May
Showing 1–16 of 40 results
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A large unpaid tax bill could put your passport at risk
May 2020
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 229
Abstract: Taxpayers with large, outstanding tax bills need to watch out. The U.S. State Department could deny a passport application, or revoke or limit a current passport, if the IRS certifies that an individual has a seriously delinquent tax debt. This brief article provides more information.
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Benefit with a twist: The Roth 401(k)
May 2020
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 413
Abstract: While 401(k) plans and Roth IRAs are well known, job candidates and employees may not be all that familiar with the Roth 401(k). This article discusses what business owners should know about this potentially valuable employee retirement benefit.
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Heed the lessons of your tax return and check your withholding
May 2020
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 469
Abstract: With April 15 in the rearview mirror, many people may want to forget all about income taxes. But now’s a good time for taxpayers to heed the lessons of the 2019 tax year and check their withholding. This article explains why and how.
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Rolling over capital gains into a qualified opportunity fund
May 2020
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 540
Abstract: Anyone selling a business interest, real estate or other highly appreciated property could get hit with a substantial capital gains tax bill. One way to soften the blow — though it ties up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). This article explains how QOFs work and their potential benefits. A sidebar looks at recent IRS guidance on QOFs.
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Should you be worried about an IRS audit?
May 2019
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 276
Abstract: Now that most taxpayers have filed their 2018 tax returns, one troubling afterthought may come to mind: Could I get audited? This brief article discusses how the IRS goes about choosing returns to audit and why most people should breathe easy.
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Send your kids to day camp and you may get a tax break
May 2019
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 373
Abstract: Among the many great challenges of parenthood is what to do with the kids when school lets out. If one chooses to send a child to day camp, he or she may qualify for a valuable tax break: the child and dependent care credit. This article explains why tax credits are so valuable and how eligibility for this one is determined.
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Deducting business losses for pass-through entities
May 2019
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 490
Abstract: It’s not uncommon for businesses to sometimes generate tax losses. But the tax law limits deductible losses in some situations, and the Tax Cuts and Jobs Act limits them even further for pass-through entities. This article explains how and why the rules have changed following tax law reform.
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Innocent spouse rules offer protection under some circumstances
May 2019
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 557
Abstract: Must one spouse pay the tax resulting from a fabrication or omission by another spouse on a jointly filed tax return? It depends. This article explores the “innocent spouse” rules, which aren’t easy to qualify for but do offer relief to some taxpayers. A sidebar discusses the facts and circumstances the IRS considers when determining whether to hold an “innocent” spouse liable for taxes due.
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Foreign accounts call for specific reporting requirements
May 2018
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 264
Abstract: In an increasingly globalized society, many people choose to open offshore accounts to deposit a portion of their wealth. This article details how to disclose offshore accounts to the federal government and explains the penalties that can result from failing to do so.
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Get an early tax “refund” by adjusting your withholding
May 2018
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 395
Abstract: Everyone loves a juicy tax refund, but why wait to receive the money? By adjusting one’s withholding and/or estimated tax payments, a taxpayer can enjoy that money throughout the year. This article lists some circumstances under which adjustments are particularly advisable and explains how to make changes.
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Choosing between a calendar tax year and a fiscal tax year
May 2018
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 489
Abstract: Many business owners use a calendar year as their company’s tax year. But for some companies, choosing a fiscal tax year can make more sense. This article explores the differences.
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Do you have your own wealth management plan?
May 2018
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 555
Abstract: Everyone should have a wealth management plan. But taking a boilerplate approach could prevent you from achieving your specific goals. This article raises some key points to consider when devising a truly customized plan.
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Reviewing the innocent spouse relief rules
May 2017
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 240
Abstract: In certain cases, an “innocent” spouse can apply for relief from the responsibility of paying tax, interest and penalties arising from a spouse’s (or former spouse’s) improperly handled tax return. This brief article reviews the rules for potentially affected taxpayers.
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Watch out for IRD issues when inheriting money
May 2017
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 491
Abstract: Income in respect of a decedent (IRD) can create a surprisingly high tax bill for those who inherit property, especially substantial distributions from IRAs or retirement plans. This article discusses how IRD works and what taxpayers can do to claim an itemized deduction for estate taxes attributable to amounts reported as IRD.
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Viatical settlements: A funding mechanism for medical costs
May 2017
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 406
Abstract: Someone who’s terminally or chronically ill may lack the funds to cover significant medical costs. It may be possible, however, to sell insurance to a viatical settlement provider who will then arrange with an investor to buy the policy. This article explains how such “viatical settlements” work, including the tax impact.
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Could a cost segregation study save your company taxes?
May 2017
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 550
Abstract: Businesses that have acquired, constructed or substantially improved a building recently should consider a cost segregation study. One of these studies can enable the company to accelerate depreciation deductions, reducing taxes and boosting cash flow. This article explains how. A sidebar points out that a “look-back” study can review many previous years of tax filings for missed deductions.