As the first filing season that implements the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, moves forward, many taxpayers are becoming frustrated to learn that their refunds are smaller or they owe money for the first time. The substantial uncertainty surrounding the TCJA’s implementation and the updated federal tax withholding [...]
The average check from Uncle Sam hit $3,068 for the week of March 1, reflecting an increase of 0.7 percent year over year. This tax season is the first time filers are submitting returns under the Tax Cuts and Jobs Act, an overhaul of the revenue code. Unhappy with the results? Now is the time [...]
Free gifts are hard to resist, even if you're a star, unless they come with a tax bill. How can gifts be taxed as income? The answer is when they are not really gifts. Every year at the Oscars, there are many "free" gifts. Companies pay promoters to get their gear in gift bags. The [...]
A new study shows something many healthcare patients know all too well: hospitals are charging significant premiums on some of the most-used prescription drugs. In a new study of 34 hospital systems, Wall Street firm AllianceBernstein found that the average drug prices in a hospital are three to seven times higher than what Medicare charges [...]
The IRS is expanding to seven additional states its voluntary programfor taxpayers who wish to obtain identity protection personal identification numbers (IP PINs) and are not currently victims of tax return identity theft. The pilot program originally involved Washington, D.C., Florida, and Georgia. IP PINs will now be available in seven more states: California, Delaware, Illinois, [...]
The cryptocurrency exchange QuadrigaCX owes its customers $250 million in Canadian dollars. Unfortunately, the exchange can't access any of the funds because its leader is dead and no one knows the passwords to his computers. A Canadian cryptocurrency exchange can no longer access customer funds because the company's CEO is dead and no one knows [...]
It’s never too late for your clients to start working on their personal finances -- but it’s never too early, either, and the earlier they start in, the longer they’ll benefit. With that in mind, a number of members of the American Institute of CPAs’ PFP Executive Committee and its Personal Financial Specialist, or PFS, [...]
What. A. Year. When tax geeks arose from their slumber on January 1, 2018, we were greeted by a strange and unfamiliar world. Gone were personal exemptions, Section 199, and 50% bonus depreciation. In their place were a doubled standard deduction, Section 199A, and 100% bonus depreciation. These changes, in addition to countless others, were [...]
When it comes to retirement saving, which is better for you: a Roth IRA or traditional IRA? What are the differences between a Roth and a traditional IRA, anyway? Is one of them better for everyone in any circumstances? Or does it vary, depending on your circumstances? The answers boil down to this: The best [...]
Although you can’t deduct the cost of commuting back and forth from work, the tax law provides various benefits associated with driving your vehicle. Following are some new developments affecting mobile taxpayers. More tax mileage in ‘19. The IRS recently announced new optional standard mileage rates for 2019 (IR-2018-251, 12/14/18). Accordingly, the rate for business [...]