May 2017

Business owners: When it comes to IRS audits, be prepared

2017-05-24T17:36:59+00:00

If you recently filed your 2016 income tax return (rather than filing for an extension) you may now be wondering whether it’s likely that your business could be audited by the IRS based on your filing. Here’s what every business owner should know about the process. Catching the IRS’s eye Many business audits occur randomly, [...]

10 Simple (and Fun) Ways to Cut Taxes This Summer

2017-05-22T17:00:42+00:00

It's already starting to feel like summer in many parts of the country. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. No matter what happens in Washington, don't get stuck in a holding pattern yourself. Give some attention to business and personal tax planning this summer. Here are [...]

Financial Survival Tips for Recent College Graduates

2017-05-19T16:28:14+00:00

Graduation can be one of the most exciting — and intimidating — times in your life. You're officially an adult, and with that new-found independence comes financial responsibilities. No pressure, but the decisions you make today about spending and saving can mean the difference between struggling for the rest of your life and building a [...]

EEOC and Some Courts Expand Sex Discrimination Definition

2017-05-17T16:47:41+00:00

Last year, the Equal Employment Opportunity Commission (EEOC) filed its first two cases in federal court charging employers with failing to protect employees from discrimination and harassment based on their homosexuality. The federal agency has already received more than a thousand complaints of this nature, but only recently has the agency taken employers to court. [...]

Health Savings Account Limits for 2018

2017-05-16T21:31:20+00:00

With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, chiropractic [...]

Real estate investor vs. professional: Why it matters

2017-05-16T18:57:38+00:00

Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this matter? Passive income may be subject to the 3.8% net investment income tax (NIIT), and passive losses generally are deductible only against passive income, with the excess being carried forward. Of [...]

Operating across state lines presents tax risks — or possibly rewards

2017-05-09T17:14:31+00:00

It’s a smaller business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets. Doing so has become so much more feasible that many businesses quickly find themselves crossing state lines. [...]

Turning next year’s tax refund into cash in your pocket now

2017-05-02T17:18:42+00:00

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your [...]

April 2017

Do you know the tax implications of your C corp.’s buy-sell agreement?

2017-04-25T18:40:06+00:00

Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are important to understand. Buy-sell basics A buy-sell agreement sets up parameters for the transfer of [...]

Individual tax calendar: Key deadlines for the remainder of 2017

2017-04-18T15:46:00+00:00

While April 15 (April 18 this year) is the main tax deadline on most individual taxpayers’ minds, there are others through the rest of the year that are important to be aware of. To help you make sure you don’t miss any important 2017 deadlines, here’s a look at when some key tax-related forms, payments [...]