Articles & newsletters

June 1, 2020

Keeping up with the net operating loss rules

When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs. When filing your 2019 income tax return, you might find that your business has an NOL — and you may be able to turn it to your tax advantage. But the rules applying to NOLs have changed and … Continue reading Keeping up with the net operating loss rules

Don’t forget about your 2019 tax return

Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS postponed numerous federal tax filing and payment deadlines. If you took advantage of the extra time, it’s important not to forget about your return or lose sight of any important details. Recapping the relief For taxpayers with a 2019 federal income tax … Continue reading Don’t forget about your 2019 tax return

The marriage penalty still exists under the TCJA

One byproduct of the Internal Revenue Code is that the tax liability of married couples who file jointly may be more than their combined tax liabilities would be as single filers. This is “the marriage penalty.” Unfortunately, this hasn’t gone away under the Tax Cuts and Jobs Act (TCJA). For example, through 2025, the TCJA … Continue reading The marriage penalty still exists under the TCJA

Should you digitize your tax and financial records?

Traditionally, important tax and financial records have been stored as hardcopies in desk drawers, filing cabinets and safe deposit boxes. Nowadays, it’s become increasingly popular and easy to digitize documents and store them electronically. Is this the right move for you? Pluses of electronic storage Perhaps the biggest advantage of digital documents is a drastic … Continue reading Should you digitize your tax and financial records?

May 1, 2020

Rolling over capital gains into a qualified opportunity fund

If you’re selling a business interest, real estate or other highly appreciated property, you could get hit with a substantial capital gains tax bill. One way to soften the blow — if you’re willing to tie up the funds long term — is to “roll over” the gain into a qualified opportunity fund (QOF). What … Continue reading Rolling over capital gains into a qualified opportunity fund

Heed the lessons of your tax return and check your withholding

Every year’s tax return provides valuable lessons on the optimal amount that taxpayers should have withheld from their paychecks. Heeding these lessons is especially important if you end up owing a substantial amount of money. Of course, even if you get a nice tax refund, that shouldn’t necessarily be your goal. It essentially means you’re giving … Continue reading Heed the lessons of your tax return and check your withholding

Benefit with a twist: The Roth 401(k)

Most everyone has heard of a 401(k) plan, and a sizable number of adults likely have at least a passing familiarity with the Roth IRA. What remains less well known among job candidates and employees is the Roth 401(k) plan. This retirement benefit with a twist might be worth offering to your staff, so long … Continue reading Benefit with a twist: The Roth 401(k)

A large unpaid tax bill could put your passport at risk

Most Americans aren’t using their passports right now. But it’s still important to remember that, if the IRS certifies that you have a seriously delinquent tax debt (SDTD), your passport application could be denied, or your current passport could be limited or revoked. You have an SDTD if 1) you owe more than $53,000 (as … Continue reading A large unpaid tax bill could put your passport at risk

April 1, 2020

Executive compensation requires informed decision-making

Business owners want to compensate themselves and their top executives fairly and competitively for their work, results and commitment. So, how do you achieve that goal without attracting undue IRS scrutiny and claims of inappropriate compensation? By making informed, astute decisions. Start with the basics Compensation is affected by the amount of cash in your … Continue reading Executive compensation requires informed decision-making

Reviewing business meal expenses under today’s tax rules

As the world battles coronavirus (COVID-19), companies aren’t doing much “wining and dining” of customers, prospects, vendors or employees. But someday you will again. With a hopeful eye on the future, let’s review the rules for deducting business meal expenses under the Tax Cuts and Jobs Act (TCJA). 3 basic rules Among the biggest changes … Continue reading Reviewing business meal expenses under today’s tax rules