With the changes and updates regarding the reporting rules for 1099-Misc Forms some business owners may be tempted to guess as to what the rules are, or just give up choosing to file nothing at all. This can be dangerous as the penalties of $30 to $250 per statement, with no maximum, can add up…
With the new tax reform recently being passed, taxpayers are wondering what they can do to plan and save on taxes for 2017. One idea that is starting to make the rounds is to pre-pay property taxes for the 2018 -2019 property tax year in 2017. The Oregon Department of Revenue recently released guidance on…
In the last few days we have seen one of the largest tax law reforms in thirty years, make its way through congress and is headed to the President’s desk to sign. The new tax reform will make fundamental changes in the way you, your family and your business calculate your federal income tax bill,…
Comedian Brian Regan recounts: I was at the breakfast table this morning and I read in the newspaper that more and more adults are living at home with their parents. That surprised me, I was like “Mom did you read this?!?” Regardless of what their ever-so-clever children are doing, the somber truth is, more than…
United Airlines will lose hundreds of millions in revenue for the public relations disaster dragging a customer off their airplane widely seen in a video gone viral; while the IRS will gain hundreds of millions in revenue for their public relations fortune dragging Wesley Snipes to jail and confiscating Tori Spelling’s bank account widely seen…
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…
Now that 2016 is coming to a close, it is time to start thinking about 2017 and all that comes with the new year. Below is a summary of housekeeping items to keep in mind for the upcoming year. Filing Requirements for 2016 forms in 2017 Form 1099s – Be sure to review your records…
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…
Happy New Year and welcome to the beginning of 2017! The New Year always brings a flurry of resolutions and unfortunately, a majority of those resolutions fall by the wayside after a matter of days or weeks. So what if I told you that I have a New Year’s resolution that is easy to stick…
At Isler CPA, sometimes we find our clients have been so successful at accumulating wealth that they not only have enough money in their I.R.A. to live off of, but some that will outlive them. The standard rules that the money from an I.R.A. must be withdrawn starting at age 70 ½, or face up…
Contact our tax team
Eric Bell, CPA, MST
Partner
Joseph Lewis, CPA, JD
Partner
Glenn Munro, CPA
Partner Emeritus
Mary J. Fipps, CPA
Estate & Trust Director