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Tax News

  • Are You Ready for the New IRS Partnership Audit Rules?
    A new partnership audit regime goes into effect for the 2018 tax year that assesses incremental taxes, penalties and interest at the partnership level. However, many partnerships can elect to follow alternative rules. Here's guidance on what's changing, including the importance of choosing a partnership representative to handle audit matters. Read More
  • Recent Breach Highlights the Vulnerability of Your Personal Data
    Hackers gained unauthorized access to 143 million Americans' personal data earlier this year by exploiting a vulnerability on Equifax's website application. Here are the details on what happened and how you should respond if a breach affects your personal information. Read More
  • Report Warns Retirees about Potential Downsides of Reverse Mortgages
    Some seniors decide to defer Social Security benefits and, instead, apply for a reverse mortgage to meet their cash flow needs. A recent CFPB report points out the risks and costs you should consider before using this strategy. If you don't carefully weigh the pros and cons, you could jeopardize Read More
  • IRS Guidance on Leave-Sharing Programs to Help Hurricane Harvey Victims
    Employers can set up leave-based donation programs to provide assistance to Hurricane Harvey victims. The IRS recently announced that employees won't be taxed when they forgo vacation, sick, or personal leave in exchange for employer contributions of amounts to charitable organizations providing relief. Employers can also deduct the amounts as Read More
  • Inadequate Records Lead to Unfavorable Results for Taxpayers
    Unsubstantiated deductions may be disallowed if the IRS audits your tax return. Here are three recent U.S. Tax Court cases in which deductions for business expenses and charitable donations were disallowed for inadequate recordkeeping, resulting in additional tax assessments, along with penalties and interest on the unpaid taxes. We also Read More
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