Like it or not, blockchain is here to stay, and accounting is one industry that is sure to see disruption. Blockchain began as the technology behind Bitcoin, the most popular...
Taxes
Partnerships Must Prepare for New Audit Regime
Originally posted in January, the IRS has reissued proposed regulation that implements the centralized partnership audit regime. Mandatory implementation takes effect January 1,...
Individual Year-End Tax Planning
Dramatic tax changes may be over the horizon with Donald Trump in the White House and Republicans maintaining a majority in Congress. Most likely, many provisions will not go...
Estate Planning When Your Spouse is Not a U.S. Citizen
In today's world, it's not uncommon for a U.S. citizen who lives in this country to be married to a non-citizen who is a resident. Or two non-citizens may be married to each...
One-of-a-Kind Assets Require a Unique Valuation Approach
Problems can arise when valuing estates that hold assets produced by the personal or artistic efforts of a decedent. The assets of two deceased celebrities, singer Michael...
Reducing Audit Risks
While only the IRS knows the criteria for audits, some items are likely to increase your odds of an audit: Not reporting all income on 1099s and W-2s. The IRS has a thorough...
Dividing Assets and Tax Bills in Divorce
When a divorce happens, there are often major financial consequences and some important tax issues too. Here are the tax rules that generally apply when a couple's assets are...
Ten Tax Planning Tips to Consider
Here are 10 tax planning tips to consider that might help reduce your federal income tax bill: 1. Contribute the maximum amount to your 401(k) plan. Up to applicable limits, your...
Letter Ruling Says Retirement Payments Are Subject to Self-Employment Tax
Wouldn’t it be nice if post-retirement payments from former employers were tax-free? Unfortunately, this is not the case. A recent letter ruling from the Internal Revenue Service...
Don’t Overlook Your Tax Credit Eligibility
Around this time of year, many organizations are re-evaluating their annual budgets to improve profit margins and consolidate spending. One aspect of this process often includes...
