Sound far fetched? If you’re smart about your finances, there will only be one question you ever ask Alexa about accounting: “How many accountants does it take to change a light bulb?” The answer will most likely be: “One to change it, and one to make sure it came in under budget!” Both our personal...
Will Tax Reform Affect Your Alimony? You Bet! If you are wondering whether or not your alimony payments are still deductible, the short answer is YES, for now. But under a provision in the Tax Cuts and Jobs Act (TCJA), the deduction is repealed for agreements executed after 2018. Unlike most other TCJA tax changes...
IRS Amnesty Program for Hidden Foreign Accounts Ends September 2018 If you have hidden foreign bank accounts, you have until September 28, 2018, to disclose them and come into compliance with the tax law, to avoid prosecution. The IRS is finally ending its “amnesty” program from 2009, and if you are found guilty of trying...
The IRS “Dirty Dozen” Details The Most Devilish Tax Scams Out There. Warn Your Family, Friends, And Business Associates Not To Fall For Fraud! Every year the IRS compiles its list of “Dirty Dozen,” which lists the common scams that taxpayers may encounter anytime but become most popular during “tax season.” Some tricks made their...
Having a yacht can be a great way to unwind while entertaining friends, family and clients, but turning a part time passion into a full time business can have unintended consequences and impact your tax bill. Here’s what you need to know so you won’t be drowning in tax liability. The IRS Disinguishes Between Passive...
