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Latest Tax Alerts

Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More

FBAR, Form 8938 filings increase as taxpayers become more aware of reporting requirements

Six years ago, Congress passed the Foreign Account Tax Compliance Act (FATCA), which set in motion a wave of ... Read More

IRS focuses on new partnership audit rules

IRS focuses on new partnership audit rules ...
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How do I? Set up a like-kind exchange

Under Code Sec. 1031, a taxpayer can make a tax-free exchange of property held for productive use in a trade or business ...
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April 2016 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. ...
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Congress takes first steps to tax reform

Tax reform continues to be highly touted in Congress as lawmakers from both parties call for simplification of countless complex rules, overhaul of tax rates, and more. At times this year, President Obama and Congressional Republicans seem far apart on a way forward, but at similar times in the past, agreements have quickly and often surprisingly emerged, most recently in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). As the November elections approach more closely every passing day, lawmakers from both parties and the President have a short window to agree on tax legislation. The weeks leading up to Congress' summer recess may be decisive.

PATH Act as path forward

The scope of the PATH Act surprised many Hill observers. Instead of merely extending the so-called tax extenders ... Read More

FAQ: What is the Roth IRA contribution limit for 2016?

Individuals may contribute up to $5,500 to a traditional and a Roth IRA for 2016. This is the same limit as 2015. An individual age 50 and older can make a catch-up contribution of an additional $1,000 for the year. The contribution is limited to the taxpayer's taxable compensation for the year, minus contributions to all non-Roth IRAs.

Taxpayers can contribute to a Roth IRA as long as the taxpayer's adjusted gross income for the year is less than:

• $193,000 for married filing jointly or qualifying widow(er),
• $131,000 for single, head of household, or married filing separately and you did not live with your spouse at any time during the year, and
• $10,000 for married filing separately and you lived with your spouse at any time during the year.