by Bill Houston | Dec 9, 2016 | General Tax Info
This time of year, we often get questions on the tax consequences of cash gifts to kids. We can illustrate how this works with a very simple example. Let’s say Bob is a single parent and wants to give his son $20,000 for Christmas this year. Bob is the one...
by Bill Houston | Dec 9, 2016 | General Tax Info
Congress eliminated an IRS penalty on small businesses that was devastating to those that incurred it. On their own volition, the IRS decreed that any small business that reimbursed their employees for health care premiums could face a $100 per day per employee, up...
by Bill Houston | Dec 5, 2016 | General Tax Info
We are sorry for any loss you have had. Having gone through the loss of parents recently, we understand what you are experiencing. This will seem hard but hopefully this overview will get you through the process. When any taxpayer dies, a final tax return should be...
by Bill Houston | Nov 10, 2016 | General Tax Info
With Trump as President and with a Republican House and Senate, there is likely going to be broad agreement on tax reform. Here is what appears to be likely, though proposals are somewhat fluid: The corporate tax rate will be lowered to as low as 15%. If this...
by Bill Houston | Nov 7, 2016 | General Tax Info
For small business owners, you should be aware that the IRS has moved up the filing due date for 1099-MISC forms that report non-employee compensation in Box 7. The new due date is January 31st, the same as the date the forms are supposed to be issued to recipients....
by Bill Houston | Sep 25, 2016 | General Tax Info
Well, I am getting tired of writing about these pfishing scams but the info needs to get out as new scams arise. We get calls here all the time regarding phone calls from scumbags professing to be from the IRS and demanding immediate payment, usually accompanied by a...
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