Advice On Avoiding Tax Scams From Your Tax Accountant
In recent years, thousands of people have lost millions of dollars and their personal information to tax scams and fake IRS communication. Scammers use the mail, telephone, fax or email to set up their victims. Companies and individuals must be vigilant in guarding against criminals attempting to obtain sensitive […]
How The New Capital Gains Tax Laws Impact Your CPA Firm
The Tax Cuts and Jobs Act did not directly change the tax rate on capital gains. They remain at 0, 10, 15 and 20 percent, respectively with the 25- and 28-percent rates also reserved for the same special situations. However, changes within the new law […]
How The New Section 529 Tax Laws Impact Your Tax Accountant
Section 529 plans used to only be allowed for college tuition, up to full tuition amounts. But the Tax Cuts and Jobs Act modifies Section 529 qualified tuition plans to allow the plans to distribute up to $10,000 in tuition expenses incurred during the tax […]
How Do The New Tax Laws Impact Your Tax Consultant?
The Tax Cuts and Jobs Act made sweeping changes to the nation’s tax laws. Everyone – especially individuals and business owners – needs to review their tax strategies for the new law. The changes are huge. However, many changes are temporary, especially for individuals.
Individuals
Individuals who work […]
Year End Capital Gains Planning For Your Tax Preparer
As an economic incentive for individuals to save and invest, gains from the sale of capital assets held for at least one year unless offset by losses, as well qualified dividends received during the year, may be taxed at rates lower than ordinary income tax rates. The […]
How Do Life Insurance Proceeds Impact Your Tax Return?
Life insurance proceeds are received tax-free. However, any interest earned on life insurance proceeds, usually referred to as its cash value, is subject to tax. Special rules apply to transfers of ownership in a life insurance policy, accelerated death benefits, and viatical settlements.
An insurance policyholder might purchase […]
Are Holiday Gifts Taxable?
We hate to be a Scrooge, but have you ever considered the potential tax implications of your holiday gift giving? During the holiday season many employees can expect to receive something extra from their employer, whether by way of a cash bonus, a non-monetary gift or even an annual holiday party. And, […]
Avoid Nanny Tax Nightmares
Don’t let the IRS catch you paying your household helper under the table. It’s estimated that 75% to 95% of people who employ nannies, sitters, housekeepers, and home health aides don’t bother paying employment taxes. While many people inadvertently (or “unknowingly”) ignore the rules and pay their home helpers under the table, […]
The Pros and Cons of Internal Auditors
The role of the internal auditor is changing. As the risks for companies change in this ever-evolving economy, Board Members are now seeking assurance on concerns beyond just the traditional financial risks. Areas such as cyber security, regulation and corporate culture are now more top of mind for companies […]
Tax Credit For Foreign Adoptions
If your family is interested in claiming the adoption tax credit for a foreign adoption, you need to keep in mind that there are special timing rules that apply for foreign adoptions. These rules differ from the timing rules for domestic adoptions and impact when you may claim qualified adoption expenses.
The […]