In the News
The IRS is always skeptical when individual taxpayers claim deductions for bad debt losses. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions.
It's not too late! You can still take steps to significantly reduce your business's 2017 income tax bill and possibly lay the groundwork for tax savings in future years.
Want to borrow money from your retirement plan? Not so fast. Retirement plan loans can be a viable way to get money in a crunch, but you need to follow the rules about repaying them. If you don't, it could lead to unfavorable tax consequences, as two taxpayers recently learned the hard way in U.S. Tax Court.
Could your data be hacked? Unfortunately, every organization -- including for-profit businesses, not-for-profits and government agencies -- is vulnerable to cyberattacks today.
Do you regret converting your traditional IRA into a Roth IRA? Fortunately, a taxpayer-friendly aspect of the Roth conversion rules is that you have until October 15 (adjusted for weekends) of the year following the year of a conversion to reverse it. In other words, the deadline for reversing any 2016 Roth conversions is October 16, 2017.
The Work Opportunity tax credit (WOTC) is a federal income tax credit that's available to businesses that hire members of certain "targeted" groups. Here's how your business may be able to benefit from this potentially lucrative tax break.
School is back in session. So, it's time for a refresher on tax breaks for work-related education expenditures. Here's what individual taxpayers need to know.