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There’s currently a “stepped-up basis” if you inherit property — but will it last?

By |2021-07-21T15:27:50+00:00July 21st, 2021|Latest News|

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,

Keeping remote sales sharp in the new normal

By |2021-07-21T15:23:25+00:00July 21st, 2021|Latest News|

The COVID-19 pandemic has dramatically affected the way people interact and do business. Even before the crisis, there was a trend toward more digital interactions in sales. Many experts predicted that companies’ experiences during the pandemic would accelerate this trend, and that seems to be coming to pass. As this transformation continues, your business should

5 ways to take action on accounts receivable

By |2021-07-15T18:02:30+00:00July 15th, 2021|Latest News|

No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five

Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

By |2021-07-13T19:37:01+00:00July 13th, 2021|Latest News|

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re considered investment expenses for the production of income. But they’re deductible if they’re considered trade or business expenses. For years before 2018, production-of-income

IRS audits may be increasing, so be prepared

By |2021-07-09T17:48:00+00:00July 9th, 2021|Latest News|

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.5%

IRS extends administrative relief for 401(k) plans

By |2021-07-09T17:45:52+00:00July 9th, 2021|Latest News|

As mitigation measures related to COVID-19 ease, it will be interesting to see which practices and regulatory changes taken in response to the pandemic remain in place long-term. One of them might be relief from a sometimes-inconvenient requirement related to the administration of 401(k) plans. A virtual solution In IRS Notice 2021-40, the IRS recently

Tax-favored ways to build up a college fund

By |2021-06-15T19:29:59+00:00June 15th, 2021|Latest News|

If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible

Retiring soon? 4 tax issues you may face

By |2021-06-08T20:03:46+00:00June 8th, 2021|Latest News|

If you’re getting ready to retire, you’ll soon experience changes in your lifestyle and income sources that may have numerous tax implications. Here’s a brief rundown of four tax and financial issues you may deal with when you retire: Taking required minimum distributions. This is the minimum amount you must withdraw from your retirement accounts. You

Plan ahead for the 3.8% Net Investment Income Tax

By |2021-06-04T16:03:44+00:00June 4th, 2021|Latest News|

High-income taxpayers face a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some steps you may be able to take to reduce its impact. The NIIT applies to you only if modified adjusted gross income (MAGI) exceeds: $250,000 for married taxpayers filing jointly and surviving spouses,

The long and short of succession planning

By |2021-06-04T16:00:02+00:00June 4th, 2021|Latest News|

For many business owners, putting together a succession plan may seem like an overwhelming task. It might even seem unnecessary for those who are relatively young and have no intention of giving up ownership anytime soon. But if the past year or so have taught us anything, it’s that anything can happen. Owners who’ve built

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