Giving Gifts to Employees? IRS Wants Its Share

Do you want to be extra-generous to employees who are doing a good job? Bonuses and gifts can be an effective motivational tool, but be aware of all the tax consequences. Usually, employees will face a tax bill for your generosity. Explain Tax Implications:...

Working Out a Tax-Free Perk

Your company probably offers an array of fringe benefits to its employees, including health insurance and group-term life insurance. While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as...

Republican Tax Framework Proposal

Dear Clients and Friends: Republican lawmakers released a framework for tax reform on September 27, announcing that their goals are to cut tax rates, simplify the Internal Revenue Code, and to provide a more competitive environment for business. The framework...

Avoid Retirement Account Rollover Pitfalls

After retiring or leaving a job, your first big tax question might be: What should I do with the money in qualified retirement plan accounts with my former employer? These retirement accounts include 401(k)s, profit-sharing plans and stock bonus plans. The standard...

What You Need to Know About 529 Plan Withdrawals

The big advantage of Section 529 college savings plans is that withdrawals used to cover qualified higher education expenses are free from federal income tax (and usually state income taxes too). That part is very easy to understand, but the full story on withdrawals...