August - 2021

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ABLE accounts may help disabled or blind family members

There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose...

IRS issues ERC guidance as Congress mulls early termination

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to...

Scholarships are usually tax-free but they may result in taxable income

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and...

Large cash transactions with your business must be reported to the IRS

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What...

5 possible tax aspects of a parent moving into a nursing home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications....

Is an LLC the right choice for your small business?

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your...

You may have loads of student debt, but it may be hard to deduct the interest

More than 43 million student borrowers are in debt with an average of $39,351 each, according to the research group EducationData.org. If...

The deductibility of corporate expenses covered by officers or shareholders

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind...