Do you need to file a 2016 gift tax return by April 18?

Do you need to file a 2016 gift tax return by April 18? Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making … Continued

What you need to know about the tax treatment of ISOs

What you need to know about the tax treatment of ISOs Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re … Continued

The “manufacturers’ deduction” isn’t just for manufacturers

The “manufacturers’ deduction” isn’t just for manufacturers The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199 deduction 101 The Sec. 199 deduction, also called … Continued

The investment interest expense deduction: Less beneficial than you might think

The investment interest expense deduction: Less beneficial than you might think Investment interest — interest on debt used to buy assets held for investment, such as margin debt used to buy securities — generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction … Continued

Consider State Taxes When Deciding Where to Live in Retirement

When you retire, you may consider moving to another state — say, for the weather or to be closer to loved ones. State taxes also may factor into the equation. Here’s what you need to know about establishing residency for state tax purposes — and why the process may be more complicated than it initially … Continued

Tax Deadlines Loom for Employers. Minimum Wages Rise in Many States

Tax Deadlines Loom for Employers. Minimum Wages Rise in Many States Many employers will be facing more payroll-related changes at the state level this year than they will at the federal level. That’s because the minimum wage in many states was raised January 1 and surpasses the $7.25 federal minimum, which has prevailed since 2009. … Continued

Tax Fraud Awareness: How to Protect Your Identity and Assets

The IRS, taxpayers and tax preparers share a common enemy: identity thieves. We all have a part to play in the fight against tax-related identity theft. Your role starts by learning the mechanics and warning signs. From there, taxpayers can take proactive steps to protect their data online and at home. IRS Creates Security Summit … Continued

Help prevent tax identity theft by filing early

Help prevent tax identity theft by filing early If you’re like many Americans, you might not start thinking about filing your tax return until close to this year’s April 18 deadline. You might even want to file for an extension so you don’t have to send your return to the IRS until October 16. But … Continued

International Tax Monthly: U.S. Repatriation, EU Corporate Tax, Canadian Report

 U.S. Multinationals Optimistic for Another Repatriation Holiday President-elect Donald Trump’s election win moves Apple, Pfizer, Microsoft and other big U.S. corporations much closer than they have been in years to winning a big tax break on approximately $2.6 trillion in foreign profits. This article explains the mechanics of taxing foreign-source income, the 2004 repatriation holiday, … Continued