Learning Center : Articles

Not All Home Mortgage Interest Is Deductible; The IRS is Watching

Article Highlights: Acquisition Debt Equity Debt Tracing Excess Debt Unsecured Election One of the current IRS audit initiatives is checking to see if taxpayers are deducting too much home equity debt interest. Generally, taxpayers are allowed to deduct the interest [...Read More]

Published: March 15th, 2016

2015 Transition Relief under the Employer Shared Responsibility Provisions

Article Highlights: Employer shared responsibility provisions Who must be offered affordable minimum essential health coverage? Full-time employees Equivalent full-time employees Transitional relief Under the Affordable Care Act, certain employers – referred to as applicable large employers (ALEs) – are subject [...Read More]

Published: March 15th, 2016

Household Help: Employee or Contractor?

Article Highlights: Household Employee Definition Employee Control Factors Self-employed or Employee Withholding Requirements Reporting Requirements Frequently taxpayers will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees [...Read More]

Published: March 15th, 2016

Better to Sell Or Trade A Business Vehicle?

Article Highlights: Trade-in Sale Personal Use Allocation Other Considerations From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading [...Read More]

Published: March 15th, 2016

Take Advantage of the IRA-to-Charity Provision

Article Highlights IRA-to-Charity Transfer Provision Made Permanent Required Minimum Distribution How the Provision Plays Out on a Tax Return Tax Benefits of the Provision Individuals age 70.5 or over—who must withdraw annual required minimum distributions (RMDs) from their IRAs—will be [...Read More]

Published: March 15th, 2016