I love to travel and subscribe to many travel magazines and news letters; I even read travel books like a restaurant menu (voraciously)! I thought it would be nice to break up some tax blogs by blogging over a few travel updates. United Airlines changes policy on comfort animals after peacock incident: United Airlines wants… Read More

At Bourke Accounting we are a full service tax and accounting firm. A big part of our business is forming Corporations, LLC’s, Non Profits and over-all helping people figure out which entity is best for their business. With the new “Tax Cuts and Jobs Act” Corporations seem to be the “it” entity of the moment. I… Read More

You might think twice before giving money to you adult child as it could ultimately trigger YOUR financial ruin. The majority of parents with adult kids – 74 percent – continue to help them financially after they reach age 18. More than 80 percent contribute to living costs, such as groceries, health insurance, phone bills,… Read More

The Internal Revenue Service has estimated it may need nearly half a billion dollars more over the next two years…to implement the sweeping tax overhaul. IRS funding has shrunk by 20 percent since 2010, but the agency says it needs additional funds for answering phone calls, creating new tax forms, and training employees on the… Read More

The passage of the new tax bill is a golden opportunity for you to convert your traditional individual retirement account into a ROTH IRA. Why? The bill reduced multiple individual income tax brackets, so if you convert your traditional IRA to a ROTH and immediately pay taxes on those funds, “you will be paying at a… Read More

The IRS is urging victims of last year’s hurricanes, especially those who lived in areas affected by Hurricanes Harvey, Irma and Maria, to see if they qualify for the Earned Income Tax Credit (EITC). According to the IRS, many people whose incomes dropped in 2017 may be eligible to choose a special option for figuring… Read More

With the amount of time spent at work, co-workers sometimes develop personal relationships. These relationships can lead to concerns about favoritism, conflicts of interest, sexual harassment Complaints complaints, and related issues. Here are some factors to consider for addressing these concerns. Evaluate policy options: Consider your company culture to decide what type of policy makes… Read More

Paying taxes is a necessary evil, but U.S. expats and foreign citizens living in the States have a tickler tax picture than most. Cross-boarder professionals (i.e., working professionals living in a country other than their country of birth) face a far more complicated and confusing tax picture than most people. Having financial affairs outside of… Read More

What happens when you sell a rental property and the gains exceed current year losses and suspended losses from rental property? Are you familiar with “suspended passive losses?” Generally, with  a passive activity (e.g., rental property), losses each year are allowed to the extent of income unless the taxpayer qualifies under 469(i) as actively participating… Read More