Income Taxes

May 6, 2016 

One of the issues that often causes a high degree of client confusion is whether or not a withdrawal from their IRA account will be taxable, and if so, to what extent.

May 3, 2016 

It’s important to have your tax situation assessed and updated periodically, especially if you’re self employed or retired and paying quarterly estimated tax installments. Otherwise, you could be liable for penalties.

May 2, 2016 

Estimating the gap requires a “major statistical effort,” according to the IRS, so the gap is only estimated every few years. The last full update reported showed that the compliance rate for tax year 2006 was basically unchanged from the report on ...

May 2, 2016 

Three keynote presentations will focus on generational engagement strategies, medical marijuana legalization and a look at the current state of the industry.

May 2, 2016 

80 percent of respondents said that credit scores were important. When asked what attributes were important in a spouse, 92 percent of survey respondents said financial responsibility.

May 2, 2016 

Another tax season is over, and now you can catch your breath. As a manager for a public accounting firm, you may want to take off for a well-deserved vacation. But before you go, be sure to show your hardworking staff some recognition.

Paul McDonald

April 21, 2016 

After weeks of prodding from his main opponent for the Democratic presidential nomination, Bernie Sanders finally released the remaining forms and schedules of his 2014 tax return on April 15. The result? No major surprises – the Vermont senator ...

April 20, 2016 

The former Secretary of State and New York Senator, who has been living in a fish bowl since her husband Bill became governor of Arkansas and ascended to the presidency, recently released copies of her joint tax returns for the last eight years.

April 19, 2016 

The Obamas claimed claiming more than $145,000 in itemized deductions on their 2015 return, including donations to charity such as the Fisher House Foundation, a longtime favorite. The couple is in line for a refund of almost $23,000.

April 18, 2016 

The “Tax Filing Simplification Act of 2016” requires the IRS to develop a free service for filing tax returns directly with the federal government and prohibits the nation’s tax collection agency from entering into agreements restricting the use of ...

April 17, 2016 

The basic rules are as follows: The income you realize from a vacation home rental is generally taxable, but you can offset the tax liability with deductions for expenses attributable to rentals, including mortgage interest, property taxes, insurance ...

April 15, 2016 

Congress may have more to say about how the IRS “runs its business” in upcoming years. Four new bills marked up and passed on April 13 by the Ways and Means Committee, the tax-law writing body of the House, would dictate IRS certain practices, if enacted.