2018 – 08/02 – How to Retire at 60

2018 – 03/15 – Riding the stock market roller coaster

Infographic: Are you concerned about market volatility in 2018?

2018 – 07/13 – Are Frequent Flyer Miles Taxable?

Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Harvey

sacramento—The Internal Revenue Service today announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Harvey and members of their families. This is similar to relief provided last year to Louisiana flood victims and victims of Hurricane Matthew. Participants in 401(k) plans, employees of public schools and… Read More

Factor in state and local taxes when deciding where to live in retirement

Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision.   Income, property and sales tax Choosing a state that has no personal income tax may appear to be the best option. But that might not be the case once… Read More

An FLP can save tax in a family business succession

One of the biggest concerns for family business owners is succession planning — transferring ownership and control of the company to the next generation. Often, the best time tax-wise to start transferring ownership is long before the owner is ready to give up control of the business. A family limited partnership (FLP) can help owners… Read More

2018 – 01/25 – Why the IRS watches pump prices

Infographic: What drives the standard mileage rate for business driving deductions?

Accounting for pledges isn’t as simple as it might seem

  When a donor promises to make a contribution at a later date, your not-for-profit likely welcomes it. But such pledges can come with complicated accounting issues. Conditional vs. unconditional Let’s say a donor makes a pledge in April 2018 to contribute $10,000 in January 2019. You generally will create a pledge receivable and recognize… Read More

Five Things to Remember about Hobby Income and Expenses

From scrapbooking to glass blowing, many Americans enjoy hobbies that are also a source of income. A taxpayer must report income on their tax return even if it is made from a hobby. However, the rules for how to report the income and expenses depend on whether the activity is a hobby or a business…. Read More

Eight Things to Do When an IRS Letter Arrives

The IRS mails millions of letters to taxpayers every year for many reasons. Here are seven simple suggestions on how individuals can handle a letter or notice from the IRS: 1. Don’t panic. Simply responding will take care of most IRS letters and notices. 2. Read the entire letter carefully. Most letters deal with a… Read More