Adam’s Tax Blog

IRS audit rates are at an historical low, but that’s little consolation if your return is among those selected to be examined. However, with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals....

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate taxes. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t...

Does your business buy or lease computer software? Do you develop computer software for use in your business, or for sale or lease to others? If so, you should be aware of the complex rules that apply to determine the tax treatment of the expenses of buying, leasing...

In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act (TCJA), these expenses aren’t deductible through 2025 if they’re...

Pretty much every business today has a website. However, the IRS has yet to issue formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs, and IRS guidance that applies...

Here are some of the tax-related deadlines affecting businesses and employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive. There may be additional deadlines that apply to your situation. Contact us to ensure you’re meeting all...

COVID-19 has changed our lives in many ways, and some of these changes have tax implications. Here’s some basic information about two common situations. 1. Working from home. Many employers have told their employees told not to come to their workplaces due to the...

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports existing home sales and prices are up nationwide, compared with last year. One of reason is the pandemic: “With the sizable shift in remote work, current homeowners are looking for...

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s...

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. No matter how your kids are going back to school, parents may be eligible for certain tax breaks to help defray the cost of education....

You’re probably aware of the 100% bonus depreciation tax break available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. 1. Bonus depreciation is scheduled to phase out Under...

If you’re getting close to retirement, you may be wondering: Are my Social Security benefits going to be taxed? And if so, how much will you have to pay? It depends on your other income. If you’re taxed, between 50% and 85% of your benefits could be taxed. (This...