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Tax News

  • 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
  • Learn the ABCs of Higher Education Tax Breaks
    It's back to school season. If you or a loved one will be attending college or graduate school this fall, it's a good idea to review the federal tax breaks that are currently available for higher education costs. One of these breaks was extended only through 2016, although Congress may Read More
  • Real Estate Investors: Let’s Talk about Like-Kind Exchanges
    Investors often swap one property for another. Why? The tax law allows for tax-free real property exchanges as long as the transaction involves like-kind property. Any taxable gains are completely or partially deferred until the replacement property is sold. Or, if the owner dies while still holding the replacement property, Read More
  • U.S. Treasury to Retire the myRA Program
    It's only a few years old, but the "my Retirement Account" (myRA) program, is going away. These accounts were intended to encourage taxpayers to start saving for retirement, but too few people took advantage of the program to justify the taxpayer cost. As part of a plan by the Trump Read More
  • Business ID Theft: Is Your Data at Risk?
    Cyberattacks against individual taxpayers are down, thanks to security measures set forth by federal and state tax agencies. But thefts of business data are rising, and the costs of these breaches can be significant. Here's more on this trend, along with simple, but effective, ways businesses can help minimize the Read More
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