Article Highlights: What is Basis? Cost Basis Gift Basis Inherited Basis Events That Adjust Basis First-in, First Out In taxes, there is a saying: “Those who keep records win.” If you are an investor, you may have a variety of […]
Article Highlights: Home Equity Loan Home Equity Interest Deduction Alternative Minimum Tax Above-the-Line Interest Deduction Qualified Expenses If you are considering borrowing funds to finance your college education or that of your spouse or children, it is important that you […]
Article Highlights: Computation Method Regular Method Simplified Method Qualified Research The Credit General Business Credit AMT Payroll Tax Election For businesses, the tax code provides a tax credit of up to 20% of qualified expenditures to encourage businesses to develop, […]
Article Highlights: Marriage Buying a Home Having or Adopting Children Getting Divorced Death of Spouse Throughout your life there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few […]
Article Highlights: Tax Loss for a Security Sold or That Is Worthless Proving Worthlessness Selling a Worthless Stock by Year-end Brokers May Accommodate Clients Capital Loss Deduction If you are like most investors, you occasionally will pick a loser that […]
Article Highlights: Tax Cuts and Jobs Act Reinvested Gains Enhanced Basis Qualified Opportunity Funds Partnerships Qualified Opportunity Zones Those who have a large capital gain from the sale of a stock, asset, or business and who would like to defer […]
Article Summary: Foreign-Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Types of Accounts Affected Form 8938 Filing Requirements All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial […]
Article Summary: Foreign-Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Types of Accounts Affected Form 8938 Filing Requirements All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial […]
Article Highlights: October 15 extended due date for filing federal individual tax returns for 2019. Late-filing penalty. Interest on tax due. Other October 15 deadlines. Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing […]
Ever since the coronavirus pandemic began impacting the United States, businesses around the country have responded by instituting work-from-home policies. While it is unclear how much longer the nation will be in the grips of the crisis, social distancing is […]