IRS Announces Error in Instructions in Capital Gains Tax Calculation for Forms 1040 and 1041
The Internal Revenue Service (IRS) recently announced that the instructions for calculating tax on capital gains…
Inherited an IRA? It’s Not Always 100% Taxable
Beneficiaries of an inherited individual retirement account (IRA) are typically not privy to the income tax…
IRS Releases HSA Contribution Limits for 2020
The Internal Revenue Service (IRS) recently released the 2020 annual contribution limits for health savings accounts…
Legislative Changes to Retirement Savings
Bipartisan legislation that would make several significant changes to retirement planning is making its way through…
Retirement Plan Voluntary Correction Program Enhanced
One of the longstanding, basic tenets of the qualified retirement plan world is the concept of…
Guidance Issued on Calculating and Reporting the QBI Deduction for Tax-Exempt Trusts
The IRS has issued guidance to tax-exempt trusts with unrelated business income, which claim the §199A…
House Takes First Step to Changing Retirement Plans
For several months, we have heard that some changes to retirement plan were on the horizon.…
Employer-Owned Life Insurance Policies: Tax Treatment & Reporting Requirements
In the past, money received through a life insurance contract, paid by reason of the death…
Policies to Help Your Uniform Guidance Audit Go Smoothly
All organizations should have policies in place to ensure that processes are effective, efficient, and provide…
Nonprofit Organizations: Accounting for Interest-Free Loans
Nonprofit organizations often receive loans that are interest free. Because these are not normally obtainable through…