IRA, is it right for you?

It may not be too late to lower your 2021 tax bill. You may still be able to contribute to an IRA until the due date of your 2021 tax return (April 18 this year). Be sure to designate the contributions for 2021. Generally, eligible taxpayers can contribute up to $6,000 to an IRA for […]

Crypto regulation

Greater regulation of digital assets could be coming. On March 9, President Biden signed an executive order (EO) to expand oversight of cryptocurrency markets. The EO also prioritizes the assessment of a Central Bank Digital Currency (CBDC). Various government financial regulators will assess how the “adoption of digital assets” would affect U.S. investors and businesses. […]

Lost your job? Here are the tax aspects of an employee termination

Despite the robust job market, there are still some people losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, there are tax implications due to your changed personal and professional circumstances. Depending on your situation, the tax aspects can be complex and require […]

Emissions impacted by Tax?

How are carbon-dioxide emissions affected by tax or allowance prices on them? A recent Congressional Budget Office (CBO) paper examines this question. It scrutinizes three groups: the electrical power industry, the transportation sector and a composite residential, commercial and industrial group. In the electrical power industry, “price sensitivities of energy-related emissions over the first 10 […]

Know your Rights

Dealing with the IRS is often frustrating. But as a taxpayer, you’re entitled to know how to comply with tax laws and why certain actions are taken. In fact, the IRS must adhere to 10 specific rights, known as the Taxpayer Bill of Rights. One of those is the right to be informed when changes […]

New audit committee survey reveals trends on risks, ESG reporting and more

In late January, a survey entitled “Audit Committee Practices Report: Common Threads Across Audit Committees” was published by Deloitte and the Center for Audit Quality, an affiliate of the American Institute of Certified Public Accountants. The survey analyzed 246 responses, including 86% of respondents who served on audit committees of public companies. Here are some […]

IRS levy

If an individual doesn’t pay a tax debt, an IRS levy permits the legal seizure of his or her property. The IRS can garnish wages, take money in a bank account and seize vehicles, real estate and other personal property. In one case, a credit union surrendered the contents of a man’s account to the […]

The Ins and Outs of IRAs

Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual deductible contribution to a traditional IRA if: You (and your […]

Tax records can paint a vivid picture

Are you eligible for a medical expense tax deduction?

You may pay out a bundle in out-of-pocket medical costs each year. But can you deduct them on your tax return? It’s possible but not easy. Medical expenses can be claimed as a deduction only to the extent your unreimbursed costs exceed 7.5% of your adjusted gross income. Plus, medical expenses are deductible only if […]