Income Tax
The Paycheck is Greener on the Other Side: Good Employees Increasingly Quitting for Higher Pay
The U.S. Bureau of Labor Statistics recently reported 2.7 million people quit their jobs in February, up by nearly a quarter million year over year, and separate research suggests below-market compensation could be one of the causes of continuing turnover. In a new survey from global staffing firm Robert Half, one in four (25 percent) […]
IRS Splits Pub. 590 on IRAs: Here’s the Skinny on 590-A
Generally, your deduction for an IRA contribution is phased out if you are an active participant in an employer-sponsored retirement plan (or your spouse is an active participant, if married) and your modified adjusted gross income (MAGI) exceeds an ...
In Washington State, Retail Marijuana Outlets Slow to Open
The state is willing to provide a license for any of the lottery winners who meet the state's requirements. It has done so for 131 stores in 28 counties, including at least one retailer in every jurisdiction with an applicant and no moratorium.
IRS Chief to Ted Cruz: Agency Won’t Simply Go Away
During the announcement of his candidacy for president last month, Cruz kicked off another controversy by advocating the elimination of the IRS. He said that the U.S. could impose a “simple flat tax that lets every American fill out his or her taxes ...
IRS Offers Tips for Last Minute Income Tax Filers
For these procrastinators, the rush is on. The IRS is offering reminders for these last-minute income tax filers.
New Law Allows 2014 Tax Deduction for 2015 Donations to NYC Slain Police Officer Fund
This new measure provides instant tax gratification to taxpayers in the aftermath of a tragic killing of two New York City cops. While sitting in a marked police car in Brooklyn, Liu and Ramos were shot to death at point blank range on December 201, 2014.
10 Things Tax Procrastinators Need to Know
Here are 10 important things the American Institute of CPAs recommends that taxpayers know about getting their federal tax return to the Internal Revenue Service (IRS) by the Wednesday, April 15 filing deadline and about filing for an extension.
Taxpayers May Be Able to Deduct a Relative’s Medical Expenses
Don’t forget to include medical expenses the client pays on behalf of a relative such as an elderly parent in a nursing home or a child who graduated from college last year. Little-known fact: It may be possible to add qualified expenses paid for a ...