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What To Do When You Get an IRS Notice (And Why You Don’t Need to Panic)
There’s nothing quite like opening the mailbox, seeing an envelope with “Internal Revenue Service” printed on it, and feeling your stomach drop. Even people who are perfectly organized — even people who’ve done everything right — feel the same jolt of panic when they...
Understanding Designated Roth Accounts: Benefits, Contributions, Distributions, and Tax Implications
Article Highlights: What is a Designated Roth Account? Benefits of Designated Roth Accounts Contribution Limits Catch-Up Contributions Reasons for Increased Limits Treatment of Distributions Tax Treatment Considerations and Issues Compelling Retirement Saving...
What Is Advisory — And Is It Right for You?
Most people think their financial professional focuses on the past: last year’s tax numbers, last quarter’s profit, last month’s expenses. That’s the compliance world. It’s essential, of course. But it’s focused on what already happened. Advisory is something...
Beware of Social Media Tax Advice: The Risks and Consequences
Article Highlights: The Rising Trend of Social Media Tax Advice Common Misinformation Schemes Classic Example The Real Consequences Delayed or Denied Refunds Penalties and Fines Legal Action Identity Theft Risk Long-Term Financial Implications Taking Proactive...
Tax Ramifications for Scam Victims
Article Highlights: Transactions With a Profit Motive Eligibility Criteria for Profit-Driven Casualty Losses Profit Motive Type of Transaction Nature of Loss Application of IRS Guidance Some Not So Good Tax Ramifications Examples Navigating the tax implications of...
Why an LLC?
Article Highlights: The Purpose and Function of an LLC Pros and Cons of Choosing An LLC Advantages Disadvantages Does an LLC Need Liability Insurance? Does an LLC Provide Protection Nationally? When to Choose an LLC The Path Forward: Making an Informed Decision An LLC...