News

Tax Advice: Are Scholarships Tax-Free or Taxable?

July 28, 2020

Scholarships are generally tax-free but there are times when academic awards result in taxable income.

For Small Businesses: Why Some Partners Report More Income Than They Receive

July 27, 2020

Partnerships and partners are taxed differently than corporations. In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.

Infographic: Celebrating Black Pioneers in Accounting

July 22, 2020

At this historic moment, take a moment to meet the first African-American man and woman who earned their CPAs.

Tax Advice: A Tip for Inheriting Property

July 21, 2020

If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.

For Small Businesses: Even If No Money Changes Hands, Bartering Is Taxable

July 21, 2020

For hundreds of years, businesses have engaged in bartering. It’s popular during times of economic downturns, which many businesses are suffering now due to COVID-19. But if you trade goods or services, be aware of the tax consequences.

Tax Advice: Make Sure Your Withholding Is Adequate

July 21, 2020

A big tax bill or a large refund may mean you don’t have the correct amount of tax withheld from your paycheck. Here’s how to avoid this next year.

For Small Businesses: Get Ready for the New Form 1099-NEC

July 21, 2020

A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.

Tax Advice: 3 Issues to Consider After Filing

July 11, 2020

Once your 2019 tax return has been filed, there still may be some issues to consider. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.

For Small Businesses: Avoid the Trust Fund Recovery Penalty

July 11, 2020

The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and managers with employees. Here’s why.

For Small Businesses: If You Haven't Filed, Ways to Chip Away at Your Bill

July 9, 2020

The CARES Act, which passed in 2020, includes some retroactive tax relief for businesses. Some provisions may be beneficial on a tax return that hasn’t been filed yet (or you may be able to take advantage of them on an amended return if you already filed).

Tax Advice: Some EIPs Require Reimbursement

July 9, 2020

Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the
payments should be returned.

Tax Advice: What's a "Coronavirus-Related Distribution"?

July 1, 2020

If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.

Infographic: How to Qualify for the Fed’s New Main Street Lending Program

July 1, 2020

For Small Businesses: About Start-up Expenses on Your Tax Return

July 1, 2020

In the midst of the COVID-19 crisis, some entrepreneurs are kicking off new businesses. Here’s how start-up expenses must be handled on a federal tax return.

For Small Businesses: Good Records Are Key

June 21, 2020

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.

Tax Advice: When Selling a Home, Remember Taxes

June 21, 2020

Despite a slowdown in real estate sales this spring, many people are still selling their principal residences You may be able to exclude up to $250,000 ($500,000 for married joint
filers) of gain. Here are the tax rules for home sales.

Tax Advice: Seniors, Can You Deduct Medicare Premiums?

June 16, 2020

If you have medical expenses and you pay Medicare premiums, you know it can be expensive to get the coverage you want. But if you qualify, you can deduct the cost of premiums,
along with other medical expenses, on your tax return. Here are the rules.

For Small Businesses: If Riots Damage Your Business

June 16, 2020

Just as many businesses were reopening, riots damaged or destroyed their storefronts, office buildings and property. Insurance may cover some, or all, of the losses but businesses
may also qualify for a tax break.

Tax Advice: A Nonworking Spouse Can Still Have an IRA

June 16, 2020

If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.

For Small Businesses: On Business Meal Deductions & Proposed Changes

June 2, 2020

President Trump has proposed increasing the amount that can be deducted for business meal and entertainment expenses. While it’s unclear if a law could pass that would enhance tax
breaks, it’s a good time to review the current rules.

Tax Advice: Can You Deduct Student Loan Interest on Your Tax Return?

May 27, 2020

The CARES Act has provided some help for people with student loans. And if you do make some payments this year, you may be able to deduct the interest on your tax return. Here are
the rules.

For Small Businesses: IRS Releases 2021 Amounts for HSAs

May 27, 2020

There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.

Tax Advice: Was Your Economic Impact Payment Less Than Expected?

May 20, 2020

Have you received an Economic Impact Payment only to find out it’s less than what you were expecting? Here are some of the reasons why.

Tax Advice: You Can Still Make a Deductible IRA Contribution for '19

May 20, 2020

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now
and the extended tax filing deadline and claim the write-off on your 2019 return.

For Small Businesses: Got a PPP Loan? Forgiven Expenses Aren't Deductible

May 20, 2020

If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that
question in new guidance.