BLS Insights

Discover the depth of BLS knowledge and information.

Month: February 2015

Substantiation Rules Are Not Meant to be Broken

February 18, 2015

The holiday season has passed and it is now tax-filing season. During this time, charitable organizations need to make sure that they are doing everything in their power to assist their donors in following the IRS donation “substantiation rules.”

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I Received a Notice from the IRS – Now What?

February 18, 2015

Don’t panic! You aren’t going to jail. However, you don’t want to ignore it. The issue will not go away on its own. A prompt response to the notice will save you a major headache later on.

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The Kiddie Tax

February 04, 2015

Setting up an investment account for your children when they are very young is a great way to start saving for them but there may be unexpected tax consequences to consider. The Kiddie Tax applies to all children up to age 18 and students 19 to 23 who do not provide more than 50% of their own support. Under Kiddie Tax rules, a child’s investment income, such as dividends, interest, and capital gains in excess of $2,000 is taxed at the parents’ highest marginal rate.

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Need Additional Information?

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