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Tax Newsletter – May 2016

The HoganTaylor LLP Tax Team is excited to present the May 2016 edition of our eNewsletter. Our newsletter is designed to help you keep up with the latest tax issues.

We’ve designed the newsletter to be read in quick chunks–knowing that leisurely reading time is a luxury for most of you. We’ll also always have the content on our site so that you can refer to it later.

As always, please do not hesitate to contact a member of the HoganTaylor Tax Team with any questions you may have regarding these subjects. Additionally, we welcome any thoughts or ideas you may have for future newsletter topics.

In This Issue:

Fun and Games… and Taxes

As 2016 began, people were lining up to buy tickets for the Powerball lottery, which eventually reached a total prize of $1.58 billion. Many states have lotteries, and countless participants win prizes, albeit usually much smaller than the Powerball jackpot. Are such winnings taxable? The answer, in a word, is yes. (As an exception to this rule, some states exempt their lottery winnings from state income tax.) Read More

Health Insurance and Divorce

Going through a divorce can be a stressful experience, and some items may be overlooked. Nevertheless, if you are in this situation, you should be sure to pay some attention to future health insurance. Medical bills and health insurance premiums can be extremely expensive; any lapse in coverage might lead to a financial crisis. Read More

New Law May Boost C Corporations

As explained in the April 2016 issue of the HoganTaylor Tax Newsletter, the recently-signed Protecting Americans from Tax Hikes Act of 2015 reinstates some expired tax benefits retroactively and makes them permanent. On the list is the 100% tax exclusion of the gain from sales of qualified small business stock (QSBS). Read More

Applicable Federal Rates for May

The Section 7520 rate for May 2016 is 1.8%, while the Applicable Federal Rates (AFRs) are as follows (Rev. Rul. 2016-11, IRB 2016-19). Read More

Tax Calendar

Find out what tax deadlines are approaching in May and June of 2016. Read More