Recent Developments

Child tax credit: The rules keep changing but it’s still valuable.

If you’re a parent, you may be confused about the rules for claiming the Child Tax Credit (CTC). The rules and credit amounts have changed significantly over the last six years. This tax break became more generous in 2018 than it was under prior law…

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty.

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age…

3 ways your business can uncover cost cuts.

Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such…

Tax-saving ways to help pay for college — once your child starts attending.

If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also a number of tax breaks that you may be able…

Renting to a relative? Watch out for tax traps

If you own a home and rent it to a relative, you may be surprised to find out there could be tax consequences. Quick rundown of the rules Renting out a home or apartment that you own may result in a tax loss for you,…

Medicare Coverage: 2023 Premiums and Key Tax Considerations

  Medicare health insurance premiums can add up — especially if you’re upper-income, married, and both you and your spouse pay premiums. Here are the basics of how Medicare health insurance works, including 2023 premium amounts and when you can deduct Medicare health insurance premiums on…

The IRS Has Announced Various Tax Benefit Increases for 2023

The IRS recently announced many inflation adjustments for the 2023 tax year. IRS Revenue Procedure 2022-38 provides details about these amounts. Because inflation is high, many of the amounts for 2023 will change more than they have in recent years. Here are some of the tax…

New York State Employers Must Provide Notice of Electronic Monitoring

Effective May 7, 2022, New York’s Civil Rights Law will require private employers to notify employees of electronic monitoring of their workplace electronic communications.

U.S. Supreme Court Blocks OSHA’s COVID-19 Vaccinate-or-Test Rule

On January 13, 2022, the United States Supreme Court issued a stay of the Occupational Safety and Health Administration’s (OSHA) COVID-19 Vaccination and Testing Emergency Temporary Standard (ETS)

2021 Fraud Review: Watch Out for These Financial Scams

Here’s an overview of the common fraud scams in play today, along with ways perpetrators persuade victims to let down their guards.