Monthly Archive: October 2015

10 Best States for Taxes on Retirees

Retirees have special concerns when evaluating state tax policies: Are Social Security benefits taxed? Does the state impose its own estate tax? Are there property tax breaks for seniors? The answers can greatly affect the financial well-being of someone living…
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A Tax Strategy for Real Estate Sales

By Allison DeLuca, CPA, Melville, N.Y. October 1, 2015 The U.S. real estate market has always attracted the attention of investors and developers worldwide and even more so recently because of a number of factors including increased financing channels…
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IRS Announces Progress in Collaborative Fight Against Tax Return Identity Theft

By Sally P. Schreiber, J.D. October 20, 2015 An IRS-led coalition is making progress in the fight against tax-return identity theft the agency announced on Tuesday (IR-2015-117, FS-2015-23). IRS Commissioner John Koskinen called the collaborative effort an ?unprecedented partnership ……
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Retirement Plan Limits for the Tax Year 2016

On October 21, 2015, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. Here are the highlights: 2016 Plan Limits

In 2016, Some Tax Benefits Increase Slightly Due to Inflation Adjustments, Others Are Unchanged

IR-2015-119, Oct. 21, 2015 WASHINGTON ? For tax year 2016, the Internal Revenue Service today announced annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2015-53 provides details about…
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Employee or Independent Contractor?: The Worker Classification Dilemma

By Susan C. Allen, CPA/CITP, CGMA, Durham, N.C. October 1, 2015 The worker classification issue persists due to the inherent tug-of-war between workers, who tend to prefer employee status, and payers/businesses, which often prefer to classify their workers as…
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Deducting Expenses for Sporting Events Under an Accountable Plan

By David J. Holets, CPA, Indianapolis September 1, 2015 Most employers take advantage of the accountable plan rules to deduct travel and entertainment expenses. Amounts received by an employee under an accountable plan are deductible by the employer without any…
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Don?t let clients overlook these key estate planning issues

Clients dragging their heels? Let them know why estate planning is so important. By Patricia M. Annino, J.D. October 12, 2015 Clients tend not to want to deal with estate planning until they absolutely have to. In my 30 years…
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Tax Planning Businesses Can Do Before Year End

By Sally P. Schreiber, J.D. Printed by The Tax Adviser October 8, 2015 At the end of every year, it seems, taxpayers wait anxiously for Congress to enact extensions of popular business tax breaks, and every year Congress waits to…
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State and Local Investment Gets Lift From Rising Revenues
Late in the economic expansion, state and local government investment is now showing signs of a real recovery.
Boeing Flies Close to Trade Tussle With New Facility in China
Boeing opened a new Chinese production facility, as the American aviation company tries to cater to its top export market while steering clear of the tensions battering U.S.-China relations.
The 'Fortnite' Dance Move That Spawned a Lawsuit
The suit targets one of the videogame’s most popular aspects: the celebratory dances players buy for a few bucks. Artists including Chance the Rapper say originators should be paid for moves they created and popularized.
Where You Should Move to Make the Most Money: America's Superstar Cities
A tech-driven concentration of talent since the 1980s has helped the rich get richer. But it has also sharpened an urban-rural divide that, some say, threatens growth. Columnist Christopher Mims explores the phenomenon.
Justice Department Chides McKinsey in Another Bankruptcy Case
A Justice Department official asked a federal judge to withhold payments to McKinsey for its work advising a bankrupt Colorado coal miner, adding to criticism of how the firm discloses potential conflicts of interest.