Jan 24, 2017 | Firm Updates, Retirement Planning, Tax Tips
Investment interest—interest on debt used to buy assets held for investment, such as margin debt used to buy securities—generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply that can make this itemized deduction...
Jan 23, 2017 | International Tax
Recently we’ve been discussing some of the issues that can arise with the ownership of foreign real estate. Here is another situation we encountered: Clients owned a vacation home in Canada which they and their children had enjoyed for many years. As part of their...
Jan 17, 2017 | Firm Updates
Accounting and business consulting firm Sciarabba Walker & Co., LLP is happy to announce the promotion of Amy Iles to partner, effective January 1, 2017. Ms. Iles joined Sciarabba Walker in 2006 as a senior accountant and was promoted to tax manager in 2012. She...
Jan 17, 2017 | Firm Updates, Individual Tax, Tax Tips
The break allowing taxpayers to take an itemized deduction for state and local sales taxes in lieu of state and local income taxes was made “permanent” a little over a year ago. This break can be valuable to those residing in states with no or low income taxes or who...
Jan 17, 2017 | International Tax
Last week we discussed some of the issues that can arise with the ownership of foreign real estate. Here is one situation we encountered: A decedent died owning land in the Dominican Republic. The executor was unable to locate the appropriate documentation to prove...