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Changes to the tax break known as the mortgage interest deduction made by the Tax Cut and Jobs Act (TCJA) way back at the end of 2017 continue to be a source of confusion for many taxpayers, and a compliance headache for tax preparers and tax agencies like the IRS. The TCJA changes put a limit in some ways on the ability to take an itemized deduction for mortgage interest, defined broadly as interest on ...

If you drive at all (well, drive anything powered by gas), no doubt you are feeling the sting of sharply risen gas prices. The average price for a gallon of gas in the USA in 2021 was $3.28. As of this writing, the average price is nearly $5.00 per gallon, and all indications are it will continue to climb for the foreseeable future. Just as it does with individuals, the increased cost hits many businesses ...

Interest rates charged by the IRS for tax underpayments (and paid by them for overpayments) is largely a function of how overall interest rates are moving. More specifically, most are tied to the "federal short-term rate", so as this rate moves, the IRS rate moves also. As such, the IRS interest rates have been relatively low, from an historical perspective, for quite some time. Going back to around the time of the 2008 financial system ...

School is out, summer is upon us and the livin' is easy! Well, that latter statement is up for debate, and students needing a summer job may not quite feel that way. Many students of high school and college age have hit the pavement looking for summer work, or perhaps are working for businesses owned by their parents.  With current staffing and labor shortages still being keenly felt by employers, "For Hire" signs and appeals ...

Last week, I wrote about the uses and even advantages of using a health savings account, or HSA, as an investment vehicle to help save and prepare for retirement. If you didn't see that piece, entitled "A Viable Investment Vehicle – the Health Savings Account", I encourage to you go back and read that first as background for what we're about to discuss today.  As stated in the previously referenced article, an HSA has inherent ...

The IRS recently announced the 2023 annual cost of living adjustment of the maximum contribution that can be made to health savings accounts, or HSAs, for eligible persons covered by qualifying high deductible health insurance. The 2023 limits were raised to $3,850 for self-only coverage and $7,750 for family coverage.  These adjustments are roughly four times what they were from 2021 to 2022, and with inflation currently soaring, future adjustments are poised to be even ...

Anyone who has been to the gas pump or grocery store lately is well aware that inflation has ramped up to near historic levels, leaving the real value of your dollars (and investments) lower and lower. This, and the resulting flight to cash that many investors have made due to fears of a possible recession-caused bear market for stocks, have many wondering what they can do to establish at least some modicum of a protective ...

Tax filing deadline has come and gone, and many taxpayers are eagerly awaiting their tax refunds. As such, the IRS thought this an appropriate time to release their compilation of seven common myths about tax refunds.  Being that I am indulging in a bit of post-tax season vacation this week, I'm taking the easy way out and putting those here just as the IRS posted them. I hope you will pardon my lack of creativity ...

It is not uncommon that employees of a business will sometimes need to pay for something related to the business out of pocket. Depending on the employer, such an expense may or may not be reimbursed by the business. I have my own thoughts about the equity of an employer NOT reimbursing a business expense incurred by an employee, but the fact remains that some do not. In the past, if an employee had to ...

One of the most common questions I am asked by folks approaching retirement and even already in retirement is how continuing to work and earn money while drawing social security will affect their benefits. The rules can be confusing, even for seasoned financial advisors, and how it affects any particular person versus another can often be quite different depending on specific circumstances. Recent surveys conducted by multiple organizations show that over 50% of us over ...

Back in February, the IRS (as it seems prone to do) sowed confusion among taxpayers who have inherited IRAs from a nonspouse, as well as, those of us who advise them. The confusion stems from the IRS interpretation of the so-called "10-Year" distribution rule as it laid out in 275 pages of proposed regulations. To understand the issue, it's instructive to know the back story. Prior to 2020, if you inherited an IRA from someone, ...

Congress, specifically the House, recently voted overwhelmingly to pass "The Securing a Strong Retirement Act", and by overwhelmingly, I mean on a 414-5 vote. When was the last time you saw that kind of bipartisanship on a nonmilitary-related matter? The Act quickly became referred to as Secure 2.0 because it expands on the original "SECURE" Act enacted during the previous administration. The measure now moves on to the Senate, and then if passed, to the ...

As we approach the tax filing deadline for individuals, which this year is April 18 due to a holiday recognized in Washington, DC, it is time for many people to consider whether or not they should file for an extension of time to file their returns. But what does that mean to you if you do? Here's some common questions answered:   Q: What does filing an extension do? A: An extension is a form ...

The past couple of years of dealing with Covid-19 has in many ways resulted in a new mode of living - new ways of working, playing, and reflecting on priorities. Many of us have planned carefully, but today's rapidly changing circumstances may give us an opportunity to re-evaluate those plans in certain specific areas. Here are some musings on various areas of financial planning in light of this new mode: Tax Planning. Multiple major changes ...

EGP PLLC and Henry & Kell, LLP join forces. Both firms have a long history in the areas of tax, litigation, and expert witness testimony. Together, they are committed to helping clients achieve their goals by being a trusted guide and partner. "The synergy of the combined firms within litigation, business valuations, as well as tax, is extremely exciting", stated EGP Managing Partner, Colin Gorman. "Liles has the experience and depth in litigation/expert witness testimony ...