Archive

Monthly Archives: October 2016

What to Know When Children Earn Investment Income by Joanie B. Stein, CPA


Posted on October 31, 2016 by Joanie Stein

The IRS has special rules for families to report the investment income their dependent children earn during the year from interest, dividends and capital gains distributions as well as unearned income derived from trusts.  The related tax liabilities and decisions to file a separate tax return for the child will depend on several factors, including the amount […]

Unmarried Taxpayers Living Together Get a Significant Tax Break by Nancy M. Valdez, CPA


Posted on October 31, 2016 by

Under a recent ruling from the U.S. Court of Appeals for the 9th Circuit, unmarried taxpayers who live together in a jointly owned property may deduct double the amount of home mortgage interest that married homeowners may deduct. In its decision, which the IRS agreed to adopt, the court clarified that the mortgage interest deduction applies […]

IRS Audit Guide Provides Benefits to Businesses Applying Tangible Property Regulations by Angie Adames, CPA


Posted on October 26, 2016 by Angie Adames

On September 16, 2016, the Internal Revenue Service released a highly anticipated Audit Techniques Guide intended to help IRS examiners identify potential tax issues that arise when businesses apply the final Tangible Property Regulations (TPR) that were issued in September 2013.  As an added benefit, the manual serves to guide countless businesses struggling to comply with the […]

October to December Tax Deadlines


Posted on October 24, 2016 by Richard Berkowitz

October 31: Deadline for businesses to file Quarterly Payroll Reports October 31: Deadline for businesses to file Form 941, Employer’s Quarterly Federal Tax Return, for the third quarter of 2016 November: Schedule meetings with your accountant and financial advisor to begin planning year-end strategies to help minimize tax liabilities for 2016. November 1: Open enrollment […]

How Real Estate Professionals Can Demonstrate Proof of Material Participation to Bypass Passive Activity Loss Rule by Steven G. Messing, JD, CPA


Posted on October 20, 2016 by Steve Messing

The U.S. tax courts have been very busy addressing a multitude of recent cases involving real estate professionals’ applications of the passive activity loss (PAL) rules. Under Internal Revenue Code 469, taxpayers may use losses from passive activities in which they do not “materially participate” to offset income only from similarly passive activities. Therefore, taxpayers […]

Expiring Tax Deductions to Keep on your Radar by Karen A. Lake, CPA


Posted on October 14, 2016 by Karen Lake

As taxpayers prepare for the end of the year, they should be aware of a number of tax provisions that are currently scheduled to expire on December 31, 2016. With this in mind, it is recommended that taxpayers consult with their accountants to maintain tax efficiency into next year, barring any last-minute Congressional action. Medical […]

Innovative Businesses Offer a Compelling Financial Benefit to Employees by Sean Deviney, CFP


Posted on October 13, 2016 by Richard Berkowitz

Over the past few years, forward-thinking businesses have embraced corporate wellness programs to improve workers’ physical and mental health and its impact on their companies’ bottom lines.  Now, as workers of all ages and across all income levels are suffering under the weight of the nation’s student loan debt problem, these businesses are taking notice […]

Best Practices for Businesses after a Disaster by Daniel Hughes, CPA/CFF, CGMA, CVA


Posted on October 12, 2016 by Daniel Hughes

As Hurricane Matthew churned along South Florida’s coastline, residents and businesses dodged a potentially devastating bullet. Yet, the storm serves as an important reminder about how businesses must prepare for and respond to natural disasters in order to minimize losses and ensure their long-term viability. The actions a business takes during the first few days […]