Accounting Today’s weekly roundup of tax-related investment strategies and news you may be thinking about.

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WASHINGTON — May is National Military Appreciation Month, and the Internal Revenue Service wants members of the military and their families to know about the many tax benefits available to them.

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A river cuts through rock, not because of its power, but because of its persistence.

James -N. Watkins

Channeling money into a retirement fund in your 20s and 30s can pay big dividends when it’s time to stop working. But a new AICPA poll finds student loan debt is increasingly weighing on adults in the United States.

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Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible. Francis of Assisi

 

If you are an employee, the Withholding Calculator can help you determine whether you need to give your employer a new  Form W-4, Employee’s Withholding Allowance Certificate to avoid having too much or too little Federal income tax withheld from your pay. Learn more now

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To qualify for S corporation status, the corporation must meet the following requirements:

• Be a domestic corporation
• Have only allowable shareholders
  • May be individuals, certain trusts, and estates and
  • May not be partnerships, corporations or non-resident alien shareholders
• Have no more than 100 shareholders
• Have only one class of stock
• Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).

The last several columns could best be described as an overview of life insurance. We discussed various forms of term and permanent plans along with an incredibly valuable rider to cover possible long-term care expenses. I will now wrap up the discussion with an explanation of a style of policy that by design just lends itself to estate planning purposes.

 

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This is a component of the general business credit and consists of the following: 
1. The energy credit; 
2. The rehabilitation credit; and 
3. The reforestation credit.

 

 

 

 

 

 

WASHINGTON — Treasury Secretary Jacob J. Lew on Wednesday announced the most sweeping and historically symbolic makeover of American currency in a century, proposing to replace the slaveholding Andrew Jackson on the $20 bill with Harriet Tubman, the former slave and abolitionist, and to add women and civil rights leaders to the $5 and $10 notes.

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