Online Sales Tax: The Future is Still Uncertain
A growing number of states have enacted "Amazon Laws" that require out-of-state online retailers with in-state marketing affiliates to collect sales tax from customers. On Cyber Monday, the U.S. Supreme declined a constitutional challenge of New York's Amazon Law. The Court's refusal to get in the middle of the debate may persuade Congress decide on the Marketplace Fairness Act sooner rather than later.
Top Executives Often Escape Indictment for Fraud
A federal court judge recently criticized government agencies for failing to hold dishonest individuals accountable for the financial crisis of 2008. This article explains how top executives often avoid criminal charges for fraudulent schemes, while lower level employees take the fall. We'll also provide some tips to help your company prevent and detect unethical behavior.
Wrap Up Last-Chance Tax Breaks for 2013
Find some time in the midst of the holiday bustle to examine your tax situation for the year. Here are six potentially money-saving opportunities involving charitable contributions, investments, retirement plans, IRA distributions, medical expenses and college costs that must be acted on by Tuesday, December 31.
Be Careful with December Mutual Fund Transactions
Fourth-quarter mutual fund dividend distributions can have important tax implications. This year, the issue has even greater significance, because funds that caught the stock market's upswing will be making bigger-than-normal dividend distributions. This article explains what you should do, or not do, to help avoid an increase in your 2013 tax bill.
U.S. Reaches FATCA Accord with France, Cayman Islands, Costa Rica
The United States enacted the Foreign Account Tax Compliance Act to help uncover who is evading taxes by putting money in offshore financial accounts. It involves the U.S. making agreements with other countries to share information about account holders. The U.S. Treasury Department recently announced that it has made more agreements -- with France, the Cayman Islands and Costa Rica. Here are the details.
Food for Thought When Making Year-End Charitable Contributions
'Tis the season for charitable gift giving. Studies show that the average charity receives about 40 percent of its annual contributions between Thanksgiving and New Year's Day. Here are some tips to ensure your contributions are tax deductible in 2013 -- and that they will actually go to a legitimate charity not a scam like some disaster recovery frauds occurring in the wake of Typhoon Haiyan.
Nursing Home Fraud: Studies Expose a Lesser-Known Risk
Putting a loved one in a nursing home is one of life's hardest decisions. So you can imagine how devastating it is to discover that a trusted nursing home administrator has been forging a resident's signature or stealing his or her assets. It happens more often than you'd think -- especially during the holidays. This type of fraud costs nursing home residents more per incident than frauds committed by opportunistic strangers or relatives. How can you protect your loved ones from becoming victims?
Higher-Income Taxpayers: Open the Door to a Roth IRA
Roth IRAs are a great deal for those who think they'll be in a high income tax bracket in retirement. That is because you can withdraw the money in Roth accounts and not have to pay a dime in federal income tax. The problem is that you can't contribute to a Roth if your income is above a certain amount. But there is a way to get around the general rules. This article explains how.
IRS Allows $500 Carryover for Unused Healthcare FSAs
Flexible spending accounts (FSAs) recently became a little more flexible. That's because the IRS modified its "use or lose" rule, which returns any unused FSA balances back to employers at year-end. Now employers can elect to allow plan participants to carryover up to $500 of their unused healthcare FSA balances into the following year. This election is not a sure win. Like many IRS rules, there's a catch to the $500 carryover privilege.
What's the Impact of Claiming Section 179 Deductions for Real Property?
The latest tax law provided more options for deducting qualified real property costs. Specifically, a business can elect to immediately write off such expenses (up to certain limits) under tax code Section 179, rather than depreciate them over time. However, new IRS guidance explains that claiming Section 179 deductions for qualified real property can lead to high-taxed ordinary income when the property is sold. This article explains.