The tax score of winning
Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more...
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ConnollySteele
Sep 28, 20212 min read
M&A transactions: Be careful when reporting to the IRS
Low interest rates and other factors have caused global merger and acquisition (M&A) activity to reach new highs in 2021, according to...
ConnollySteele
Sep 26, 20212 min read
Is a Health Savings Account right for you?
Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health...
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Sep 23, 20213 min read
Tax depreciation rules for business automobiles
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are...
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Sep 22, 20210 min read
Selling a home: Will you owe tax on the profit?
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the...
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Sep 15, 20212 min read
Claiming a theft loss deduction if your business is the victim of embezzlement
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it...
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Sep 13, 20213 min read
Planning for year-end gifts with the gift tax annual exclusion
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly...
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Sep 1, 20212 min read
Does your employer provide life insurance? Here are the tax consequences
Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and...
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Aug 30, 20212 min read
Getting a divorce? Be aware of tax implications if you own a business
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of...
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Aug 19, 20212 min read
ABLE accounts may help disabled or blind family members
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose...
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Aug 17, 20212 min read
Possible tax consequences of guaranteeing a loan to your corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser or...
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Aug 16, 20212 min read
Scholarships are usually tax free but they may result in taxable income
If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and...
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Aug 10, 20212 min read
Large cash transactions with your business must be reported to the IRS
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What...
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