Archive

22Aug2016

Should Our Olympic Champs be Taxed on their Prize Money and Medals?

  Article Highlights: Olympian Prize Money Gold Medals Aren’t Solid Gold Legislation to Exempt Prize Money and Medals from Taxation You may not realize this, but in addition to winning an Olympic medal, winners are compensated by the U.S. Olympic Committee with prize money: $25,000 for a gold medal, $15,000 for a silver medal and
  • 22 Aug, 2016
  • Jacqueline Cran
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18Aug2016

Partners May Not Be Employees

    Article Highlights: Partner Employee Issue Self-employment Tax Employee Benefit Plans If your partnership has been treating you and other partners as employees of a disregarded entity owned by the partnership in order for the partners to participate in employee benefit plans and receive other employee benefits, you’d better read this. Temporary tax regulations(1)
  • 18 Aug, 2016
  • Jacqueline Cran
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15Aug2016

Taxation of Employee Stock Options

    Article Highlights:   Employee Stock Options Stock Option Terminology Incentive Stock Options Non-qualified Stock Options Tax Strategies If you are an employee of a corporation, the company may offer you the option to purchase shares of the corporation at a fixed price at some future date so that you can benefit from your
  • 15 Aug, 2016
  • Jacqueline Cran
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11Aug2016

Surprised by the Alternative Minimum Tax (AMT)?

    Article Highlights:   How the AMT Is Determined Medical Deductions Deduction for Taxes Paid Home Mortgage Interest Miscellaneous Itemized Deductions Personal Exemptions Standard Deduction Incentive Stock Options Business Incentives When looking over your tax return, do you notice an amount on line 45? If an amount is entered there, it is because you
  • 11 Aug, 2016
  • Jacqueline Cran
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08Aug2016

Don’t Miss Out on the Electric Vehicle Credit

    Article Highlights: How the Credit Amount Is Determined Manufacturer Phaseouts Credit for Specific Vehicles Allocation between Business and Personal Use Non-refundable Limitations If you are considering purchasing a new car or light truck (less than 14,000 pounds), maybe you should consider one of the many electric vehicles currently being offered for sale and
  • 8 Aug, 2016
  • Jacqueline Cran
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04Aug2016

Married to a Non-U.S. Citizen?

    Article Highlights: Worldwide Income Filing Status Resident Alien Spouse Non-resident Alien Spouse Undocumented Alien Spouse Substantial Presence Test With modern transportation the world continues to shrink, and it is increasingly common for a U.S. citizen to marry someone from another country who is not a U.S. citizen. If this describes your marital circumstances,
  • 4 Aug, 2016
  • Jacqueline Cran
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01Aug2016

August 2016 Tax Due Dates

    August 2016 Individual Due Dates   August 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required
  • 1 Aug, 2016
  • Jacqueline Cran
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