What happens to U.S. Savings Bonds with the death of the bondholder? The answer depends on who owns the savings bond and whether others are also listed as owners or beneficiaries....more
8/1/2025
/ Beneficiaries ,
Bondholders ,
Bonds ,
Co-Ownership ,
Estate Planning ,
Income Taxes ,
Inheritance ,
Intestacy ,
IRS ,
Personal Representatives ,
Probate ,
U.S. Treasury
Earlier this year, the Internal Revenue Service issued long awaited guidance on the taxation of paid family medical leave. The revenue ruling is effective for payments received on or after January 1, 2025....more
Mistakes happen, and the tax law can be complex and ambiguous. The question becomes, what does a taxpayer do if they discover a mistake on their tax return? Should an amended tax return be filed? In some cases, the taxpayer...more
It is possible to reduce both your energy bills and your federal income tax through use of the energy tax credit. If you make energy efficient home improvements after January 1, 2023, you may qualify for a tax credit up to...more
On November 26, 2024, the IRS announced transitional relief for the much-maligned tax reporting requirement for third party payment networks. The reporting threshold will now be $5,000 for the year 2024 rather than $600 to...more
The IRS recently issued the 2025 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include:
- Estates of decedents who die during 2025 will have...more
11/20/2024
/ Cafeteria Plans ,
Estate Tax ,
Estate-Tax Exemption ,
Flexible Spending Accounts ,
Gift Tax ,
Gift-Tax Exemption ,
Income Taxes ,
Inflation Adjustments ,
IRS ,
Standard Deduction ,
Tax Exemptions ,
Tax Planning ,
Tax Rates
The Internal Revenue Service recently acknowledged systemic problems processing tax returns for deceased taxpayers who are due to receive a tax refund.
The National Taxpayer Advocate (TAS) reported that the IRS experienced...more
Education income tax credits are one way students and parents can help pay for college. There are two types of federal tax credits available to taxpayers: the American opportunity tax credit (AOTC) and the lifetime learning...more
2/27/2024
/ Colleges ,
Educational Institutions ,
Federal Taxes ,
Income Taxes ,
IRS ,
Student Loans ,
Students ,
Tax Credits ,
Tax Returns ,
Tuition ,
Universities
Now that the 2023 tax filing season is underway, many taxpayers are having an unpleasant surprise when they file their tax return this year and find out they are getting a much smaller refund than they were expecting, or...more
After the excitement of the wedding and honeymoon is over, newlyweds should start thinking about joint finances and their income taxes. A common question for those recently married is whether or not to file a joint tax...more
The IRS recently issued the 2024 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include...more
On August 25, 2023, the Internal Revenue Service announced a two-year delay in implementing changes to the catch-up retirement contributions of certain taxpayers....more
8/30/2023
/ 401k ,
Contribution Limits ,
Delays ,
Human Resources Professionals ,
IRS ,
New Rules ,
Payroll Companies ,
Retirement Plan ,
Retirement Plan Providers ,
Roth IRA ,
SECURE Act
A friend backs out of the long-planned group outing to see Taylor Swift’s opening night of “The Eras Tour” in Glendale, Arizona. Rather than have the ticket go unused you decide to sell the extra ticket online. Do you have to...more
Along with twenty other states, Massachusetts made special payments to taxpayers in 2022. In Massachusetts, the rebate was the result of state law that returned excess state revenue to taxpayers. In California these payments...more
During the 2022 tax filing season, many taxpayers had an unpleasant surprise when they filed their tax return and found out they were getting a much smaller refund than they were expecting, or worse, had a balance due....more
The Internal Revenue Service recently issued a reminder that all taxpayers filing Form 1040, 1040-SR or 1040-NR must answer a question concerning virtual currency at the top of the tax return.
The question asks “At any...more
The IRS recently issued the 2022 annual adjustments for numerous tax provisions that are by law to be adjusted annually. These adjustments include changes to tax brackets and standard deductions. Popular provisions that were...more
Since it began in 2012, Giving Tuesday, the Tuesday after Thanksgiving, has become more and more popular. A recent survey suggests that 62% of Americans plan to participate this year.
The main purpose behind Giving Tuesday...more
The IRS recently issued the 2021 annual adjustments for numerous tax provisions that are by law to be adjusted annually. These adjustments include changes to tax brackets and standard deductions. Popular provisions that were...more
With so many people forced by government ordered shut downs to work from home, a question many workers might ask is whether they can deduct expenses for their home offices.
As a general rule, expenses that otherwise might...more
The Tax Cuts and Jobs Act of 2017 (“TCJA”) made substantial changes to the Tax Code of 1986 by reducing tax rates and “simplifying” tax compliance for many by significantly increasing the standard deduction and eliminating...more
11/9/2018
/ HELOC ,
Home Equity ,
Home Equity Line of Credit ,
Homeowners ,
Income Taxes ,
Interest Payments ,
IRS ,
Itemized Deductions ,
Mortgage Interest ,
Tax Code ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Tax Returns
Since 2002, bonus depreciation under the Job Creation and Worker Assistance Act has been allowed in some form. Bonus depreciation allows for more current expensing for eligible property than allowed under the current...more
4/3/2018
/ Bonus Depreciation ,
Business Assets ,
C-Corporation ,
Corporate Taxes ,
Income Taxes ,
IRS ,
Net Operating Losses ,
Protecting Americans from Tax Hikes (PATH) Act ,
Section 179 Property ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
Tax Rates
The year 2017 could be described as the year of the Bitcoin and other “virtual currencies,” with Bitcoin having appreciated 1800% since the beginning of the year and Ethereum, at one point, having appreciated 8,000% since the...more
12/14/2017
/ Bitcoin ,
Capital Assets ,
Capital Gains ,
Capital Losses ,
Federal Taxes ,
Financial Reporting ,
Income Taxes ,
Investors ,
IRS ,
Tax Liability ,
Virtual Currency