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If you donate a vehicle, the value of your deduction can vary greatly depending on what the charity does with it. You can deduct the vehicle’s fair market value (FMV) if the charity: Uses the vehicle for a significant charitable purpose (such as delivering meals-on-wheels to the...

Have you recently changed your name? If so, it can affect your taxes. The names on your tax return must match Social Security Administration (SSA) records. If you have married or divorced and changed your name, you must notify the SSA of your name change. Also, notify the SSA if...

If you have a financial interest in or signature authority over a foreign financial account exceeding certain thresholds, the Bank Secrecy Act may require you to report the account yearly to the IRS by filing a Financial Crimes Enforcement Network (FinCEN) Form 114 (“Report of...

It can be difficult in the current job market for young people and recent college graduates to find full time and summer jobs. Business owners with children in this situation may be able to provide them with valuable experience and income while generating tax and financial...

Remembering Our Service Men and Women on Memorial Day!

As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young children. One major advantage of ESAs over another popular education saving tool, the Section 529 plan, is that tax-free ESA...

With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a...

The U.S. Tax Court has held that payments received by a police detective on his retirement — for unused sick and vacation time — were includible in income. Based on that conclusion, the court rejected the taxpayer’s argument that a portion of the vacation time...

Personality tests are not new. But the proliferation of easy-to-administer web-based testing services has made personality tests more ubiquitous. Are they right for your organization? You need to consider both the potential benefits and the possible legal risks. Useful or Not? An...

Concerns about cyber threats disrupting core operations are now a top operational risk. During a May 8 question-and-answer session, Securities and Exchange Commission Chair Mary Jo White called threats to cyber security “the biggest systematic risk we have facing us.”...