Tax Time Scams Awareness
As the IRS announced the beginning of the 2018 tax filing season last week, it also warned that this is the time when identity thieves and fraudsters are actively seeking opportunities to steal from businesses and individuals. In addition to tax scams covered in our previous client memos – IRS Warns of Phone Scam, IRS […]
Tax Records
The period between filing last year’s tax return and this year’s return is the perfect time to organize your tax records. Granted, it may not be something you relish doing, but tackling this now can save you a multitude of headaches later. Tax law rules Generally, you should keep tax-related records as long as the […]
Kiddie Tax: New Hazard, New Opportunities
Despite its name, the “kiddie tax” is far from child’s play. And a change made by the Tax Cuts and Jobs Act (TCJA) puts some adult teeth into the tax. Now, children with unearned income may find themselves in a tax bracket higher than that of their parents. At the same time, the TCJA creates […]
Calendar or Fiscal Tax Year?
Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners ’personal returns, making it about as simple as anything involving taxes can be. But for businesses whose primary operating season doesn’t fall neatly within a single calendar year, choosing a fiscal year end can make more […]
Sustaining Charitable Gifts
There are virtually countless charitable organizations to which you might donate. You may choose to give cash or to contribute noncash items such as stock, personal property, or real estate. Whatever you donate, once you do the good deed, you owe it to yourself to claim a tax deduction (provided you itemize rather than taking […]
Do You Need to File Gift Tax Returns?
For 2019, the lifetime gift and estate tax exemption has reached a whopping $11.40 million ($22.80 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily. There […]
Nondeductible IRA Distributions
Do you make nondeductible contributions to a traditional IRA? If so, you need to understand the tax treatment of distributions to ensure you’re not taxed twice on the same income. Justify your strategy There are several reasons why you might contribute nondeductible amounts to an IRA: You or your spouse has a retirement plan at […]
IRS New Partnership Audit Rules
As you prepare and gather the 2017 tax data, I strongly encourage you to take this opportunity to review and modify your partnership agreements to be in compliance with the IRS new partnership audit rules. The new rules enacted by The Bipartisan Budget Act of 2015 (BBA) introduced new tax terms and concepts, and are […]
