Should You Diversify Your Investments with Rental Real Estate?
Many people invest in marketable securities, including stocks, bonds, money market funds and real estate investment trusts (REITs). But a less conventional investment option that’s historically paid off for many investors is purchasing a home or condo to rent out to third parties. This alternative may help diversify your existing portfolio and hedge against public market…
The ABCs of Scholarship Tax Rules
Good news: You just found out that your high school senior son or daughter will be receiving a sizeable scholarship at a prestigious university next fall. But what are the tax consequences? In most cases, scholarships awarded to students are exempt from federal income tax, assuming certain conditions are met. Comparable rules apply to fellowships for…
GRF CPAs & Advisors Announces Four New Partners
GRF has promoted four members of the firm to Partner: Lindsay Dean, CPA; Tricia Katebini, CPA, MBA; Max Manley, CPA; and Melissa Musser, CPA, CITP, CISA.
Reporting Requirements for International Income and Foreign Assets
By Jennifer Galstad-Lee, Tax Manager Many Americans, including resident aliens, are moving to and from foreign countries and living abroad as cross-border commerce grows. Twenty months after the COVID-19 shutdown, our new normal includes a growing population of digital nomads within an acceleration of globalization. This trend has led to new tax logistics for many…
New Tax Provisions in the Infrastructure Investment and Jobs Act
On Monday, President Biden signed HR 3684, the Infrastructure Investment and Jobs Act, into law. The comprehensive $1.2 trillion infrastructure package authorizes funds for federal-aid highways, highway safety programs, and transit programs, and for other purposes. Included in the new law are a few tax provisions of note to taxpayers. Termination of the Employee Retention…
2021 Tax Strategies for Individuals and Businesses
By Jennifer Galstad-Lee, CPA, JD, Tax Manager November is a great time to review your taxable individual and business income with the goal of maximizing your tax strategies for the current year. Below we provide some helpful checklists and schedules to guide you through some key tax considerations. Individuals Summarized below are several tax moves…
Tax Consequences of Offering Innovative Benefits
Although some companies that sent workers home during the pandemic have returned them to the office, many businesses continue to rely on remote workers. At the same time, companies in a range of industries are struggling to find and keep employees. This unusual business environment has spawned some innovative fringe benefits — or expanded traditional offerings…
Mind the Wash Sale Rule When Harvesting Tax Losses
While stock values have mostly gone up so far this year, bull markets don’t last forever. And the price of a particular stock can fluctuate up or down, independent from the market’s overall trend line. When you make what turns out to be an ill-fated stock investment in a taxable investment account, the saving grace is…