Under the TCJA, certain future alimony payments will no longer be deductible by the payer. Also, alimony will no longer be considered income to the recipient. Therefore, for divorces and legal separations that are executed (that come into legal existence due to a court order) after...
For 2018, joint filers can enjoy a standard deduction of $24,000 (versus $12,700 for 2017). The new standard deduction for heads of household is $18,000, and single taxpayers (including married taxpayers filing separately) can claim a standard deduction of $12,000. However, the TCJA suspends the...
I love it when clients ask me questions, especially in advance of taking action. Some ask many questions throughout the year, while others may wait for tax time. Many business and individual clients rely on their CPAs to make sense of tax implications and all...
Beware of charity scams following recent tragedies in Texas and Florida. Scam artists often use major disasters and tragedies to try and steal money or get private information from well-intentioned people. Sometimes they use personal information to steal identities. Their schemes include contacting people by phone, social media, email...
IRS has announced that the interest rates for tax overpayments and underpayments for the calendar quarter beginning July 1, 2017 will remain the same as for the second quarter of 2017. For noncorporate taxpayers, the rate for both underpayments and overpayments for the third quarter...
These rules changed a few years ago, but we have found many taxpayers aren’t aware of them. [caption id="attachment_16814" align="alignright" width="300"] MICPA.com[/caption] Your donation must be to a qualified Charitable Organization. YOU CANNOT DEDUCT PAYMENTS: To an individual, even if it is for a charitable purpose To a...
Many who are involved with fundraising through a volunteer or booster club may be unaware of the related tax implications. These clubs have come under intense scrutiny recently from the Internal Revenue Service and the courts, so it is important to know the rules. Common assumptions about...
The present is getting better. The future, not at all. Even as more Americans say the economy is improving, a clear majority remain fearful about their children’s financial prospects, according to a study released in early June. The pessimism is not limited to the United States, either,...
The AICPA National CPA Financial Literacy Commission Shares Insight on How to Beat the Real Threat of Fake Financial News If it’s on the internet and in ALL CAPS it must be true! Whether it’s the GUY WHO TURNED $10,000 INTO $20 MILLION or the HOT...
Fueled by passion and idealism, young adults have long sought to change the world for the better. A few select professions are often specifically associated with these types of endeavors: Doctors, journalists, and teachers readily come to mind. And every lawyer can cite big cases...