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Our take on all things financial.
To File or Not to File a Gift Tax Return, That Is the Question
If you made gifts last year you may be wondering if you need to file a gift tax return. The short answer: There are many situations when it’s necessary (or desirable) to file...
Do You Run a Business From Home? You May Be Able To Deduct Home Office Expenses
You may be able to deduct business home office expenses if you run a business from home. Many people began working from home during the COVID-19 pandemic — and many still work...
There Still May Be Time to Make an IRA Contribution for Last Year
If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there still may be time to make an IRA contribution for last year. If you’re...
ACA Information-Reporting Deadlines Now Permanently Extended
Late in 2022, the IRS released final regulations addressing extended deadlines for certain information-reporting requirements of the Affordable Care Act (ACA). The final regs...
Reading the Tea Leaves: Potential Tax Legislation in the New Congress
The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. What’s the fate of potential tax...
Starting in 2022 R&D Costs Must Be Capitalized
Robert L. Tobey, CPA, Partner Starting in 2022 taxpayers will no longer be allowed to deduct IRC §174 research and development (R&D) expenses in the year...
Have Employees Who Receive Tips? Here Are the Tax Implications
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Here are some...
Can You Claim a Deduction for Decline in Cryptocurrency Value? Check the IRS’s Opinion First
Robert L. Tobey, CPA, Partner SUMMARY On January 13, 2023, the IRS Chief Counsel Memorandum (CCM) 202302011 was issued, stating that: in the case of a taxpayer that owns...
Is Your Revocable Trust Fully Funded?
Is your revocable trust fully funded? A revocable trust — sometimes known as a “living trust” — provides significant benefits. They include the ability to avoid probate of the...