Articles

Time to renew Individual Taxpayer Identification Numbers

Individual Taxpayer Identification Numbers (ITINs) are nine-digit numbers issued by the IRS so certain taxpayers who do not have a social security number can file a tax return. According to the IRS, approximately 11 million people have received an ITIN. Now, some of these numbers may need to be renewed. ITINs that have not been used on a federal income tax return for three consecutive years will expire on December 31 of the third consecutive year.

Stay ahead of the deadline for 2016 required minimum distributions

If you’re over 70½ and are required to take distributions from your IRA or other retirement account, remember that you must take your 2016 required minimum distribution by December 31. Due to year-end holidays and transfer time constraints, getting the process started now can avoid a last-minute rush, as well as a steep penalty of 50% of the amount not taken. If this year’s distribution is your first, you have a one-time option of waiting until

Can your business survive these seven potential disasters?

Disasters, natural or otherwise, could ultimately lead to your company’s demise. Fortunately, advance planning can keep you on track. Here are seven scenarios to be prepared for.

Insurance enrollment begins this month

Beginning this month, you can sign up for a new 2017 health insurance policy on the health insurance Marketplace. You can also change or renew the policy you purchased during the last enrollment period. Even if your current policy has an automatic renewal feature, you’ll want to verify that you’re getting the best deal, and that you are still eligible for the federal premium tax credit. What if you didn’t sign up last winter and didn’t

Save yourself some stress. Start your year-end tax review now

An important part of our service to you is to help identify actions you can take before year-end to minimize your personal 2016 federal income tax bill. Accelerating or delaying income and deductions, contributing to retirement plans, and taking investment losses are just a few of the strategies you might want to consider. Here’s a checklist to help you get started. Max out your 401(k) before year-end. For 2016, you can set aside $18,000 if you’re

Multi-generational families are facing zoning problems

A growing number of families want to live in a home along with elderly parents or “boomerang” grown children – but they may run into problems with the local zoning board. Some 18% of Americans now live in a home with more than one adult generation, and that figure is growing. In many cases, what families want is a home with an “in-law” apartment – one that has a separate entrance, separate kitchen, and separate utilities.

Congress extends homeowner credits for energy improvements

Congress has extended a number of tax credits for homeowners who make energy-efficient improvements to their home, as long as the equipment they install is certified by the manufacturer as qualifying for the programs. The credits fall into two categories: (1) Traditional improvements You can get a credit for 100% of your expenses for central air conditioners, electric heat pumps, and a variety of water heaters (up to $300); natural gas, propane, and oil furnaces and

New rules if you buy real estate from a foreign owner

Did you know that if you buy real estate in the U.S. from a foreign owner, you may have to withhold a big chunk of the sale price and send it to the IRS? This is required by a law called FIRPTA (the Foreign Investment in Real Property Tax Act), which is designed to make sure that foreigners who sell U.S. property don’t skip off without paying taxes. In the past, a buyer generally had to

‘Underwater’ homeowners may get mortgage principal reduced

Some 33,000 homeowners across the country will be eligible to have the amount of their mortgage principal reduced under a plan recently unveiled by the Federal Housing Finance Agency. This is a different plan from the government’s better-known HAMP and HARP programs. HAMP (the “Home Affordable Modification Program”) focuses mainly on reducing monthly payments rather than forgiving principal, while HARP (the “Home Affordable Refinance Program”) is designed to help underwater homeowners refinance their loans.

Can landlords refuse to rent to tenants with a criminal record?

Benigno Herrera, a 70-year-old man in Austin, Texas, was turned down when he tried to rent an apartment recently. The reason? He had a drunk driving conviction on his record – from 36 years ago. Cases like Herrera’s are coming up much more frequently, and raising legal questions about how far landlords can go in using criminal background checks to screen potential tenants. The issue is reaching a boiling point for two reasons. One is that

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