WHAT'S NEW + BLOG
Making Required Minimum Distributions Pain Free
https://www.cnbc.com/2019/10/20/what-you-need-to-know-about-required-minimum-distributions-this-year.html If you’re 70½ or older, or inherited a retirement account, you need to take your required minimum distribution by Dec. 31.Now is the time to get organized and...
Virtual Currency and Your Taxes
As the use of virtual currency increases, the IRS has continued to issue guidelines for the tax treatment of virtual currency, along with clarification of what it is considered virtual currency. The IRS has stated "in general, the sale or exchange of convertible...
2020 and the need to update your W-4
As the TCJA removed exemptions in favor of an increased standard deduction, many taxpayers found themselves under withheld on their wages. To transition from the old tax system into the new one, the IRS recently released new withholding tables and updated Form W-4 for...
How taxes work for family members in the family business
https://www.irs.gov/newsroom/tax-treatment-for-family-members-working-in-the-family-business One of the advantages of someone running their own business is hiring family members. But when including family members in business operations, certain tax treatments and...
Texas Wayfair Sales Tax Updates
TEXAS TAX RESPONSIBILITIES AND RESOURCES FOR SELLERS AFTER WAYFAIR As a result of the U.S. Supreme Court’s June 21, 2018 decision in South Dakota v. Wayfair, Texas businesses selling items or services into other states may be required to collect taxes for those...
Hurricane Season Tips from an Accountant
With Dorian incoming, those of us in hurricane prone states are aware that hurricane season is now upon us. While you are already doing the best you can to protect yourself, these few tips can help you and your financial documents stay above water. Step One - Copy and...
The IRS has ruled that a portion of ancestry genetic testing is medical care
Read the full text below: In a redacted Private Letter Ruling the IRS has ruled that a portion of ancestry genetic testing (consisting of a DNA collection kit and health services) is medical care and, hence, that portion of the costs of the services and kit is...
Expanded list of care for HSA participants with certain chronic conditions
The IRS as of July 17th has added new preventative care benefits provided to individuals covered by a High Deductible Health Plan (HDHP). For certain chronic conditions, new services and items will now be listed as preventative care for your health coverage. Please...
Tax Tip Thursday: How Higher Education students can request information from the IRS for Financial Aid
When filling out the FAFSA (the Free Application for Federal Student Aid form), you need your financial information on hand and sometimes it can be hard to get your hands on. "The IRS Data Retrieval Tool is available to use with the 2019‒2020 FAFSA Form." The IRS Data...
Updated 2020 HSA Contribution Limits!
If your family is covered under a High-Deductible Health Plan (HDHP), you have new inflation-adjusted limits on your 2020 deductions for contributions into your HSA. "High deductible health plan. For calendar year 2020, a “high deductible health plan” is defined under...
