Tax News

DON’T MISS THE OPPORTUNITY FOR A SPOUSAL IRA

Article Highlights: Spousal IRA Compensation Requirements Maximum Contribution Traditional or Roth IRA? One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment). Spousal IRAs are the exception […]
Read More

THERE IS MORE TO DEDUCTING HEALTH INSURANCE THAN MEETS THE EYE

Article Highlights: Itemized Deduction AGI Limitations What Insurance is Deductible Above-the-Line Deduction for the Self-Employed Income Limitation Subsidized Limitation Health insurance premiums, especially in the wake of the Affordable Care Act, have risen dramatically and are one of the greatest expenses that most individuals pay. Although the cost of health insurance is allowed as part […]
Read More

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 are an estate-planning tool, and […]
Read More

KEEPING YOUR DESIGNATED IRA BENEFICIARY CURRENT IS IMPORTANT

Article Highlights: How Naming Beneficiaries Impacts Traditional IRA Distributions The Impact of Naming Your Trust as a Beneficiary IRA Beneficiary Taxation Keeping your designated IRA beneficiary current is very important. You may not want your account going to your ex-spouse, and you certainly do not want a deceased individual to be your beneficiary. In addition, […]
Read More

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 to tax treatment: Severance Pay – […]
Read More

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 accounts (e.g., bank accounts and […]
Read More

STILL WAITING FOR THE IRS TO CASH YOUR CHECK?

Article Highlights: IRS’s Unopened Mail Backlog Uncashed Checks Dishonored Payment Penalty IRS Relief for Taxpayers During the COVID-19 pandemic, the IRS has furloughed many of its employees or had them work from home to mitigate the spread of the virus. Many IRS offices remained shuttered for months, and a backlog of millions of pieces of […]
Read More

Subscribe to our newsletter

Sign up to receive latest news, updates, promotions, and special offers delivered directly to your inbox.
No, thanks
TRY OUR NETWORK