LATEST NEWS

  • Amending a Federal Income Tax Return

    Amending a Federal Income Tax Return

    Know the rules before amending a federal tax return What should you do if you discover an error on a previously filed individual tax return? For example, you might have missed some tax-saving deductions and credits on your 2016 personal federal income tax return that you filed in February. Or you might have recently discovered that you failed to claim some ... Read MoreRead More »
  • Ins and Outs of Deducting Legal Expenses

    Ins and Outs of Deducting Legal Expenses

    Legal expenses incurred by individuals are typically not currently deductible under the federal income tax rules. Instead, they’re most often treated as either personal outlays (which are nondeductible) or as part of the cost of acquiring an asset, such as real estate. In the latter situation, legal costs usually aren’t deductible right away; instead, they may be capitalized and amortized ... Read MoreRead More »
  • Consider Section 179 Deductions for Real Estate Expenses

    Consider Section 179 Deductions for Real Estate Expenses

    The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn't a no-brainer. Here are the pros and cons.Read More »
  • Remember RMDs this Tax Season

    Remember RMDs this Tax Season

    Did you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs, including any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner?Read More »
  • How S Corporations Can Save on Federal Employment Taxes

    How S Corporations Can Save on Federal Employment Taxes

    If you own an unincorporated small business, you may be getting fed up with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation.Read More »
  • 10 Important Tax-Related Developments for 2016

    10 Important Tax-Related Developments for 2016

    Several significant tax developments happened last year that may affect federal income tax returns that individual and business taxpayers file in 2017. Here's a quick look at 10 key changes that you should be aware of during this tax season.Read More »
  • Tax Fraud Awareness: How to Protect Your Identity and Assets

    Tax Fraud Awareness: How to Protect Your Identity and Assets

    The IRS, taxpayers and tax preparers share a common enemy: identity thieves. We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. From there, taxpayers can take proactive steps to protect their data online and at home.Read More »
  • IRS Reports a Significant Increase in Whistleblower Awards

    IRS Reports a Significant Increase in Whistleblower Awards

    The IRS Whistleblower Office is celebrating its 10-year anniversary this year. The office was created under the Tax Relief and Health Care Act of 2006 to oversee the IRS whistleblower program, which is a critical part of overall enforcement and compliance.Read More »
  • Consider State Taxes When Deciding Where to Live in Retirement

    Consider State Taxes When Deciding Where to Live in Retirement

    When you retire, you may consider moving to another state — say, for the weather or to be closer to loved ones. State taxes also may factor into the equation. Here's what you need to know about establishing residency for state tax purposes — and why the process may be more complicated than it initially appears to be.Read More »
  • Important Tax Figures for 2017

    Important Tax Figures for 2017

    The following table provides some important federal tax information for 2017, as compared with 2016. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation.Read More »
  • Cures Act Approves HRAs for Small Employers

    Cures Act Approves HRAs for Small Employers

    On December 13, 2016, President Obama signed into law the 21st Century Cures Act. In addition to funding medical research, accelerating cutting-edge treatments for rare diseases and adding significant reforms to the mental health system, the new legislation allows small employers to provide standalone Health Reimbursement Arrangements (HRAs) to employees without paying penalties imposed by the Affordable Care Act (ACA).Read More »
  • Employee, Partner or Both? Recent Developments Help You Decide

    Employee, Partner or Both? Recent Developments Help You Decide

    Are you an employee, a partner, a partner who doesn't know it — or a combination of these classifications? The answer can have serious tax implications. If you participate in a business that's operated as a partnership or a limited liability company, here are some recent developments that you need to know.Read More »
  • FBI Case Exposes Massive Telefraud Scheme

    FBI Case Exposes Massive Telefraud Scheme

    Do you dread getting phone calls from unfamiliar sources? It seems that callers are more likely to be aggressive solicitors, pushy telemarketers or even devious con artists than legitimate business people. Criminals typically target the elderly, disabled people or immigrants, threatening them with fines, penalties or deportation if they don't make payments to the callers. In some cases, unsuspecting victims lose their entire life savings.Read More »
  • Spotlight On Business Tax Trends

    Spotlight On Business Tax Trends

    The Joint Committee on Taxation (JCT) is a nonpartisan Congressional committee that, among other things, assists in the analysis and drafting of proposed federal tax legislation and prepares reports that interpret newly enacted federal tax legislation. The JCT recently issued the Overview of the Federal Tax System as in Effect for 2016. Here are the details of that report, including some interesting trends about business taxes.Read More »
  • New Overtime Rules Suspended for Now

    New Overtime Rules Suspended for Now

    Many employers have been wrestling with plans to comply with new U.S. Department of Labor (DOL) overtime rules since last May. That's when the rules were finalized, with a December 1 compliance deadline. Those new rules included raising the minimum salary overtime exemption to $913 per week from $455. A little more than a week before the deadline for the rules was to take effect, a federal court has issued an injunction, at least temporarily blocking implementation of the changes.Read More »
  • DOL Overtime rule Delayed

    DOL Overtime rule Delayed

    The new DOL overtime rule, set to become effective December 1, 2016 has been put on hold. Last week, on November 22nd a judge in Texas issued a preliminary injunction barring the Department of Labor from implementing the new rule.Read More »
  • It’s Time for Individuals to Plan for Taxes in 2016 and Beyond

    It’s Time for Individuals to Plan for Taxes in 2016 and Beyond

    Year end is rapidly approaching.It's now time to consider making some moves that will lower your 2016 tax bill and get you into position for tax savings in future years. This article offers some year-end planning tips for individuals — while keeping the results of the recent election in mind.Read More »
  • Managing the Ups and Downs of Seasonal Businesses

    Managing the Ups and Downs of Seasonal Businesses

    What do pumpkin patches, ski resorts, ice cream shops and accounting firms have in common? They're all seasonal businesses that experience a surge in revenues during their busy seasons that tapers off in the slow season. Seasonal peaks and troughs present challenges that require creative planning and fiscal prudence.Read More »
  • Year-End Tax Strategies for Small Businesses

    Year-End Tax Strategies for Small Businesses

    It's not too late to take steps to significantly reduce your 2016 business income tax bill and lay the groundwork for tax savings in future years. Here's a summary of some of the most effective year-end tax-saving moves for small businesses under the existing Internal Revenue Code. After President Obama hands over the baton to his successor and new members of Congress are sworn into office in January, the tax laws could change. But here's what we know now.Read More »
  • IRS Issues New Regs on Allocating Debt to Partners and LLC Members

    IRS Issues New Regs on Allocating Debt to Partners and LLC Members

    new temporary and final Section 752 regulations. Sec. 752 of the Internal Revenue Code and related regulations explain how to allocate partnership debt among partners for purposes of calculating the basis of their partnership interests. This calculation determines what's often referred to as the partners' "outside basis" in the partnership (their basis for deducting losses and receiving tax-free distributions). In some situations, the new regulations make it more difficult for partnerships to manipulate the rules to increase the outside basis of certain partners for tax planning purposes. In most situations, however, the effects of the new regulations are neutral.Read More »
  • Loan Applications: Put Your Best Foot Forward

    Loan Applications: Put Your Best Foot Forward

    Need a loan to start or expand your business? Nearly a decade after the financial crisis of 2008, many banks remain hesitant about loaning money to start-ups and small business owners. Stricter lending policies often make applying for financing a nerve-wracking and time-consuming process. Here are some ways to give your loan application a leg up on other applicants. Understanding Business Credit ScoresRead More »
  • Avoiding Digital Disruption While Heading toward the Future

    Avoiding Digital Disruption While Heading toward the Future

    Digital disruption is described as the changes that occur when new technologies and businesses models have a negative effect on existing goods and services. Despite some activity, many companies are lagging when it comes to transforming to take on the challenge.Read More »
  • Did You Miss the 60-Day Deadline for Your IRA Rollover?

    Did You Miss the 60-Day Deadline for Your IRA Rollover?

    If you miss the deadline for rolling over an IRA distribution to another IRA or eligible retirement plan, you could be subject to taxes and penalties. If you have a valid excuse, you may be able to obtain a hardship waiver from the IRS, but applying is time-consuming and expensive. Fortunately, the IRS recently created a new self-certification procedure to make it easier to claim eligibility for a waiver. Here's more information on who qualifies for the new procedure and how it works.Read More »
  • Update on Home Mortgage Interest Deductions

    Update on Home Mortgage Interest Deductions

    The federal income tax rules on qualified residence interest have been around for many years, but there's always a steady flow of disagreements between the IRS and taxpayers on these rules. Here are some background materials and recent developments on qualified residence interest that may affect you.Read More »
  • Spotlight on Gains from Qualified Small Business Stock

    Spotlight on Gains from Qualified Small Business Stock

    Whether you're thinking about starting your own business or investing in a start-up, there's an exciting tax break that could sweeten the deal: Gains from selling qualified small business stock (QSBS) that you acquire on or after September 28, 2010, are potentially eligible for a 0% federal income tax rate.Read More »
  • How to Make the Most of Medical Expense Deductions

    How to Make the Most of Medical Expense Deductions

    With the ever-increasing cost of health insurance and medical care, you should be vigilant in finding ways to claim tax breaks related to health care. Unfortunately, that's now harder than before because a change included in the Affordable Care Act (ACA) increased the income-based threshold for deducting itemized medical expenses.Read More »
  • It’s Time to Review Your Financial Planning Options

    It’s Time to Review Your Financial Planning Options

    Fall is a good time to pause and review your financial planning strategy. A lot can happen in a year. If your personal life, market conditions or tax laws have changed, you may need to revise your long-term financial plans. Here are some retirement and estate planning considerations that may be worthwhile.Read More »
  • Tax-Savvy Planning Strategies for Inherited IRAs

    Tax-Savvy Planning Strategies for Inherited IRAs

    Say an IRA is inherited by multiple individual beneficiaries or by one or more individuals and one or more charities or other beneficiaries that aren't "natural persons." How do these scenarios affect the rules for required minimum distributions (RMDs) that apply after the IRA owner dies? And how can you optimize the tax results for individual beneficiaries?Read More »
  • Are You Ready for the New Overtime Rules?

    Are You Ready for the New Overtime Rules?

    The deadline for the Department of Labor's (DOL's) new final overtime rule is December 1, 2016. While CFOs at most large U.S. companies have been working overtime themselves to prepare for the changes, many small and midsize firms haven't been as quick to react.Read More »
  • Back-to-School Tips for Grownups

    Back-to-School Tips for Grownups

    August is back-to-school time across the country. Whether the school buses are already disrupting your commute to work — or will be soon — the start of the school year brings opportunities for savvy business owners.Read More »