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Foreign Account Tax Compliance Act Starts July 1

May 21, 2014

The Foreign Account Tax Compliance Act (FATCA) that was passed in 2010 will begin taking effect on July 1, 2014. (The original enforcement date was May 5, but it has been delayed.) Its intention is to make it mandatory for banks across the world to share depositor information with the United States government when it pertains to their American clients. This was done in an effort to deter those con...

Retirement investment options for the self-employed

January 7, 2014

Many folks who have “regular 9-to-5” office jobs contribute to a company-sponsored retirement savings fund, be it 401K or employee pension (or both), or other financial product or service offered by their company. These are great benefits. So are the healthcare benefits, paid vacation time and sick days offered by many companies. If you’re self-employed, however, these options likely aren�..

Why you should file your taxes ASAP

January 4, 2014

By Ari Page Now that 2014 is upon us, it will be tax season before you know it. Getting your income taxes filed early is always a good idea, if for no other reason than the great feeling you get when it’s over. But there are other, more tangible, reasons that can have a positive effect on your bottom line, according to this US News article. For example, if you’re a taxpayer with a college-age ...

Supreme Court to decide once and for all (hopefully) if severance pay is taxable

November 15, 2013

These days, terminated employees receiving severance packages happen quite frequently. Sometimes it happens voluntarily, such as during a layoff; other times, it happens after the employee has won a lawsuit against his or her company. It could even be required by state or federal law, or be part of a company’s policy. Severance pay is basically a sum of money given to an employee to help a termi...

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