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Trusted Answers From Licensed Business Professionals

Will There Ever Be An Internet Sales Tax?

The Marketplace Fairness Act (MFA) was expected to be passed by Congress up until Speaker John Boehner halted any momentum. The MFA bill was in place to level the playing field for brick and mortar businesses by mandating that internet sellers collect sales tax even if they sell goods or services to an out of state buyer. Does this mean that there will never be an internet sales tax? Read More.

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Taxes When Working and Living In Different States

This past year we received over 850 state tax questions related to employees living in one state, but working in another. The big concern is that they will have to file and pay taxes in both states. Fortunately, some states have reciprocal agreements in place to alleviate this tax burden. Read More.

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When Can You Deduct Commuting Costs?

Frequently, taxpayers question whether or not they can claim their commute as a tax deduction via the standard mileage provision. Although your daily commute to work is considered a personal expense, there are several instances in which a travel deduction can be claimed. Read More.

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Your Business May Be Subject To Trailing Sales Tax Nexus

Most businesses are well aware that their company may have to collect state sales tax if they have tax nexus. This may mean that the business has a physical location in the state, employees work within that state, and there is significant business being conducted within those borders. If your business does have nexus within a particular state, there could be long-term tax implications for doing business there. For instance, some states have implemented trailing sales tax nexus rules which require business to collect sales tax even if they no longer have tax nexus. Is your business liable for trailing sales tax nexus? Read More.

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Is Your Small Business Getting Enough Value From Your CPA?

Your accountant should deliver enough value to justify the cost that your business bears for retaining their services. Having said that, it is in many cases the business that doesn’t extract enough value from their CPA. Are you happy with your current CPA & are you getting enough value from them? If not, we have some suggestions. Read More.

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Inherited IRA Withdrawal Options

I recently have inherited an rollover IRA account from my deceased father. I'm required to select a distribution option, which I am having difficulty understanding. Can you briefly explain the following options: total distribution, systematic/RMD for inherited or roth inherited IRA? .
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What Will Lower Oil Prices Mean For You?

The price of oil continues to drop due to concerns of a global economic slowdown coupled with an apparent boom in US oil production. Even more, the recent 20% price drop over the past month is showing no signs of stabilizing. Having said that, consumers and certain businesses stand to benefit as a result of the big drop in oil prices. Read More.

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Preparing For Rising Business Costs In 2015

In the upcoming year, most businesses will face higher costs for shipping, insurance, health-care, and labor. The economy is expected to grow at a 3.1% rate versus 1.9% in 2013, which should offset some of these rising costs. What costs can you expect to rise the most in 2015? Read More.

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What Is The Health-Care Insurance Penalty?

This will be the first year that the health-care changes passed in 2010 will have an impact on those that opt out of coverage. Specifically, under the Individual Shared Responsibility Provision, individuals that are subject to the penalty will have to remit payment with their 2014 tax returns on April 15th. The penalty will not apply to those that obtain health insurance coverage through their employer or a state sponsored exchange. Still, there are certain groups that will pay hundreds and in some cases thousands in penalties. Read More.

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Do Beneficiaries Have To Take RMDs?


Those fortunate enough to be named a beneficiary of a retirement account will want to know the nuances for reporting income on their tax return. This is specifically important when the account holder passes away before or after the time they are supposed to take required minimum distributions (RMDs). Read More.

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