News

  Treasury Decision 9787 – Final Regulations Under §707 Regarding Disguised Sales and §752 Regarding the Allocation of Excess Partnership Nonrecourse Liabilities to a Partner On October 4, 2016, the... Continue Reading

  The Internal Revenue Service has announced the tax year 2017  annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure... Continue Reading

Business owners should have an exit strategy: a plan for the time when they’re either unwilling or unable to keep running their company. Often, that planning can include a current disaster plan for relatively... Continue Reading

The summary of the following 10 identity theft cases in states including Alabama, Florida, Georgia and New Jersey is based on public information available in court cases: Top 10 Identity Theft Cases Tampa Tax... Continue Reading

The Financial Accounting Standards Board (FASB) has finally issued the new lease accounting standard. The new standard is effective for non-public companies for the 2020 financial statements, allowing plenty of... Continue Reading

The federal estate tax exemption for deaths in 2016 is $5.45 million. Married couples may be able to pass twice that amount—$10.9 million—to their heirs without triggering estate tax. Some planning is... Continue Reading

Aggressive and threatening phone calls by criminals impersonating IRS employees remain a significant problem for the 2016 filing season, the IRS noted in a news release. There has been a surge of phone... Continue Reading

The deadline for 2015 IRA contributions is April 18, 2016. Workers and their spouses who were under age 70½ at year-end 2015 can each contribute up to $5,500, or $6,500 for those 50 and older. For traditional... Continue Reading

When you file your 2015 federal income tax this year, you can take a standard deduction. For 2015, that’s $6,300 for single taxpayers and for married individuals filing separately; $12,600 for couples filing... Continue Reading