Taxation and Sales of Inherited Property Get Beneficial Treatment
Article Highlights: Taxation of Inherited Property Inherited Basis Date of Death Value Alternate Valuation Date Joint Tenants Married Gain or Loss on Sale Certified Appraisals Deducting Loss on Sale of Inherited Home If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, […]
June 30 – Deadline For Reporting Foreign Financial Interests
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Time Is Running Out! Extended Tax Due Date Just Around the Corner
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
What You Should Know About Potential Tax Implications of the PGA-LIV Merger
The proposed merger between the Professional Golfers’ Association (PGA) and Live! Inc. (LIV) has generated significant attention. Last year, numerous former PGA Tour players, like Phil Mickelson, Bubba Watson, Dustin Johnson, and Brooks Koepka, left the PGA to compete in LIV events. The move caused a massive divide in the golf world, with both fans and players who remain […]
Important Due Date: Foreign Account Reporting Requirements (FBAR)
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Hawaii Wildfires State of Emergency – Tax Implications
The United States government is providing tax relief for eligible Hawaii residents amid the rampant wildfires on both Maui and the Big Island. The President has declared a disaster for all parts of Hawaii affected by the wildfires. Disaster area taxpayers will now have until February 15, 2024, to file various federal individual and business […]
October Extension Due Date Rapidly Approaching
On December 22, 2017, The Tax Cuts and Jobs Act was signed into law. The information in this article predates the tax reform legislation and may not apply to tax returns starting in the 2018 tax year. You may wish to speak to your tax advisor about the latest tax law. This publication is provided […]
Tax Filing Deadline Rapidly Approaching
Article Highlights: 2017 balance due payments IRA contributions for 2017 Estimated tax payments for first quarter 2018 Statute of limitation 2018 refunds Just a reminder that the due date for 2017 tax returns is April 17, 2018! There is no penalty for filing late if you are receiving a refund. However, it is quite a […]
August 2019 Business Due Dates
August 12 – Social Security, Medicare and Withheld Income Tax File Form 941 for the second quarter of 2019. This due date applies only if you deposited the tax for the quarter in full and on time. August 15 – Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the […]
Tax Issues When Converting a Rental to Your Personal Residence
Article Highlights: Sale of a Rental Property Converted to a Personal Residence Exclusion of Gain on Sale of Personal Residence – The Ownership and Use Tests Partial Exclusion of Gain The Impact of a Rental Period After 2008 Depreciation Recapture Reporting the Sale Deductions When a Rental Property Is Converted to a Personal Residence Converting […]