What is military differential pay?
Some employers voluntarily agree to continue paying full wages to their employees who are called to active duty. This is commonly referred to as differential pay. Differential pay is any…
Read moreIRS Statement on Airline Ticket Taxes
Today’s Congressional action extending the Federal Aviation Administration authorization reinstates retroactively the airline ticket taxes for passengers who traveled during the lapse of the FAA’s authorization. As a result of…
Read morePersonal Residence/Real Property
Be sure to take photographs as quickly as possible after the casualty to establish the extent of the damage. Contact the title company, escrow company or bank that handled the…
Read moreReconstructing Your Records
Reconstructing records after a disaster may be essential for tax purposes, getting federal assistance or insurance reimbursement. Records that you need to prove your loss may have been damaged or…
Read moreDo’s and Don’ts of Hardship Distributions
Given the current economic climate, a greater number of participants may be requesting hardship distributions from their retirement plans. To avoid jeopardizing the qualified status of the plan, employers and…
Read moreGambling Income and Losses
The following rules apply to casual gamblers. Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of…
Read moreUnemployment Compensation
Unemployment compensation is includible in gross income. You must report unemployment compensation on line 19 of Form 1040, line 13 of Form 1040A, or line 3 of Form 1040EZ. Unemployment…
Read moreRoth IRA Contributions
A Roth Individual Retirement Arrangement (IRA) is an account or annuity set up in the United States solely for the benefit of you or your beneficiaries. You can contribute to…
Read moreHow does a cafeteria plan work?
Employer contributions to the cafeteria plan are usually made pursuant to salary reduction agreements between the employer and the employee in which the employee agrees to contribute a portion of…
Read moreIs there a filing requirement for a cafeteria plan?
Generally, no. If you only have a cafeteria plan, you are not required to file Form 5500 or Schedule F. However, if you have a welfare benefit plan, you may…
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