Industry News & Firm Updates
Income Tax Issues for the Special Needs Trusts
In this webinar, Teresa Ferruzzo, CPA, abip partner, discusses a crucial financial planning tool for families who care for a loved one with special needs: Special Needs Trusts (SNTs). A Special Needs Trust is an essential mechanism to ensure that a family member with...
The Tax Side of Gambling
Whether you’re a casual or professional gambler, your winnings are taxable. However, the Treasury Inspector General for Tax Administration reports that gambling income is vastly underreported. Failing to report winnings accurately can lead to back taxes, interest and...
Stuck in the Middle: The Sandwich Generation
The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. Today, it most commonly applies to Generation Xers and older Millennials. If you’re caught in the middle, it might be time for honest...
Updated Guide to Robust Depreciation Write-offs for Your Business
Tax-saving benefits are generally available when your business puts newly acquired qualifying assets into service. Under Section 179 of the tax code, companies can take substantial depreciation deductions, subject to various limits adjusted annually for inflation....
Who Can Take the Home Office Deduction?
Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes. Many continue working from home and wonder if they qualify for the home office...
Don’t Move … Until You’ve Considered the Tax Implications
With so many people working remotely, it’s become more common to think about moving to another state, perhaps for better weather, to be closer to family or to reduce living expenses. Retirees also look at out-of-state moves for many of the same reasons. If you’re...
Tips for Pain-Free Tax Filing
It’s time again to start thinking about getting your tax return prepared. Here are some quick tips you can use to help speed tax processing and avoid hassles. Gather all documents needed to prepare an accurate return, including W-2s, 1099 forms, statements of interest...
The 65-Day Rule for Trust Distributions
The 65-day rule under Internal Revenue Code 663(b) allows trustees of a trust to treat distributions that are made within the first 65 days of the trust's tax year as if they were paid or credited on the last day of the preceding tax year. For 2025, the 65th day...