Get Ready for Due Diligence Long Before a Sale or Merger

It may seem odd, but as soon as you start up a business, you should begin preparing the documentation needed to sell or merge with another enterprise. It may be years down the road but the records often required in today’s M&A environment can be overwhelming. If your recordkeeping has been shoddy, it can be […]

Why It’s Risky to Rely on Unofficial IRS Guidance

In a recent blog, National Taxpayer Advocate Nina Olson explained why taxpayers can’t rely on answers to Frequently Asked Questions (FAQs) and Answers and other forms of “unofficial” guidance that are posted on the IRS website. While tax professionals already knew this, many taxpayers may find it to be a disturbing revelation. Olson’s blog notes […]

Learn the ABCs of Higher Education Tax Breaks

Back-to-school season is a good time to review the federal tax breaks that are currently available if you or a loved one will be attending college or graduate school this fall. After all, a higher education degree is one of the biggest investments you’ll ever make. Applying for Financial Aid More than 70% of full-time […]

Inadequate Records Lead to Unfavorable Results for Taxpayers

Federal tax law allows deductions for many items, such as legitimate business expenses and charitable donations. But, if you claim deductions on your tax return, you also must maintain adequate records to support them. If your tax return is audited, missing or incomplete records could lead to additional taxes, interest and penalties, as these three […]

IRS: Beware of Charity Scams Related to Hurricane Harvey

The IRS is warning about possible fake charity scams that are emerging due to Hurricane Harvey. Taxpayers who want to help should seek out recognized charitable groups to make donations. “While there has been an enormous wave of support across the country for the victims of Hurricane Harvey, people should be aware of criminals who […]

Help from the IRS for Hurricane Harvey Victims

Hurricane Harvey has devastated parts of Texas, and many victims are left unable to fulfill tax responsibilities and perform tax-related tasks. The IRS is responding by offering victims of Hurricane Harvey additional time to complete those tasks. IRS Relaxes Retirement Plan Rules The IRS announced that employer-sponsored retirement plans (such as 401(k)s) can make loans […]

Know the Tax Consequences of Your Executive Compensation

If you are an executive or other key employee, you might receive stock-based compensation, such as restricted stock, restricted stock units (RSUs) or stock options (either incentive or non-qualified), or non-qualified deferred compensation (NQDC). The tax consequences of these types of compensation can be complex — subject to ordinary income, capital gains, employment and other […]

Possible Tax Law Changes on the Horizon

With Donald Trump in the White House and Republicans maintaining a majority in Congress comes the possibility of some dramatic changes in tax law. For example: Individuals could see changes to their tax rates and breaks and the elimination of certain taxes, including the Alternative Minimum Tax (AMT) and the estate tax. Affordable Care Act […]

Sell Products or Services on the Internet? Better Know About Collecting Sales Taxes

Do you own a company or are interested in starting a company selling products or services over the Internet? It is extremely important to understand the laws pertaining to the collection of sales taxes. Sales Tax versus Use Tax States with a sales tax generally have a companion tax for purchases made outside the state. […]

Understand Your Social Security Retirement Benefits

For years, people have questioned the viability of the Social Security system going forward. In July, the Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. What’s My FRA? Your full retirement age (FRA) depends on the year in which you were born. Year […]