Monthly Archives: January 2017

Tax Breaks Expiring for 2017 by Karen A. Lake, CPA

Posted on January 31, 2017 by Karen Lake

With the New Year comes a range of expiring tax breaks that individuals and businesses can no longer count on in 2017. As a result, taxpayers should meet with their accountants to plan appropriately.   Expiring Tax Breaks for Individuals Deduction for Qualified Tuition and Related Education Expenses Deduction of Mortgage Insurance Premiums as interest […]

IRS Extends 5-Year Eligibility Waiver for Businesses Requesting Automatic Accounting Method Changes under the Repair Regulations by Angie Adames, CPA

Posted on January 23, 2017 by Angie Adames

Taxpayers wishing to change their method of accounting under the final tangible property regulations will get some relief from the IRS. Specifically, the IRS has extended by one year the waiver that allows taxpayers to file for an automatic accounting method change under the repair regulations. Effective immediately, taxpayers may qualify for an automatic change […]

U.S. Taxpayers Face an Earlier Deadline for Reporting Foreign Assets in 2017 by Andrew Leonard, CPA

Posted on January 19, 2017 by Andrew Leonard

The IRS reminds U.S. citizens and resident aliens of their responsibility to annually report their financial interest in or signature authority over foreign bank, securities or other financial accounts with an aggregate value exceeding $10,000 at any time during the tax year. New for the 2016 tax year is an expedited deadline for filing FinCEN Form 114, Report of Foreign Bank and Financial […]

Tax Considerations for Divorced and Divorcing Couples by Joanie B. Stein, CPA

Posted on January 13, 2017 by Joanie Stein

Couples who separated or began the process of divorce during 2016 should remember that their marital status will affect their individual tax filings in April 2017. Following are some tax tips to keep in mind. Name Change. Individuals who change their names after a divorce must notify the Social Security Administration (SSA) by completing Form SS-5, […]

6 Ways to Use your Year-End Bonus by Scott Montgomery, CLU, ChFC

Posted on January 12, 2017 by Richard Berkowitz

Congratulations to the countless American workers who received year-end bonuses from their employers in 2016. Before heading out on a shopping spree, however, individuals should consider the following suggestions for putting those extra dollars to work for them in the future. Maximize Retirement Savings. Workers with access to an employer’s 401(k) retirement plan should consider […]

Enhanced Reporting Rules for U.S. Taxpayers with Foreign Assets by Angie Adames, CPA

Posted on January 09, 2017 by Angie Adames

The Internal Revenue Service (IRS) has issued final rules for certain “specified domestic entities” to report foreign financial assets with their annual tax returns using Form 8938, Statement of Specified Foreign Financial Assets, beginning with the 2016 tax year. This updated reporting requirement is in addition to the taxpayer’s annual reporting of Foreign Bank and […]

How a Trump Presidency May Affect the Real Estate Industry by John G. Ebenger, CPA

Posted on January 05, 2017 by John Ebenger

Based on pre-election campaign promises and proposals, the ultimate effect of a Donald Trump administration on the U.S. real estate industry is unknown. To be sure, Trump’s experience as a real estate developer is expected to benefit his industry peers; however, his hard line on immigration and trade raises questions that could diminish this optimism […]

Employers Get Obamacare Reporting Extension by Adam Cohen, CPA

Posted on January 03, 2017 by Adam Cohen

The IRS has delayed the due date for businesses to provide their full-time employees with informational statements about the healthcare coverage provided in 2016 under the Affordable Care Act. The deadline for which applicable large employers with 50 to 99 full-time equivalent employees must furnish workers with informational Forms 1095-B, Health Coverage, and 1095-C, Employer-Provided […]