Looking for a new job can be a very stressful time, filled with unknowns and anxiety. However, if you are looking for a job in the same line of work, there is some good news from the IRS: you may be able to deduct some of your job search costs on your next tax return! [...]
With school back in session across the region, the IRS is warning taxpayers of telephone scams that are targeting students and parents (IRS Newswire Issue IR-2006-107). This scam involves phone calls in which the caller demands immediate payment for non-existent taxes, including a "Federal Student Tax." In several reported cases, the caller becomes angry or [...]
Like many Americans, I have enjoyed watching with great pride so many of our Olympic athletes take to the podium to receive their hard-earned prize: an Olympic medal. The sound of our national anthem rising above the crowd is powerful, and I often wonder what must be going through the minds of the winning athletes. [...]
What is the Georgia Accounting Food Fight? The Georgia Society of CPAs and accounting firms and industry accounting departments across the Peach State are working together in a friendly food and fund drive competition to support the eight regional Georgia Food Banks that comprise the Georgia Food Bank Association. Our firm has entered the competition, [...]
With the Democratic and Republican National Conventions behind us, the nation has turned its focus towards the general election in the fall. I would first say, regardless of whom you vote for, I believe wholeheartedly in the importance of voting in general. As Franklin D. Roosevelt once said, “Nobody will ever deprive the American people [...]
Last summer, right around this time, we posted a reading list targeted at business owners (you can read it here). Well, since summer has once again arrived – bringing with it heat and the hope of relaxation by the water – we felt it only appropriate to present a new list of reading selections. Our [...]
As was noted in our prior blog post (Summary of Reinstated Tax Incentives for Individuals and Businesses), one of the tax provisions having been made permanent in the PATH Act of 2015 relates to charitable contributions made directly from IRAs. As we stated: The new legislation [the PATH Act] permanently enables taxpayers who are 70 [...]
As 2015 was winding down, Congress and the President came to an agreement on a tax bill benefiting individuals and business owners alike: the Protecting Americans from Tax Hikes Act of 2015 (known as the PATH Act). This legislation makes permanent several key tax incentives and tax breaks that individuals and businesses have come to [...]
With school back in session, summer may already feel like ages ago (where does the time go!?!). However, we wanted to mention an important tax deduction that is easy to overlook once summer fades into autumn: summer-camp expenses. As the IRS notes (see reference via this link), summer-camp expenses may help to lower a taxpayer's ultimate [...]
From time to time, we are asked to advise clients on the tax impacts of personal-injury settlement income. Although every situation is different - and thus, each individual case requires special attention - there are some generalities which can be helpful to keep in mind. Internal Revenue Code (IRC) Section 104(a)(2) stipulates that "the amount [...]