Younger taxpayers often purchase life insurance to care for family members dependent on them if they were to die; but, elderly taxpayers often purchase life insurance to cover estate tax and other financial obligations they are responsible for if they were to die. Are life insurance proceeds taxable? Yes and no. Life insurance policies are…

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At age 70 ½, taxpayers are required to take required minimum distributions (RMD’s) from their IRA accounts: the government wants to collect their taxes from the earning retirees accumulated over the years. Failure to do so could generate penalties as high as 50%! In 2015, Congress made a law permanent allowing RMD’s to be directed…

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The short-term highway funding extension that passed during 2015 has modified the due dates for several common tax returns for Tax Year 2016 (Filing due date in 2017).  The due date changes with the most impact will be those changes for partnership tax returns (Form 1065) and C Corporation tax returns.  Essentially those due dates…

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As the end of the year is upon us, we encourage you to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the planning challenge this year include turbulence in the stock market, overall economic uncertainty, and Congress’s all too familiar failure to…

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Due to the Affordable Care Act (ACA), every employer with 50 or more full-time employees (including full-time equivalent employees) must report information about its 2015 workforce and health plans to its employees and the IRS using new Forms 1095-C and 1094-C. Small employers with less than 50 full-time employees (including full-time equivalent employees) generally are…

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In July 2015, the Oregon Legislature renewed the Tax Credit funding  of the Oregon IDA Initiative. Individual Development Accounts (IDAs) allow low income individuals to earn 3 to 1 matching funds on up to $1000 of individual savings per year (the saver gets a $3,000 match) from a pool of  tax advantaged contributions. Options for…

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