In the near future, you may notice a small payment in your bank account or you may receive a check from the IRS. The tax agency recently announced that it will send interest payments to about 13.9 million individual taxpayers who…
If you're experiencing financial distress during the COVID-19 crisis, you might be thinking about tapping into your Roth IRA to improve your cash situation. But before withdrawing money from a Roth account, it's important to understand the federal income tax consequences,…
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life…
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down”…
About a year ago, millions of Americans’ personal information was compromised through a hack of the Equifax database. One of the cautionary steps for consumers was to initiate a credit freeze with all three of the main credit bureaus –…
The Internal Revenue Service recently released the 2018 Form W-4 and also the updated Withholding Calculator. Both required updates after the passing of the Tax Cuts and Jobs Act in December. The IRS urges taxpayers to use these tools to…
Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a…
Keeping track of all the deadlines for government mandated forms, tax payments and other tax-related tasks can be burdensome. Below is a summary of due dates - keep in mind some deadlines have been altered compared to previous years. Contact us…