Smart Year-End Moves to Trim Your 2014 Tax Bill

Tweet If you act before New Year’s Day, you can limit what you owe the IRS. This is the time of year when many of us count our blessings, and if you own stocks and mutual funds, you probably have a lot of blessings to count. But eventually, most of us must share some of [...]

Six IRS Tips for Year-End Gifts to Charity

Tweet Many people give to charity each year during the holiday season. Remember, if you want to claim a tax deduction for your gifts, you must itemize your deductions. There are several tax rules that you should know about before you give. Here are six tips from the IRS that you should keep in mind: [...]

Tax Extenders You Can Count On

Tweet Tax extenders, temporary tax provisions that are reinstated by Congress on a regular basis, have been a recurring part of the tax arena for years. Most of the current group up for debate have expired at the end of 2013, and their eventual extension will be retroactive, but not all will be extended. Here [...]

S Corp. Shareholder Basis and Debt

Tweet On July 23, 2014, the IRS issued final regulations (T.D. 9682) addressing the basis of indebtedness of S corporations to their shareholders. These final regulations provide that S corporation shareholders may increase their S corporation debt basis only if the indebtedness is bona fide, which is determined under general federal tax principles and depends [...]

Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement

Tweet Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2014 and years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and 401(k) plans and similar workplace retirement programs. Also known [...]

Understanding 401(k) and profit sharing solutions

Tweet Many small business owners are concerned about retirement, both for themselves and for their employees. Often, the issue isn’t whether to implement a retirement plan but how to choose the one that will work best. This web page is designed to help you decide which profit sharing plan is right for your business by [...]

Year-End Tax Planning for Your Securities

Tweet This year has been a bumpy ride on Wall Street, with dramatic swings up and down. Now is a good time to review your retirement account and your personal portfolio. While changes you make in your retirement account won’t impact current taxes (no gain or loss is reported on transactions in your IRA or [...]

IRS Simplifies Procedures for Favorable Tax Treatment on Canadian Retirement Plans and Annual Reporting Requirements

Tweet The Internal Revenue Service made it easier for taxpayers who hold interests in either of two popular Canadian retirement plans to get favorable U.S. tax treatment and took additional steps to simplify procedures for U.S. taxpayers with these plans. As part of this, the IRS provided retroactive relief to eligible taxpayers who failed to [...]

IRS Clarifies Application of One-Per-Year Limit on IRA Rollovers, Allows Owners of Multiple IRAs a Fresh Start in 2015

Tweet The Internal Revenue Service issued guidance clarifying the impact a 2014 individual retirement arrangement (IRA) rollover has on the one-per-year limit imposed by the Internal Revenue Code on tax-free rollovers between IRAs. The clarification relates to a change, announced earlier this year, in the way the statutory one-per-year limit applies to rollovers between IRAs. [...]

IRS fleshes out FAQs on withholding of the additional Medicare tax

Tweet IRS has fleshed out two questions and answers (FAQs) relating to the additional Medicare tax. The fleshed out FAQs pertain to withholding errors discovered in the following year. Background. There’s an additional 0.9% Medicare tax on taxpayers (other than corporations, estates, or trusts) receiving wages with respect to employment in excess of $200,000 ($250,000 [...]

Small and Midsized Businesses Expect Robust Recovery

Tweet Business confidence and the economic outlook have improved dramatically for small and medium-sized enterprises in the past year, according to a new survey by the Association of Chartered Accountants and the Institute of Management Accountants. The joint ACCA and IMA survey polled SMEs about the 12 months leading up to mid-2014. The report, titled [...]

How long before you get that great referral?

Tweet From time to time, professionals get frustrated with their referral relationships – specifically, the amount of time that passes between their first interaction with a potential referral source and when they actually get a quality referral. I remind them that there are several moving pieces to every referral relationship that need to be considered [...]

Top 4 Considerations When Evaluating Payroll’s Role in Your Firm

Tweet Is there anything people take more seriously than getting paid accurately and on time? Probably not. That’s why your firm’s approach to payroll is of such great importance. Whether you’re looking for a provider to administer your firm’s payroll, working with a referral partner to meet your clients’ payroll needs, or considering offering a [...]

Filing season complications loom, IRS commissioner tells AICPA

Tweet The 2015 tax filing season “will be one of the most complicated filing seasons we’ve ever had,” IRS Commissioner John Koskinen said in a keynote address Tuesday to hundreds of attendees at the AICPA National Tax Conference in Washington. He also held out hope of penalty relief for taxpayers affected by the IRS’s shutdown [...]

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