Emergency Access to 401K Assets: Hardship Distributions
401(k) assets are generally not accessible to employees until they reach retirement age or leave their job. This can be frustrating to employees who are in urgent need of funds,…
Read more
How Do Capital Loss Carryforwards Work?
When an investor sells a stock or mutual fund that produces a loss, this capital loss reduces taxable income by first offsetting any capital gains, and then by reducing taxable…
What Happens if I Live and Work in Different States? State Income Tax Considerations
In our previous post, we discussed the federal tax implications of living and working in different states. A more complicated matter is the issue of state income taxes. Here is…
What Happens if I Live and Work in Different States? Federal Taxes
In today’s highly mobile society, it’s not unusual for people to live and work in different states, and that mobility can have tax implications. In this two-part series, we will…
Cryptocurrency Investors Beware of an IRS Crackdown
Do you own Bitcoin, Ethereum or another type of cryptocurrency? If so, you may have recently received a letter from the IRS. This is the latest effort by the IRS…
How the IRS Works Part II: Automated Underreporter (AUR) Cases
The automated underreport (AUR) unit of the IRS screens tax returns for mismatches between the income shown your tax return and the income reported to the IRS by third parties…