Tax Newsletters

Payroll Deduction IRAs

One of the simplest retirement arrangements that a business can set up for its employees is a payroll deduction IRA. Under this type of plan, an employee sets up either a traditional or Roth IRA with a financial institution. The employee authorizes a payroll deduction for the IRA, and the employer's only obligation is to transmit the authorized deduction to that institution. Generally, an employer who offers a payroll deduction IRA to any employee should offer it to all employees.

How Long Should It Take To Get a Refund?

You prepared your federal income tax return for the year, and the bottom line shows that you are entitled to a refund! You file the return, and one week, two weeks, three weeks pass. You begin to second guess yourself - did you make a mistake on the return, or was it pulled for an audit? How long should you have to wait for your refund?

Unemployment Compensation

You lost your job a few months ago and have been receiving state unemployment compensation benefits. To add insult to injury, your neighbor tells you that he thinks the benefits are taxable! Could that possibly be right?

Deduction for Investment Interest

Taxpayers often borrow money in order to buy property held for investment. The deductibility of this interest is not permitted if the property yields tax-exempt income. Even if the income from the investment is taxable, the amount of any interest deduction is limited by to the taxpayer's net investment income, which is defined by tax laws as the excess of investment income over investment expenses.

Business Leagues and Trade Organizations

In order to qualify for tax-exempt status under Internal Revenue Code Section 501(c)(6), an association must show that it is devoted to the improvement of business conditions of one or more lines of business as distinguished from the performance of particular services for individual persons. The organization seeking tax-exempt status as a nonprofit business league, chamber of commerce, real estate board, or professional football league must do more than indicate the name of the organization or the object of the local statute under which it is created.