Timely Articles

Timely Articles


Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?

There’s a fine line between businesses and hobbies under the federal tax code. If you engage in an unincorporated sideline — such as a marketing director by day and an artist on the nights and weekends — you may think … Read More »

November 21st

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Real Estate Investors: Let’s Talk about Like-Kind Exchanges

Are you thinking about divesting a real estate investment and then replacing it with another property? If you sell appreciated property outright, you’ll incur a taxable gain, which lowers the amount available to spend on the replacement property. But you … Read More »

November 17th

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Help from the IRS for Hurricane Irma Victims

Hurricane Irma has left many victims in parts of Florida, the U.S. Virgin Islands and other areas unable to fulfill their tax responsibilities and perform some key tax-related responsibilities. In response, the IRS is offering Hurricane Irma victims extra time … Read More »

November 10th

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Recent Breach Highlights the Vulnerability of Your Personal Data

Equifax, one of the nation’s three major credit reporting agencies, recently reported a massive data breach. Are you among the 143 million U.S. consumers whose personal information was hacked? Here’s how to find out — and how to help protect … Read More »


Sharing Tax Issues in the Sharing Economy

Do you provide car rides through a mobile app, rent out your spare room using an online platform or repair computers for local businesses on demand? If so, you may be considered part of the “sharing economy” (also known as … Read More »


Understand Your Social Security Retirement Benefits

People approaching retirement age often have questions about benefits they may be eligible to receive from the Social Security Administration (SSA). Here are common concerns regarding the Social Security system.

Collecting Retirement Benefits

According to the 2017 report by the Social Security … Read More »


Understand How the Definition of Independent Contractor Has Changed Again

Whether someone who performs work for you qualifies as an employee or an independent contractor matters a great deal in terms of your financial and legal obligations to that individual. This includes such issues as whether your business must pay … Read More »

September 26th

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Wedding Bells: Tax Issues to Consider Before Tying the Knot

Marriage changes life in many ways. Here’s how it may affect your tax situation.

Marital Status

Your marital status at year end determines your tax filing options for the entire year. If you’re married on December 31, you’ll have two federal income … Read More »

September 12th

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When Can You Purge Your Old Financial Records

Feeling the urge to purge? Before you clear your filing cabinets of old financial records, it’s important to make sure you won’t be caught empty-handed if an IRS auditor contacts you.

For Individuals

In general, you must keep records that support items … Read More »


Sales vs. Use Tax Article Published in Rapaport Magazine

Robert Hoberman was quoted in the article, “Sales vs. Use Tax”, which was published in the July 2017 issue of Rapaport Magazine. You can download or read the article here.

 


Update on Home Mortgage Interest Deductions

If you own a home with a mortgage, you should have received an IRS form from your lender each year with information that is used to claim an itemized deduction for qualified residence interest. For 2016, that form included additional … Read More »


Financial Survival Tips for Recent College Graduates

Graduation can be one of the most exciting — and intimidating — times in your life. You’re officially an adult, and with that new-found independence comes financial responsibilities. No pressure, but the decisions you make today about spending and saving … Read More »


Establishing Residency for State Tax Purposes

Have you been contemplating moving to another state with lower taxes? Your move could lower your state tax bill, but you want to make sure to establish that the new state is your place of legal residency (also known as … Read More »


Important Tax Figures for 2017

The following table provides some important federal tax information for 2017 as compared with 2016. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation.

Social Security/ Medicare
2017 … Read More »


Driver License Requirement for Tax Year 2016

Beginning with Tax Year 2016, the taxpayer’s driver license or state identification information is now required for New York State (and certain other states) personal income tax returns that are prepared using software. The requirement, which is considered an additional … Read More »


Sales and Use Tax Update for New Jersey

The New Jersey Division of Taxation reminds taxpayers regarding previously enacted legislation that reduces the sales and use tax rate from 7% to 6.875% on and after January 1, 2017, and further reduces the rate to 6.625% … Read More »


Three Taxes People Love to Hate

Few people enjoy giving money to the IRS, but some types of taxes are viewed more unfavorably than others. Here are three worthy candidates vying for the title of most-hated tax.

Penalty Tax on Individuals without Health Insurance

As you probably know, … Read More »

November 21st

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The President-Elect’s Tax Plan: What the Future Could Look Like

With Donald Trump as the president elect and Republicans holding a majority in the U.S. House and Senate, GOP tax reform appears likely in 2017. While campaigning, Mr. Trump promised big tax changes. Here’s a digest of his proposals, according … Read More »

November 16th

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New IRS Guidance for Designated Roth Accounts

Does your employer offer a 401(k), 403(b) or governmental 457 plan? If so, you may be able to set up a designated Roth account through your company’s plan. Then your Roth account will be allowed to receive designated Roth contributions … Read More »

November 7th

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Overtime Pay Rules: Avoid Making Costly Wrong Assumptions

Sometimes employers try to make logical assumptions about the way government regulations work. Unfortunately, doing that without checking the fine print can be a prescription for trouble. To follow are several real-life scenarios that probably made sense to the employers … Read More »

October 26th

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Save Taxes with Employer-Provided Transportation Fringe Benefits

The internal revenue code allows some worthwhile tax breaks for transportation-related employee fringe benefits. They are intended to persuade you to give up your gas-guzzling vehicle when commuting to work and instead “go green.” If your employer offers these tax-favored … Read More »

October 12th

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What to Do If You Haven’t Filed Last Year’s Tax Return or Can’t Pay the Bills

Unless you’ve extended the due date for filing last year’s individual federal income tax return to October 17, the filing deadline passed you by in April. What if you didn’t extend and you haven’t yet filed your Form 1040? And … Read More »

October 6th

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Back-to-School Tips for Grown-Ups

The start of the school year can bring opportunities for savvy business owners. This article provides some insights into this market segment and creative, real-world marketing solutions to inspire you to “think outside the pencil box” this school year.

Back-to-School Business … Read More »

September 29th

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New Warning: Watch Out for Fake ACA-Related Tax Bill E-mails

In a new alert, the IRS warned taxpayers to be aware of bogus e-mails telling recipients that they owe money for taxes related to the Affordable Care Act (ACA). The IRS has received numerous reports from around the country about … Read More »

September 26th

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Heavy Vehicle Purchases Offer Significant Business Tax Breaks . . . For Now

Favorable depreciation rules for business use of “heavy” SUVs, pickups and vans were locked-in by the Protecting Americans from Tax Hikes (PATH) Act of 2015. By taking advantage of these rules, you may be able to write-off the entire business-use … Read More »

September 15th

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How to Create an Effective Small Business Website

More than half of Americans either own or work for a small business, and these entities create about two out of every three jobs in the United States each year, according to the U.S. Small Business Administration.

Most of today’s small … Read More »

September 13th

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New Study Confirms the Prevalence and Cost of White Collar Crime

For 20 years, the Association of Certified Fraud Examiners (ACFE) has been publishing studies every two years to raise awareness of occupational fraud, and the role strong internal controls can play in limiting these schemes. The 2016 Report to the … Read More »

September 9th

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Do Your Employees Value the Benefits You Offer?

When you add them all up, employee benefits can easily equate to 30% or even 40% of total compensation. Chances are, your workers do not know that, but they should.

The International Foundation of Employee Benefit Plans recently asked its members … Read More »

August 31st

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For Richer or Poorer: Financial and Legal Considerations in Marriage

If you or a loved one plans to to get married this year, it’s important to establish budget guidelines upfront. By setting limits and sticking to them, you’re setting the tone for a financially responsible future.

Before and After the Wedding

In … Read More »

August 26th

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10 Midyear Tax Planning Moves Inspired by the PATH Act

Numerous tax breaks have been retroactively expanded for 2015 and beyond — or, in some cases, been made permanent — under the Protecting Americans from Tax Hikes (PATH) Act of 2015. Now that the dust from the new law has … Read More »

August 17th

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Is the IRS Targeting Partnerships?

In 2015, IRS audits of partnerships were up 18.6% over the previous tax year, according to the agency’s Fiscal Year 2015 Enforcement and Service Results. That is the highest audit rate partnerships have experienced since 2006. By comparison, in 2015, … Read More »

August 12th

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The Latest Tax Developments for Partnerships

In recent months, there have been several significant tax developments that affect partnerships. They also apply to multi-member limited liability companies (LLCs) that are treated as partnerships. (For simplicity, we’ll use the terms “partnership” and “partner” to refer to all … Read More »

August 3rd

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Protect Your Accounts from Identity Theft and Fraud

From mobile apps to the Internet, technology has transformed our lives. It facilitates financial transactions and the transmission of information, however, it also brings risks. There are weekly news stories about sensitive personal data being hacked online and sold on … Read More »

July 14th

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IRS Reveals List of Top Tax Scams for 2016

The IRS kicked off tax filing season by publishing a series of press releases that highlight the “dirty dozen” tax scams for this year. Although there are no major surprises, it’s important to note that these scams have become increasingly … Read More »

June 21st

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Hiring Summer Help

Unfortunately, the demand for summer jobs consistently outpaces the supply of open positions—and it’s been getting worse over time. Only 34% of U.S. teens had jobs last summer, according to JPMorgan Chase’s recent study entitled “Expanding Economic Opportunity for Youth … Read More »

June 17th

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Every Word Counts when Crafting Your Employee Handbook

A fundamental requirement of the National Labor Relations Act (NLRA) is that employers must not “interfere with, restrain or coerce employees in the exercise of their rights” to organize into labor unions, collectively bargain and engage in similar “concerted activities”.

In … Read More »

June 10th

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A Brave New World in Lease Accounting

Many companies choose to lease certain assets, rather than buy them outright. Leasing arrangements are especially common among construction contractors, manufacturers, retailers, health care providers, airlines and trucking companies that rely on expensive equipment or real estate in their day-to-day … Read More »

June 6th

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New Overtime Rules Issued: What it Means for You

A change in the rules governing overtime has been coming for two years, with a sneak preview of proposed modifications last year. But on May 18, the Department of Labor (DOL) came out with its new final rules, which take … Read More »

June 1st

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Prepare Your Workforce Now for the Next Weather Emergency

To some extent, extreme, or inclement weather is in the eye of the beholder. To a 20-year-old who recently purchased a four-wheel drive SUV, a foot of snow or six inches of rain will probably be viewed as an opportunity … Read More »

May 25th

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Important Tax Figures for 2016

The following table provides some important federal tax information for 2016, as compared with 2015. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation.

Social Security/ Medicare
2016 … Read More »

April 26th

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Educate Yourself about the Tax Benefits for Higher Education

Attending college or graduate school is one of the biggest investments you’ll ever make—and finances are a key deciding factor for most students. For the 2015-2016 school year, the College Board estimates that the average annual cost (including tuition, fees, … Read More »

April 13th

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Estate Tax Round-Up: An Overview of Recent Developments

In 2016, the federal gift and estate tax exemption increases to $5.45 million (up from $5.43 million for 2015). In recent months, there have also been several significant developments on the estate tax front. Here are some tips to help … Read More »

March 28th

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Get More Bang for Your Buck with Tax-Favored Employee Benefits

2016 ushers in a few changes to the tax laws that govern benefits, as the IRS recently laid out in its annual “Tax Guide to Fringe Benefits.” The document features the fine points of tests that tax-exempt benefits must satisfy … Read More »

March 24th

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Tackle Key Financial Issues as You Face Retirement

The Baby Boomer generation reached its peak in 1957 at an annual birth rate of about 4.3 million people. These Baby Boomers will turn 59 years old in 2016, and they’ll soon be eligible to withdraw funds from their qualified … Read More »

March 14th

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The New-and-Improved Research Credit Is Now Permanent

The research credit is back—this time for good—and it’s better than ever for some small companies. Under the PATH Act, the research credit is restored retroactive to January 1, 2015, and has finally been made permanent. The new law also … Read More »

March 10th

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The New PATH Act Contains Four Payroll Tax Changes

Here are four changes in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) that are of interest to employers.

There’s now parity between employer-provided mass transit and parking benefits. The new law permanently extends the maximum monthly exclusion … Read More »

February 16th

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Succession Planning Requires Smart Strategies

Succession planning is important in any business, but it’s sometimes overlooked in family-owned operations. This is a big mistake. There are numerous former family-run companies that no longer exist due to poor or no succession plan.

The plan needs to be … Read More »

February 11th

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Congress Passes the Extenders Package

This past holiday season, taxpayers received a “gift” from Washington, D.C. —the Protecting Americans from Tax Hikes Act of 2015 or, simply, the PATH Act. This bipartisan deal made about one-third of these tax provisions permanent. Many others have been … Read More »

February 4th

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Law Closes Loopholes Involving Social Security Benefits

A recently passed law closes loopholes in the Social Security rules that have allowed married couples to receive more benefits over their lifetimes by following certain strategies. The Bipartisan Budget Act of 2015, signed by President Obama on November 2, … Read More »

February 1st

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Plan Ahead for Changes to Overtime Pay Rules

It’s been about five months since the Department of Labor’s (DOL’s) Wage and Hour Division issued its proposed update on overtime rules. Specifically, the agency has suggested revisions to the definition of which employees are exempt from overtime pay requirements … Read More »

January 28th

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ACA Boosts Popularity of Health Savings Accounts

The Affordable Care Act (ACA) seems to be making Health Savings Accounts (HSAs) more popular than ever. A recent report issued by Devenir, an HSA industry participant, highlights two key findings:

As of June 30, 2015, the number of HSAs had … Read More »

January 26th

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The New-and-Improved Research Credit Is Now Permanent

The research credit is back—this time for good—and it’s better than ever for some small companies. The Protecting Americans from Tax Hikes (PATH) Act of 2015, signed into law by the president on December 18, does much more than extend … Read More »

January 25th

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IRS Announces Various Tax Benefit Increases for 2016

For tax year 2016, the IRS recently announced many annual inflation adjustments. IRS Revenue Procedure 2015-53 provides details about these amounts.

Because inflation is low, many of the amounts for 2016 will not change from 2015. For example, the elective deferrals … Read More »

January 22nd

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News on Social Security Benefits: Read All About It

The Social Security Administration (SSA) recently announced some important news. Rumors about a benefits freeze had surfaced in the summer. Finally, on October 15, the SSA formally announced that the consumer price index it uses to gauge inflation wasn’t high … Read More »

January 4th

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Affordable Care Act (ACA) Changes Coming Up in 2016

Changes brought by the Affordable Care Act (ACA) continue to roll in. For affected employers, these changes could mean higher expenses and will add filing responsibilities with the IRS.

Background: The ACA has a language of its own, with many new … Read More »

December 29th

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2015 Year-End Tax Planning Tips for Small Businesses

Business owners who engage in proactive planning can take some of the “bite” out of their taxes. Here are some simple strategies for you to consider during the fourth quarter of 2015. These maneuvers require action before year end, so … Read More »

December 16th

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2015 Year-End Tax Planning Tips for Individuals

Taxpayers who review their situations before year end have many more tax-reduction strategies at their disposal than those who wait until after the start of the tax filing season. Here’s an overview of several ways to lower taxes that require … Read More »

December 11th

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Cybersecurity Awareness: Protect Valuable and Vulnerable Assets

Our world is more interconnected than ever before. The Internet has become an integral part of everyone’s business and personal lives. But along with Web-based opportunities come risks of breaches and associated losses.

Sobering Statistics

The second-quarter 2015 Duke University / CFO … Read More »