“Taxes are what we pay for a civilized society.” That quote from Supreme Court Justice Oliver Wendell Holmes, Jr., can be found over the main entrance of the Internal Revenue Service office in Washington, D.C., noted Judge Robin Rosenbaum, writing for the Eleventh Circuit Court of Appeals. But, she added, “even Justice Holmes would likely [...]
As college costs rise, more students are hitting the federal student loan limits. Increasingly, their parents are borrowing to make up the difference. As of the latest tally, parents have collectively borrowed nearly $90 billion to pay for their children’s college education. There’s no doubt that college is expensive. Tuition and fees for a four-year [...]
our email inbox is like a virtual home — after all, that’s where all your first official points of contacts go when you sign up for a new service, apply for jobs, buy stuff online, etc. And just like your physical home, letting your inbox get cluttered can feel chaotic, with most of that mess [...]
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, [...]