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Five-Year Tests for Roth IRAs

Two Five-Year Tests for Roth IRAs The pros and cons of Roth IRAs, which were introduced 20 years ago, are well understood. All money flowing into Roth IRAs is after-tax, so there is no upfront tax benefit. As a tradeoff, all qualified Roth IRA distributions can be tax-free, including the parts of the distributions that are payouts of investment earnings. To be a qualified distribution, the... Read More

What the New Tax Cuts and Jobs Act Means for Manufacturers

The 2017 Tax Cuts and Jobs Act (the “Act”) has overwhelmed many on an individual and business level with the unending question: what will I really be paying in taxes and what is my most advantageous strategy to implement in 2018? The focus of individuals and businesses should not solely be on the next year but must include a long-range viewpoint considering the future years’ impact on strategic... Read More

Scam Alert: IRS Urges Taxpayers to Watch Out for Erroneous Refunds

The Internal Revenue Service today warned taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. The IRS also offered a step-by-step explanation for how to return the funds and avoid being scammed. Following up on a Security Summit alert issued Feb. 2, the IRS issued this additional warning about the new scheme after discovering more tax... Read More

HLB International Adds New Member in Rwanda

HLB International, one of the leading global accountancy networks with presence in 150 countries, continues its growth with the recent signing of a new member firm in Rwanda, M.N & Associates CPA. M.N & Associates CPA is based in Kigali, the capital city of Rwanda. Established in 2008, the firm provides and offers expertise in Audit & Assurance, Accounts outsourcing, Taxation as well as Advisory... Read More

Relevant Records Needed to Substantiate Employee Expenses

If you work for a business, you might incur certain expenses that are related to your job. In some cases, those expenses can be substantial. The process of claiming this deduction for employee business expenses might not be simple. You must go through several steps, and you’ll need relevant records to substantiate the deduction if you’re challenged by the IRS. The broad look In general terms, here is an... Read More

Does Your Small Business Have ‘Key Person’ Insurance

At a multinational corporation, the loss of any single employee may hardly cause a ripple in its ongoing business. That’s often not true for a small business. If you’re the prime mover, your inability to work could have severe consequences. The same is true if you have partners or other vital personnel who can no longer do their jobs. Building a strong team can hedge against this risk. Even so, your... Read More

February/March Dates to Remember

February 15 All businesses. Give annual information statements to recipients of certain payments you made during 2017. Payments that are covered include amounts paid in real estate transactions (Forms 1099-S); amounts paid in broker and barter exchange transactions (Forms 1099-B); and payments to attorneys (Form 1099-MISC, if amounts are reported in box 8 or 14). Employers. For Social Security,... Read More

Solving the Annuity Puzzle

Americans hold billions of dollars in annuities, yet they are widely misunderstood. Used properly, an annuity can serve valuable purposes in personal financial planning. On the other hand, some types of annuities are widely criticized, even scorned, by some financial advisers. Lifelong income What might be considered the purest type of annuity is a contract with an issuer, often an insurance company, for... Read More

Final Partnership Regulations Issued

On December 22nd President Trump signed Tax Cuts and Jobs Act as expected. This bill is the biggest tax reform the United States has seen in over 30 years. The bill contains many changes related to individuals, businesses, and specific industries. The real estate industry in particular will be impacted by the provisions related to expensing interest, depreciation and the recovery period for real... Read More