Blog Category: News and Tax Blog


Avoid Retirement Plan Penalties by Taking Deductions Before Year End

Bernie Benyak, CPA, CFP®, NSSA® Tax Director,

During the course of your career, you may have managed to build up a tidy nest egg, most likely augmented by tax-favored saving devices. For instance, you may have accumulated funds in qualified retirement plans, like 401(k) plans and pension plans, and traditional and Roth IRAs. If you don’t need all the funds to live  … Read more

  Filed under: News and Tax Blog, Retirement Planning


Designing a Tax-Wise Bonus Plan

Jordan Empey, CPA, Tax Partner,

An annual bonus plan can be a great way to attract, retain and motivate employees. If the plan is designed carefully, the taxpayer can deduct bonuses earned this year even if he or she does not pay them until next year. One note of caution, different rules apply to business owners. In general the bonus  … Read more

  Filed under: Business Taxation, News and Tax Blog


Do you know the tax impact of your collectibles?

Ann Koenigsman, CPA, CTFA, Tax Partner,

The idiom “one person’s trash is another person’s treasure,” rings true when dealing with collectibles – those seemingly innocuous objects for which people will pay good money. Interestingly, the value of these collections comes with tax consequences when you transfer them to the next generation, donate them or sell them at a profit. It is  … Read more

  Filed under: News and Tax Blog, Wealth & Estate Planning


Beware of Ransomware Attacks

Trinity Bradley-Anderson, CPA, CEO/Managing Partner,

Businesses, payroll departments, human resource organizations and taxpayers may fall victim to ransomware attacks. A recent Colorado Springs Business Journal article shared one local company’s recent experience with “ransomware agony.”  To prevent ransomware attacks from happening to you or your business, the IRS recommends talking to an IT Security expert as well as following a  … Read more

  Filed under: News and Tax Blog


Compare & Contrast the proposed House and Senate tax bills

Judy Kaltenbacher, CPA, Tax Partner,

November 9 was a busy day in Washington for lawmakers in their race to create a tax reform package. The House Ways and Means Committee made amendments to, and approved, the Tax Cuts and Jobs Act. And the Senate Finance Committee released “policy highlights” for its proposed version of a tax plan. Many of the  … Read more

  Filed under: News and Tax Blog


Key Points from the Tax Reform Proposal Released Nov 3, 2017

Judy Kaltenbacher, CPA, Tax Partner,

On November 2, the U.S. House Ways and Means Committee released the proposed Tax Cuts and Jobs Act. The 429-page proposal to reform the tax code is a starting point for negotiations, according to the chairman of the House Ways and Means Committee. The bill could go through revisions, beginning the week of November 6,  … Read more

  Filed under: News and Tax Blog


Operating across state lines presents tax risks — or possibly rewards

Trinity Bradley-Anderson, CPA, CEO/Managing Partner,

It is a small business world after all. With the ease and popularity of e-commerce, as well as the incredible efficiency of many supply chains, companies of all sorts are finding it easier than ever to widen their markets by crossing state lines. But therein lies a risk: Operating in another state means possibly being  … Read more

  Filed under: Business Taxation, News and Tax Blog, Small Business


How to determine if you need to worry about estate taxes

Ann Koenigsman, CPA, CTFA, Tax Partner,

Among the taxes that are being considered for repeal as part of tax reform legislation is the estate tax. This tax applies to transfers of wealth at death, hence why it is commonly referred to as the “death tax.” Its sibling, the gift tax — also being considered for repeal — applies to transfers during  … Read more

  Filed under: News and Tax Blog, Wealth & Estate Planning


Victims of a disaster, fire or theft may be able to claim a casualty loss deduction

Jordan Empey, CPA, Tax Partner,

In light of the recent natural disasters, we feel it is prudent and timely to revisit casualty loss rules. If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. A casualty is a sudden, unexpected or unusual  … Read more

  Filed under: News and Tax Blog, Personal Taxation


Now is a great time to purge old tax records

Judy Kaltenbacher, CPA, Tax Partner,

Whether you filed your 2016 tax return by the April 18 deadline or you filed for an extension, you may be overwhelmed by the amount of documentation involved. While you need to hold on to all of your 2016 tax records for now, it is a great time to take a look at your records  … Read more

  Filed under: News and Tax Blog