IRS increases 401K contributions

IRS increases 401K contributions

There is some good news for your retirement planning. If you have an employer-sponsored 401(k) retirement plan, or any of a number of similar plans, you’ll be able to increase your annual contribution this year by $1000, as part of the federal government’s scheduled...
IRS issues rare PLR on Sec. 1202

IRS issues rare PLR on Sec. 1202

There’s a lesser known and often under-utilized part of the Internal Revenue Code, Section 1202, that can offer a significant tax break for non-corporate taxpayers. Known as the Small Business Stock Gain Exclusion, Section 1202 allows an exemption from federal tax for...
What’s better than a large refund?

What’s better than a large refund?

If you think a large tax refund is a good thing, you may want to reconsider. Why would you want to let the federal government control your money when you could be putting that money to work for you? By better managing your withholding taxes, you can stop overpaying...
COVID Scams to watch out for

COVID Scams to watch out for

The global COVID-19 pandemic has not only killed hundreds of thousands of individuals and sickened countless others, it has also spawned a host of scams, with criminals hoping to capitalize on people’s fears and the uncertain economic times. The Internal Revenue...
IRS changes in reporting for partnerships

IRS changes in reporting for partnerships

Due to concerns that partnerships may not be able to comply with its new mandate for the way they should report partners’ capital accounts, the IRS has postponed the requirement for reporting partners’ shares of partnership capital on the tax-basis until 2020. (See...