Month: October 2014

Handling Tax Complexity on Constructive Sales

Hedge funds and portfolio managers often have sophisticated needs when it comes to dealing with capital gains taxes and keeping them to a minimum, and one of [...]

Sec. 121 gain exclusion does not offset suspended passive losses

Qualifying taxpayers who convert a principal residence to rental property and sell it can exclude gain under Sec. 121 without offsetting any passive losses [...]

IRS Urged to Improve Final Testing Before Tax Season

The Internal Revenue Service should improve the way it performs final testing of its computer systems prior to tax season to make sure they are working [...]

Necessary Steps to Dissolve Your Company

When closing a business, there are certain steps every business owner must be sure to follow. Whether it's for financial reasons, retirement, or simply [...]

Careful Handling of Capital Gains and Losses Can Save Taxes

Individuals who lost money in the stock market in 2014 may have other investment assets that have appreciated in value. These taxpayers should consider the [...]

Treasury and IRS Encourage Use of Annuities in 401(k) Plans

The Treasury Department and the Internal Revenue Service have issued guidance aimed at expanding the use of income annuities in 401(k) plans. The guidance [...]

Taxpayers Can Invest up to $18,000 in 401(k) Plans in 2015

The Internal Revenue Service posted the annual cost-of-living adjustments for pension plans and other retirement plans for 2015, allowing taxpayers to [...]

Tax Refund Size Increased This Year

The average tax refund in 2014 was $2,696, up 1.5 percent from the average refund of $2,656 in 2013, according to a new report on how well the Internal [...]

Where are the growth opportunities for accounting practices?

At first glance, it appears that there aren’t many bright spots for growth for accounting practices today. For starters, look at the state of tax [...]

Small and Midsized Businesses Expect Robust Recovery

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 [...]