Federal Tax News – June

July 18, 2017

1. Senate releases new version of its health care plan.
2. No division of early distribution penalty.
3. Hockey team’s meals are a de minimis fringe.
4. TIGTA audit looks at IRS processes for employment identity theft.
5. Court rules settlement payment was taxable.

Wedding Bells: Tax Issues to Consider Before Tying the Knot

July 12, 2017

If you or a loved one plan to get married this summer, there are some important financial issues the happy couple should consider. Should you file jointly or separately in 2017? Will you be hit with the marriage penalty — or be lucky enough to qualify for the marriage bonus? Here’s guidance to help answer these questions, along with a tax tip for newlywed property owners who need to combine their households.

The Ins and Outs of Deducting Legal Expenses

July 6, 2017

Many individuals are surprised to discover that legal expenses usually aren’t currently deductible under the federal income tax rules. Here are some exceptions to this general rule, including two recent real-life examples that highlight when legal expenses may, at least partially, be deductible.

Federal Tax News – May

June 27, 2017

1. Alimony details must be in writing.
2. Supreme Court rules church-affiliated employer pension plans.
3. A new way to make an estate tax portability election.
4. Certain IRS user fees to be paid electronically.
5. Court: Tax deductions require proof.

Not-for-Profit Organizations: Restricting Deductions on Restricted Gifts

June 19, 2017

Donors of large gifts often put restrictions on their donations. For example, a contribution may be for a specific purpose such as supporting scholarships or financing an endowment. However, such gifts are subject to extensive IRS regulations. This article looks at various types of restrictions and how they can affect a donor’s ability to take a tax deduction.

HRH welcomes summer interns

June 14, 2017

Howe, Riley & Howe welcomes Southern New Hampshire University (SNHU) students, Taylor Cook and Ana Byers as well as University of New Hampshire (UNH) student, William Boyce, to the firm as summer interns.

Victory for Homebuilders in Tax Accounting Stand-Off But IRS Fights Back

June 7, 2017

The completed contract accounting method scored a major win when the U.S. Ninth Circuit Court of Appeals ruled that a contracting group could defer taxes until an entire housing development was finished — rather than paying tax on the sales of individual homes. This article delves into the issue and examines the legal arguments used by the company. We’ll also explain how the IRS responded.

Federal Tax News – April

May 23, 2017

1. Couple couldn’t treat money they took out of their corporation as nontaxable.
2. The IRS issues 2018 inflation-adjusted HSA figures.
3. Court: Education expenses weren’t deductible.
4. Research tax credit opportunity for start-ups.
5. The proposed border adjustment tax faces daunting challenges.