What Happens to My 401k Loan If I Get Laid Off?
Losing your job is one of the most stressful and devastating events you can go through. Whether you quit or got fired, facing sudden unemployment is hard enough without the IRS knocking on your door. If you have an outstanding loan balance on your retirement account, losing your job can trigger rapid repayment demands that […]
Are Sexual Abuse Settlements Taxable?
Navigating the aftermath of sexual abuse is an incredibly difficult journey. If you recently settled a lawsuit for sexual harassment or abuse, you already carry a heavy burden. As you take steps to rebuild your life, you are likely wondering, are sexual abuse settlements taxable? If you recently settled a lawsuit for sexual harassment or […]
Understanding Unreimbursed Partnership and Business Expenses
As a partner in an LLC or LLP, you’ve probably paid for business expenses out of your own pocket. Fortunately, you are still able to deduct these. However, the IRS treats these dollars very differently than if you were an S-Corp owner or a standard employee. These out-of-pocket costs are known as Unreimbursed Partnership Expenses […]