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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 and...

As the U.S. Supreme Court adjourns for its summer recess, the landmark cases about same-sex marriage and the Affordable Care Act premium tax credits have garnered most of the publicity. However, you should also know about these three lesser-known Supreme Court decisions that may...

A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the tradeoff is that contributions to these plans don’t reduce...

When a client voiced strong suspicions that her soon-to-be ex-husband was hiding assets, her attorney investigated the claim but found nothing amiss. However, he hired a forensic accounting expert to help ensure his client would receive an equitable share of the marital estate....

Enrollment in high-deductible health plans (HDHPs) could gain traction soon, as employers begin to focus on a very attractive feature: These plans have a demonstrated ability to control costs. Also, there is a growing urgency among employers to avoid exposure to the Affordable...

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: A taxpayer filing Form 941, the quarterly employment tax return, when he was supposed to file Form 944, the annual...

Along with warm temperatures, summer can bring natural disasters. It’s currently hurricane season along the Atlantic and Gulf coasts, severe storm season in the Midwest, flood season along the Mississippi River, and wildfire season in the Southwest and West. When disaster...

Even though portability now allows married couples to use up both spouses’ estate tax exemptions without having to make lifetime asset transfers or set up trusts, this “easier” path isn’t necessarily the better path. For couples with large estates, making lifetime asset transfers...

Plaintiffs seek damages for lost earnings in cases ranging from wrongful termination to wrongful death. When calculating such damages, financial experts consider several components, including base earnings, retirement benefits and fringe benefits. Begin with base earnings The...

Individual identity theft has gotten a lot of press in recent years, but what about the theft of a business’s identity? For many of your clients, their identity and their company’s identity are virtually the same, and a crook’s hijacking of the latter can have crippling effects...