Category: Personal Finance
Do you qualify for a like-kind exchange?
Are you thinking about selling parcels of land and then turning around and purchasing additional parcels? If you’ll realize gains on the sale of your existing parcels, you should consider a “like-kind exchange”. Under Code Section 1031, the IRS provides...
Why hiring an expert for trust and estate planning is critical
A recent blog post from the AICPA highlights the importance of estate planning with the story of superstar, Prince, who left no will or estate plan for his $250 million fortune. Although it’s been more than a year, the court...
Is your tax-free IRA really tax-free?
According to a recent article in The Wall Street Journal, taxpayers should beware that as IRAs grow in size, so does the potential for taxes on these accounts if they have investments in alternative assets such as hedge funds, private-equity...
Understanding related party debt forgiveness
Many times a debt between related parties is reduced or forgiven. This raises many questions: Are there tax consequences as a result of this? Does the lender have a tax loss to report? Does the borrower have a gain on...
How to plan for Medicare surcharges
According to The Wall Street Journal, high-income Americans covered by Medicare should make tax changes now to minimize an increase in premium surcharges. These surcharges apply because Congress decided the top 5% or so of Medicare recipients should contribute more...
2017 Federal Tax Key Facts & Figures
In partnership with PayChex, we're pleased to offer 2017 Federal Tax Key Facts and Figures our clients' reference.
Understanding related party debt
Many times, a debt between related parties may be reduced or forgiven. This begs the questions: Are there tax consequences as a result of this? Does the lender have a tax loss to report? Does the borrower have a gain on...
IRS offers tool for balance inquiries
The IRS recently announced the launch of an online application that will assist taxpayers with straightforward balance inquiries in a safe, easy and convenient way. This new and secure tool, available on IRS.gov allows taxpayers to view their IRS account...
36 months of nonpayment is no longer a debt discharge reporting event
The IRS recently finalized a proposed rule issued in 2014 removing the three-year nonpayment testing period from the list of “events” for determining when debt had been discharged for purposes of issuing Form 1099-C, Cancellation of Debt, to taxpayers (T.D. 9793)....
Q&A: Qualified charitable distributions
What is a qualified charitable distribution? Generally, a qualified charitable distribution is an otherwise taxable distribution from an IRA (other than an ongoing SEP or SIMPLE IRA) owned by an individual who is age 70½ or over that is paid...