It’s not uncommon for parents, grandparents and others to make financial gifts to minors and young adults. Perhaps you want to transfer some appreciated stock to a child or grandchild to start them on their journey toward successful wealth management. Or maybe you simply want to remove some assets from your taxable estate or shift […]
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In today’s competitive employment market, offering an employee an equity interest in your business can be a powerful tool for attracting and retaining top talent. If your company is organized as a partnership, however, beware of the tax traps of doing so. Employees pay half of the Social Security and Medicare taxes on their wages, […]
Around this time of year, many people have filed and forgotten about their 2017 tax returns. But you could get an abrupt reminder in the form of an IRS penalty. Here are three common types and how you might seek relief: 1. Failure-to-file and failure-to-pay. The IRS will consider any reason that establishes that you […]
Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some longstanding deductions. In response, the IRS recently issued a statement clarifying that the interest on home equity loans, home equity lines of credit and second mortgages will, in many cases, remain deductible. How it used to […]
Mutual funds are so common these days that many people overlook the tax considerations involved. Here are some tips on how to be tax-smart with these investment vehicles. Avoid year-end investments Typically, mutual funds distribute accumulated dividends and capital gains toward the end of the year. It’s generally wise to avoid investing in a […]
In an increasingly globalized society, many people choose to open offshore accounts to deposit a portion of their wealth. When doing so, it’s important to follow the IRS’s strict foreign accounts reporting requirements. In a nutshell, if you have a financial interest in or signature authority over any foreign accounts, including bank accounts, brokerage accounts, […]
The St. Louis Business Journal recently released its annual Largest Accounting Firms lists and ranked Scheffel Boyle as the 14th largest firm in the entire St. Louis region. The Journal publishes two lists for ranking CPA firms each year: one based on number of CPAs and the other on number of professionals. Scheffel Boyle ranked […]
Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your […]
Many business owners use a calendar year as their company’s tax year. It’s intuitive and aligns with most owners’ personal returns, making it about as simple as anything involving taxes can be. But for some businesses, choosing a fiscal tax year can make more sense. What’s a fiscal tax year? A fiscal tax year […]
Our amazing employees have, once again, outdone themselves. Our Bowl for Kids’ Sake volunteers raised an outstanding $6,100 to support the programs and overall mission of Big Brothers Big Sisters of Southwestern Illinois. A big shout-out goes to our bowlers for their tenacious and dedicated attitude toward fundraising for this event. They really do go […]
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