July 25th, 2016 by Kim Chen
The IRS has announced that its Electronic Filing Personal Identification Number (e-File PIN) tool is no longer available due to additional cyber attacks on the system. Although it was attacked earlier this year, the e-File PIN tool was retained by the IRS because links to the program were embedded in many commercial tax software products. […]
July 7th, 2016 by Christian Wynns
A summer job is a classic rite of passage for teenagers. But teen jobs can be a source of aggravation for young workers and parents who aren’t prepared to deal with the potential taxes. When it comes to income, the IRS generally wants its cut, regardless of the earner’s age. But some special tax rules […]
June 30th, 2016 by Kim Chen
The IRS has announced a reduced user fee from $400 to $275 for filing the simplified form for recognition of tax-exempt status, Form 1023-EZ [Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code]. Form 1023-EZ is shorter (only two pages) and more user-friendly than the regular Form 1023. The reduced […]
June 26th, 2016 by Christian Wynns
Health Savings Accounts (HSAs) allow eligible individuals to make deductible contributions that can be withdrawn tax-free to reimburse them for eligible medical expenses. For 2017, the limitation on HSA deductions is $3,400 (up from $3,350 for 2016) for an individual with self-only coverage under a High Deductible Health Plan (HDHP) or $6,750 (no change from […]
June 20th, 2016 by Christian Wynns
In year-end legislation, the Consolidated Appropriations Act of 2016 made permanent qualified charitable distributions from individual retirement accounts. Because qualified charitable distributions are finally permanent, now’s a good time to review the rules. Benefits A qualified charitable distribution permits annual direct transfers to a qualified charity totaling up to $100,000 of tax-deferred IRA savings. Qualified charitable […]
June 16th, 2016 by Christian Wynns
Convincing your kids to use their summer earnings to invest in an IRA is a pretty tough sell. But it’s an excellent idea and one that might not be too outlandish if you encourage your child simply to allocate a portion of his or her earnings to the cause. Not only will modest contributions add […]
June 13th, 2016 by Christian Wynns
For 2016, the estate and gift tax exemption is $5.45 million per individual, up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and gift taxes. The annual […]
June 1st, 2016 by Christian Wynns
U.S. citizens and resident aliens living overseas or serving in the military outside the U.S. must file their 2015 income tax returns by 6/15/16. To use this automatic two-month extension, taxpayers must attach a statement to their return explaining which of these situations (i.e., living overseas or serving in the military outside the U.S.) applies. […]
May 31st, 2016 by Christian Wynns
Business owners will be retiring in droves over the next ten years, which means they will be considering their options for passing the business on to family or key employees or to selling the business to someone else. This process will be a new experience for most owners since chances are they’ve never tried to […]
May 27th, 2016 by Christian Wynns
Today’s college students often leave school with an overwhelming amount of debt. In some cases, student loans are discharged (also known as being cancelled or forgiven). In other cases, these loans are paid off by an employer. Both actions have tax consequences for the student loan borrowers. We’ll explain the tax implications, but first, let’s […]
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