6.20.22
Nonworking Spouses May Still Contribute to an IRA
Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps…
6.20.22
Can You Deduct the Costs of a Self-Managed Portfolio?
Do you have significant investment-related expenses, including payment for financial service subscriptions, home office maintenance and clerical support? Under current tax law — specifically the…
6.20.22
Partners May Have To Report More Income on Tax Returns Than They Receive in Cash
Are you a partner in a business? You may have come across a situation that’s puzzling. In a given year, you may be taxed on…
6.6.22
For Nonprofits, Quid Pro Quo Isn’t a Simple Exchange
Quid pro quo donations occur when a not-for-profit receives a payment that includes a contribution and the organization provides the donor with goods or services…
5.31.22
Inflation Enhances the 2023 Amounts for Health Savings Accounts
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being…
5.31.22
Businesses: Prepare for the Lower 1099-K Filing Threshold
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required…
5.31.22
Proposed Regs for Inherited Iras Bring Unwelcome Surprises
Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act…
5.25.22
Tax Implications of Manufacturers Operating in Multiple States (Nexus)
Pre-2018, businesses used physical presence, such as a satellite location or employees working in a state, to determine if substantial nexus was created to require…
5.20.22
Forecasts vs. Projections: What’s the Big Difference?
Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the…
5.20.22
Businesses May Receive Notices About Information Returns That Don’t Match IRS Records
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records.…