Scholarships are usually tax free but they may result in taxable income

By |2021-08-10T16:40:47+00:00August 10th, 2021|Latest News|

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct

5 possible tax aspects of a parent moving into a nursing home

By |2021-08-03T18:14:32+00:00August 3rd, 2021|Latest News|

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical

Get serious about your strategic planning meetings

By |2021-07-28T18:22:53+00:00July 28th, 2021|Latest News|

Most business owners would likely agree that strategic planning is important. Yet many companies rarely engage in active measures to gather and discuss strategy. Sometimes strategic planning is tacked on to a meeting about something else; other times it occurs only at the annual company retreat when employees may feel out of their element and

You may have loads of student debt, but it may be hard to deduct the interest

By |2021-07-27T16:36:51+00:00July 27th, 2021|Latest News|

More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If you have student loan debt, you may wonder if you can deduct the interest you pay. The answer is yes, subject to certain limits. However, the deduction is phased out if your adjusted

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

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