Welcome to our Blog Page
The McDonnell Richardson CPA, P.C. Blog Page provides frequently updated useful news and information to help keep you informed on tax strategy, business, and estate planning. Please do not hesitate to contact us for any questions and additional information you may have regarding these topics.
Taxpayers may deduct casualty losses in prior years
The Internal Revenue Service has finalized regulations permitting taxpayers to deduct disaster losses in the tax year immediately preceding the tax year the disaster occurred.
Journal of Accountancy online (10/14) ...
PITFALLS WITH YOUR 401(K)
Beware potential tax issues with 401(k) loans
Several court cases have shown potential pitfalls with taking a loan from a 401(k). Such loans can become taxable distributions and be subject to early-distribution penalties if all conditions are not met.
Financial Planning online (10/11) ...
HOW DO YOU DEAL WITH STRESS?
Tips for converting stress into a positive force
How you perceive stress makes a big difference in how you deal with it. Crack your personal "stress code" so you treat difficult situations as challenges, rather than threats.
Fast Company online (10/14) ...
DO YOU CONTRIBUTE?
Some millennials with retirement plans don't contribute to them. Among the 45% of millennials who have retirement plans, 12% aren't contributing to them, a survey finds. Meanwhile, 55% of millennials lack retirement accounts.
Business Insider (10/12) ...
WHAT ARE YOU PUTTING OFF?
Some put off medical needs, homebuying because of student debt. More than half of respondents to a Morning Consult survey on student loans say they have delayed medical or dental treatment because of the debt, while half of respondents say they have put off homeownership. The survey involves 2,200 adults, 397 of whom have student debt.
Morning Consult (10/10) ...
ARE YOU READY TO GO?
How to tell when it's time for a leader to go
Certain warning signs, including feeling too comfortable in a position or having a lack of ideas, might mean a leader should consider stepping down.
Entrepreneur online (10/11) ...
STILL FIGURING OUT CRYPTOCURRENCY
IRS clarifies the tax treatment of cryptocurrency "hard forks" and "airdrops"
The Internal Revenue Service ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency. But the ruling states that a taxpayer does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
Journal of Accountancy online (10/9) ...
WHAT ARE YOUR PLANS?
Why some millennials plan to delay or skip retirement
Among high-earning millennials who either don't plan to retire or plan to wait until at least age 70 to retire, about 3 in 10 say they don't think they will be able to save enough money, according to Spectrem Group.
WealthManagement (10/7) ...
DO YOU WAIT TO UPDATE?
Tips and tricks for iPhone's latest update
Apple's iOS 13 includes some subtle but useful updates for iPhone users, from better battery charging to easier searching.
CNET (9/28) ...
1 week ago
IRS releases guidance on treatment of transaction costs
Practitioners should review the recent guidance from the Internal Revenue Service's Large Business and International Division and consider it when determining and substantiating the tax treatment of transaction costs.
The Tax Adviser (10/2019) ...