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  • Casualty and Theft Losses: Find the Silver Lining in Dark Clouds
    Hurricanes, mudslides, wildfires, ice storms the list of possible natural disasters is extensive. Nowhere in the United States is safe from Mother Nature. But Uncle Sam offers a concession to individual taxpayers: Losses due to such casualties, as well as thefts and vandalism, may be deductible. Some exceptions and limits Read More
  • Revenue Recognition for Contracts: Changes Coming Soon
    Revenue is the top line of your company's income statement. It helps management, investors and lenders assess your company's growth prospects, financial strength and strategic direction. The accounting rules for recognizing contract revenue will be changing for annual reporting periods starting in 2018 for public companies and 2019 for private Read More
  • Understand Your Social Security Retirement Benefits
    Are you or a loved one nearing retirement age? Many seniors are uncertain about their federal retirement benefits, including when benefits start, how to apply, who qualifies for survivors benefits and whether benefits will be subject to income tax. Here are the basics, along with the highlights from a recent Read More
  • 5 Recent Supreme Court Decisions that Could Affect Your Business
    The U.S. Supreme Court just wrapped up its 2016 term. This spring, the top court published several opinions that will affect businesses, including cases that provide an ERISA exemption for church plans and clarify federal guidance on patents, copyrights, bankruptcy priority, and the statute of limitation for disgorgements from the Read More
  • Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?
    Taxpayers who engage in an unincorporated sideline outside of their regular day jobs must understand the differences in the tax treatment of hobbies and for-profit business activities. Here's an overview of the hobby loss rules, along with a recent U.S. Tax Court case that disallowed a taxpayer's claim that his Read More
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