local updates
When did the restaurant revitalization fund start?
Restaurants and other food and beverage businesses across the nation will begin to see funds in bank accounts as early as Tuesday, May 11. Do restaurants ...
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Local Updates
local updates
Can you get in trouble for not reporting stocks on taxes?
You don’t report stocks on taxes. Only sales of assets, includes stocks, are reported. Stock sales are reported to IRS by your brokers, so if you fail to ...
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Can a parent gift money to child?
When you gift money to your children, the amount you give is classified as your ‘allowable disposable income’. They’ll also apply deeming and include the ...
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Is it possible for a married couple to live apart?
But it is possible for a married couple to live apart and maintain a healthy relationship. If both parties are mutually vested in the relationship they wi...
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How do I activate my TurboTax account?
Go to activate.turbotax.com to sign in or create an account, and then enter your activation code (even if you’ve already started your taxes for tax year 2...
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When to use a 1099 are for life insurance?
Form 1099-R is used to report distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, etc. Proceeds from li...
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Can a J-1 visa holder bring family?
The dependents (spouse and unmarried children under 21 years of age) of the J-1 Exchange Visitor are eligible for J-2 dependent status. Although dependent...
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What are the benefits of owning a rental property?
The biggest benefit of owning a rental property is that the renters will provide you with a direct income stream. Those monthly rent checks go straight in...
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Can a parent give their child a down payment on a home?
Parents agree to give their children the money to put a down payment on a home. But what are the legal and gift tax implications? Who should be the owners...
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What does Distribution Code 8 mean on 1099-R?
Excess contributions plus earnings Code 8. According to the 2020 Instructions for Forms 1099-R and 5498, Code 8, Excess contributions plus earnings/excess...
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