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Reilly Tax Advisor

Should you add RMDs to your year-end checklist?

Dec 07, 2017

For older taxpayers with tax-advantaged retirement accounts, one important item may remain on the year-end to-do list: Take required minimum distributions (RMDs).

Reilly Tax Advisor

New Massachusetts tax incentive encourages support of community development corporations

Nov 04, 2014

The Community Investment Tax Credit (CITC) provides a 50% state tax credit for donations of $1,000 to $2 million to qualified community development corporations. Some 51 CDCs in the commonwealth are certified to receive these donations.

Reilly Tax Advisor

IRS announces ‘Taxpayer Bill of Rights’

Jun 11, 2014

A 2012 survey by the Taxpayer Advocate Service, an arm of the Internal Revenue Service, found that only 46% of U.S. taxpayers believed they had rights before the IRS, and only 11% knew what those rights were.

Reilly Benefits Advisor

IRS modifies ‘use or lose’ rule for Health Flex Spending Accounts

Dec 06, 2013

The IRS recently announced a modification to the longstanding “use-it-or-lose-it” rule for health flexible spending arrangements (FSAs).

Reilly Benefits Advisor

PCORI: New ACA tax impacts employers with self-insured health plans

Jul 30, 2013

Under the Affordable Care Act (ACA), all employers who offer health benefits for their workers are subject to a new fee to support the Patient-Centered Outcomes Research Institute (PCORI).

Reilly Small Business Advisor

How much are your services worth? Setting professional fees

Mar 14, 2013

If you are in the business of providing consulting or professional services, no doubt you have dealt with the question of setting professional fees. How much is your expertise worth?

Reilly Advisor

The odds you’ll be audited by the IRS rise with your income

Oct 01, 2012

Although the overall individual audit rate by the IRS is about 1.11%, the odds increase dramatically for higher-income taxpayers.

Reilly Advisor

Own a summer rental? Consider tax implications

Jul 06, 2012

If you own a cottage or other property near the water or in the mountains or woods, you will likely have a fun time there during this summer.

But if you rent it out for others to enjoy vacations there as well, just remember there are some tricky tax rules to keep in mind for properties that are used both for personal and rental purposes.

Reilly Advisor

Should small, local nonprofit organizations incorporate?

Mar 30, 2012

Most large nonprofit organizations are routinely incorporated. This means they have filed articles of incorporation as nonprofit organizations with their states’ Secretary of State offices.

Reilly Advisor

New tax credit rewards businesses for hiring veterans

Feb 14, 2012

Uncle Sam has made it easier for businesses to hire returning veterans by providing a maximum $9,600 tax credit (to the business) for each qualified hire.