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TRAVEL — AND TRAVEL SCAMS — ARE BACK

TRAVEL — AND TRAVEL SCAMS — ARE BACK

Although COVID-19 remains a concern, many people have started traveling again — both for business and pleasure. Unfortunately, as travel demand has increased, so has travel-related fraud. For example, some fraud perpetrators posing as airline employees call would-be victims to try to elicit credit card numbers. Other scam artists send phishing emails that appear to […]

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SCHOLARSHIPS ARE USUALLY TAX FREE BUT THEY MAY RESULT IN TAXABLE INCOME

SCHOLARSHIPS ARE USUALLY TAX FREE BUT THEY MAY RESULT IN TAXABLE INCOME

If your child is fortunate enough to be awarded a scholarship, you may wonder about the tax implications. Fortunately, scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It does not matter if the scholarship makes a direct […]

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Can taxpayers who manage their own investment portfolios deduct related expenses? It depends

CAN TAXPAYERS WHO MANAGE THEIR OWN INVESTMENT PORTFOLIOS DEDUCT RELATED EXPENSES? IT DEPENDS.

Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses are not deductible through 2025 if they are considered investment expenses for the production of income. However, they are deductible if they are considered trade or business expenses. For […]

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WHAT IS “FAIR VALUE” IN AN ACCOUNTING CONTEXT?

WHAT IS “FAIR VALUE” IN AN ACCOUNTING CONTEXT?

In recent years, the accounting rules for certain balance sheet items have transitioned from historical cost to “fair value.” Examples of assets that may currently be reported at fair value are asset retirement obligations, derivatives and intangible assets acquired in a business combination. Though fair value may better align your company’s financial statements with today’s […]

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