Blog

07 Mar 21

Senate Passes $3,000 Child Tax Credit for 2021

An expanded child tax credit for 2021 is about to become law. After some procedural wrangling, the Senate narrowly approved President Biden’s stimulus package to help tackle the coronavirus pandemic and stimulate the economy. Because the Senate made some changes to the House-crafted bill, titled the American Rescue Plan Act…
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14 Nov 20

GAMBLING AND TAX GOTCHAS

Article Highlights: Winnings Losses Social Security Income Health Care Insurance Premium Subsidies Medicare B & D Premiums Online Gambling Accounts Gambling is a recreational activity for many taxpayers, and as one might expect, the government takes a cut if you win and won’t allow you to claim a loss in…
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13 Nov 20

IS A LIVING TRUST APPROPRIATE FOR YOU?

Article Highlights: What Is a Living Trust? Is a Living Trust Appropriate? Establishing a Living Trust Pros of a Revocable Trust Cons of a Revocable Trust You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. Living trusts…
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13 Nov 20

SOLAR TAX CREDIT IS SUNSETTING SOON

Article Highlights: Solar Credit Phasing Out Qualifying Property When is the Credit Available? Who Gets the Credit Multiple Installations Battery Installation Costs Basis Adjustment Association or Cooperative Costs Mixed-Use Property Newly Constructed Homes Utility Subsidy Solar Installations are Not for Everyone A federal tax credit for the purchase and installation…
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05 Oct 20

TAX CONSEQUENCES OF LOSING YOUR JOB

Article Highlights: Severance Pay Unemployment Compensation Health Insurance Employer Pension Plan Coronavirus-related Distributions Home Sale If you have lost your job, there are a number of tax issues you may encounter. How you deal with these issues can profoundly impact your taxes and finances. The following are typical issues related…
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01 Oct 20

FOREIGN ACCOUNT REPORTING DUE OCTOBER 15

Article Summary: Foreign-Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Types of Accounts Affected Form 8938 Filing Requirements All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority over one or more foreign financial…
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