The IRS strictly enforces its requirements to claim charitable contributions. And yet, taxpayers continue to ignore these rules and find themselves being audited by the IRS. Often, not only do these … [Read more...] about Charitable Contributions Lack Goodwill
Surprise – Why You Can’t Deduct Your S Corp Losses?
Your business had a very challenging year. It incurred significant losses but you seemingly have the solace in knowing that you can offset your W-2 earnings and interest and dividend income with those … [Read more...] about Surprise – Why You Can’t Deduct Your S Corp Losses?
IRS Rehires Fired Employees with Conduct Issues
On July 24, the Treasury Inspector General for Tax Administration (TIGTA) issued a report criticizing the IRS for hiring more than 200 employees with previous conduct and performance issues. The … [Read more...] about IRS Rehires Fired Employees with Conduct Issues
Self-Prepared Tax Returns
We get about 4-6 new 1040 clients every tax year who used one of the more popular software programs that allow taxpayers to self-prepare their personal tax returns. They seek our assistance when they … [Read more...] about Self-Prepared Tax Returns
The Medicare Coverage Trap
Do not fall into the Medicare coverage trap! Let’s look at a hypothetical situation. You find yourself retiring and your employer has a very good medical plan. Rather than signing up for Medicare … [Read more...] about The Medicare Coverage Trap
PA Filial Law and Long-Term Care Insurance
With the demographically large baby boomer generation moving into retirement, we may see an increasing number of people without the financial resources to support themselves in their golden years. … [Read more...] about PA Filial Law and Long-Term Care Insurance
