transaction reports

File cash transaction reports for your business

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to file these transaction reports. Filing requirements Each person engaged in a trade or business who, in the course of…
employer-provided life insurance

The Tax Implications of Group Term Life Insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group…
report more income

Why Report More Partnership Income Than You Receive?

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why…

Are School Scholarships Tax-free or Taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship,…
inherit property

“Stepped-Up Basis” Advantage When You Inherited Property

If you’re planning your estate, or you’ve recently inherited property assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the…
paycheck checkup

Conduct a “Paycheck Checkup” to Ensure Tax Withholding

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax…