To pre-pay or not to pre-pay? That was the question that was the topic of many discussions relating to taxes at the end of 2017. However, it only scratches the surface of the issues resulting from the passage of the Tax Cuts and Jobs Act (Act). Most, if not all,...
For businesses that are preparing year-end payroll and information returns from Quickbooks, the following tips are helpful in order to avoid the most common mistakes: Budget ample time and set aside uninterrupted time to prepare year-end tax forms such as W-2s, W-3,...
Canceled Debt – Is It Taxable or Not? If you borrow money and are legally obligated to repay a fixed or determinable amount at a future date, you have a debt. You may be personally liable for a debt or may own a property that is subject to a debt. If your debt is...
By: Terri L. Marakos, CPA With the expansion of the global economy, the involvement of taxpayers in foreign activities has become commonplace. Even not-so-sophisticated investors often hold the securities of companies with foreign activities and that pay foreign...
by Clayton Himstedt, CPA Now that the holidays are behind us, we can start focusing on everyone’s favorite time of year, tax time. Throughout the month of January, your 2015 tax documents will begin arriving in your mailbox. The best time to provide your tax...
So dubbed by the Tax Policy Center, the Alternative Minimum Tax, a tax intended to insure that wealthy taxpayers pay their fair share of federal taxes, is showing up on more middle class tax returns. Will you be one of those taxpayers? The Alternative Minimum...
