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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.