News

If your business receives large cash or “cash equivalent” payments, you may have to report the transactions to the IRS - on paper or electronically. Here are the details.

Scholarships are generally tax-free but there are times when academic awards result in taxable income.

Partnerships and partners are taxed differently than corporations. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.

At this historic moment, take a moment to meet the first African-American man and woman who earned their CPAs.

If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.

For hundreds of years, businesses have engaged in bartering. It’s popular during times of economic downturns, which many businesses are suffering now due to COVID-19. But if you trade goods or services, be aware of the tax consequences.

A big tax bill or a large refund may mean you don’t have the correct amount of tax withheld from your paycheck. Here’s how to avoid this next year.

A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.

Once your 2019 tax return has been filed, there still may be some issues to consider. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.

The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and managers with employees. Here’s why.

The CARES Act, which passed in 2020, includes some retroactive tax relief for businesses. Some provisions may be beneficial on a tax return that hasn’t been filed yet (or you may be able to take advantage of them on an amended return if you already filed).

Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the
payments should be returned.

If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.

In the midst of the COVID-19 crisis, some entrepreneurs are kicking off new businesses. Here’s how start-up expenses must be handled on a federal tax return.

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.

Despite a slowdown in real estate sales this spring, many people are still selling their principal residences You may be able to exclude up to $250,000 ($500,000 for married joint
filers) of gain. Here are the tax rules for home sales.

If you have medical expenses and you pay Medicare premiums, you know it can be expensive to get the coverage you want. But if you qualify, you can deduct the cost of premiums,
along with other medical expenses, on your tax return. Here are the rules.

Just as many businesses were reopening, riots damaged or destroyed their storefronts, office buildings and property. Insurance may cover some, or all, of the losses but businesses may also qualify for a tax break.

If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.

President Trump has proposed increasing the amount that can be deducted for business meal and entertainment expenses. While it’s unclear if a law could pass that would enhance tax breaks, it’s a good time to review the current rules.

The CARES Act has provided some help for people with student loans. And if you do make some payments this year, you may be able to deduct the interest on your tax return. Here are
the rules.

There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.

Have you received an Economic Impact Payment only to find out it’s less than what you were expecting? Here are some of the reasons why.

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now
and the extended tax filing deadline and claim the write-off on your 2019 return.