As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to ti...

With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax ...

The 2018 tax compliance season brought many challenges to both taxpayers and tax practitioners due to tax reform. Yet, some new regulations, such as those related to negative tax capital accounts, didn’t get the attention they likely should have ca...

For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in...

The Internal Revenue Service (IRS) has released final regulation on the election to take a loss resulting from a federally declared disaster in the year preceding the disaster. The final regulations adopt proposed regulations substantially without ch...

Q.  Now that the dust from tax reform has settled, can we rest easy for awhile? Unfortunately, no. Tax reform was a disruptive event for both individuals and businesses. From the standard and itemized deductions, to the impact on multi-national comp...

Created to encourage economic growth and investment in low-income and economically distressed communities, the Tax Cuts and Jobs Act brought a new tax incentive for investors to consider – Qualified Opportunity Funds (QOF). With this new incentive,...

Watch your mail for a special Internal Revenue Service (IRS) letter known as a CP2100 Notice (Backup Withholding).  In a new initiative launched by the IRS, many taxpayers can expect to receive a “love” letter of this sort if they filed 1099s an...