to the extent they exceed, in aggregate, 2% of your adjusted gross income (AGI). Bunching these expenses into a single year may allow [...]

FASB ASU 2016-14 Topic 958

August 24th, 2016|

As a result of FASB’s project to enhance the usability of Not-for-Profit (NFP) entities financial statements and the associated notes to those financial statements, FASB released ASU 2016-14, Not-for-Profit Entities (Topic 958): Presentation [...]

Combining Business and Vacation Travel: What Can You Deduct?

August 17th, 2016|

If you go on a business trip within the United States and tack on some vacation days, you can deduct some of your expenses. But exactly what can you write off? Transportation expenses Transportation costs [...]

Kentucky Sales Tax Exemption for Nonprofit LLCs

August 17th, 2016|

The Kentucky General Assembly recently passed legislation, in effect August 1, 2016, to exempt disregarded single-member limited liability companies wholly-owned by IRC 501(c)(3) organizations from Kentucky sales and use tax on their purchases. Prior to [...]

Team Member Spotlight: Adam Shewmaker

August 15th, 2016|

Adam Shewmaker and Lance Mann at 2015 Paul Hornung Award Reception Industry Team: Healthcare Years with Dean Dorton: 7 years Years in the Industry: 15 years Favorite thing about Dean Dorton: All of [...]

Three Strategies for Tax-Smart Giving

August 11th, 2016|

Giving away assets during your life will help reduce the size of your taxable estate, which is beneficial if you have a large estate that could be subject to estate taxes. For 2016, the lifetime [...]

Memorial Day IRS Mix-Up, Payroll Tax Notices

August 11th, 2016|

The IRS recently announced that it erroneously sent out notices indicating taxpayers made late deposits of employment taxes that were due around Memorial Day, 2016. Since the Memorial Day holiday was observed on May 30, [...]

Missy DeArk Elected as President of Kentucky Collaborative Family Network

August 11th, 2016|

Missy DeArk, Associate Director of Litigation Support and Valuation Services at Dean Dorton, was recently elected to serve as President of the Kentucky Collaborative Family Network, an organization facilitating an alternative to litigation. Collaborative [...]

Don’t Roll the Dice With Your Taxes if You Gamble This Year

August 9th, 2016|

For anyone who takes a spin at roulette, cries out “Bingo!” or engages in other wagering activities, it’s important to be familiar with the applicable tax rules. Otherwise, you could be putting yourself at risk [...]

Tax Exemption of Municipal Bond Interest

August 4th, 2016|

The Tax Foundation recently released an article urging the reexamination of the municipal bond interest exemption for federal income tax purposes. Under the current U.S. tax code, interest on state and local bonds is [...]

We’re an IPA 200 Firm!

August 3rd, 2016|

We have once again been named an IPA Top 200 firm by INSIDE Public Accounting. We jumped up in ranking, from 140 last year to 122 this year! IPA analyzed more than 540 responses [...]

Should You Make a “Charitable IRA Rollover” in 2016?

August 3rd, 2016|

Last year a break valued by many charitably inclined retirees was made permanent: the charitable IRA rollover. If you’re age 70½ or older, you can make direct contributions — up to $100,000 annually — from your [...]

To Deduct Business Losses, You May Have to Prove “Material Participation”

July 25th, 2016|

You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only be used to offset income [...]

Leadership Louisville Class of 2017 Welcomes Lance Mann

July 20th, 2016|

Lance Mann, Director of Assurance Services, is one of 60 emerging leaders inducted into the Leadership Louisville Class of 2017. Managed by the Leadership Louisville Center, this 36-year-old program allows a diverse group of professional [...]

There’s Still Time for Homeowners to Save With Green Tax Credits

July 18th, 2016|

The income tax credit for certain energy-efficient home improvements and equipment purchases was extended through 2016 by the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). So, you still have time to [...]