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On June 19, the IRS published proposed regulations implementing a new federal law that authorizes states to offer specially designed tax-favored ABLE accounts to people with disabilities who became disabled before age 26. Until the issuance of final regulations, taxpayers…

In May 2015, we shared that the IRS had issued approximately 1.5 million Identity Protection Personal Identification Numbers (IP PINs) to assist victims of tax identity theft. While the IP PIN is assigned annually to victims of identity theft with…

The U.S. Department of Labor recently announced a proposal that could extend overtime protections to nearly five million white collar workers within the first year of the new rule’s implementation. The argument for the proposed changes stems from the gradual…

By Philip Piedt, CFP® Everyone likes the idea of being a millionaire one day. Becoming a millionaire is part of the proverbial American Dream, alongside owning a home with a white picket-fence, two cars in the driveway, and being able…

On June 26, the U.S. Supreme Court issued a much-anticipated ruling that legalizes same-sex marriage nationwide. This landmark case will have significant tax, estate planning, immigration, employee benefits, and other financial and legal implications for individuals and businesses that reside…

In a Legal Advice Issued by Field Attorneys (LAFA), IRS has provided guidance regarding the effect on the running of the statute of limitations for assessments, of: 1. A taxpayer filing Form 941, the quarterly employment tax return, when he…

The IRS recently issued final regulations and made an announcement that may be of interest to estate executors, personal representatives and married couples. Here are the details of both developments: 1. Final Regulations Issued on the Portability Election for Spouses…

A recent U.S. Tax Court decision drives home the important point that current deductions aren’t allowed for most expenses incurred while a new business is still in the start-up phase. Other decisions have dealt with the same issue in recent…

Summer is finally here. While you’re enjoying the warmer weather, it’s still important to remain diligent about business and personal tax planning. Fortunately, many of the following hot summer tax-planning tips enable taxpayers to combine business with pleasure. Summer Tax…

Much like the smartphone changed the way you use your phone and social media changed the way you interact with friends, technology is about to disrupt how you view, manage and understand your financial life. The digital world allows you…