Heated debate ahead on tax reform proposals
President Obama recently said that he wants a tax reform/deficit
reduction package by August and lawmakers have many proposals to
consider. The President has introduced a $3.77 trillion budget for
...
Using your 2012 tax-year return to plan for the future
Did you owe tax on your 2012 tax return? Did you receive a sizeable
refund? Or, conversely, did you receive a smaller refund than you
expected? If so, take another look at your tax return from this...
The new 3.8 percent net investment tax continues to challenge
Questions over the operation of the new 3.8 percent Medicare tax on
net investment income (the NII Tax) continue to be placed on the
IRS's doorstep as it tries to better explain the operation of th...
How do I? Compute the small business health insurance credit
Under the Patient Protection and Affordable Care Act (PPACA), small
employers can claim a credit for providing health insurance for
employees and their families. Health insurance includes not only
...
FAQ: What is "cost of goods sold"?
A business that manufactures products to be sold, or purchases
products for resale, must value its product inventory at the
beginning and the end of each tax year to determine the cost of
goods sol...
May 2013 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for individu...
FAQs: When can I deduct job-hunting expenses?
Job-hunting expenses are generally deductible as long as you are
not searching for a job in a new field. This tax benefit can be
particularly useful in a tough job market. It does not matter
whether y...
2011 year-end tax planning for individuals in a changing landscape
2011 year end tax planning for individuals lacks some of the drama
of recent years but can be no less rewarding. Last year,
individual taxpayers were facing looming tax increases as the
calendar...
FAQ: What is a tax return transcript?
Taxpayers can request a copy of their federal income tax return and
all attachments from the IRS. In lieu of a copy of your
return (and to save the fee that the IRS charges for a copy of your
ta...
How do I?… Claim the adoption tax credit
Adoptive parents may be eligible for federal tax incentives. The
Tax Code includes an adoption tax credit to help defray the costs
of an adoption. Recent changes to the adoption tax credit
make ...
IRS instructs auditors on economic substance doctrine
A transaction may comply with a literal reading of the Tax Code but
result in unreasonable tax consequences that are not intended by
the tax laws. To combat these transactions, the IRS has used for
ma...
Check status of a charity before making a contribution
Americans donate hundreds of millions of dollars every year to
charity. It is important that every donation be used as the donors
intended and that the charity is legitimate. The IRS oversees the
acti...
FAQ: Are summer camp costs deductible?
With school almost out for the summer, parents who work are
starting to look for activities for their children to keep them
occupied and supervised. The possibilities include sending a child
to day ca...
New broker-reporting rules: burden to brokers a boon to taxpayers?
As a result of recent changes in the law, many brokerage customers
will begin seeing something new when they gaze upon their 1099-B
forms early next year. In the past, of course, brokers were
re...
Scope of information reporting continues to expand
Information reporting continues to expand as Congress seeks to
close the tax gap: the estimated $350 billion difference between
what taxpayers owe and what they pay. Despite the recent rollback
of exp...
Next year's tax return starts with good recordkeeping
As the 2011 tax filing season comes to an end, now is a good time
to begin thinking about next year's returns. While it may seem
early to be preparing for 2012, taking some time now to review your
rec...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
How Do I? Write Off Bad Business Debts
A business with a significant amount of receivables should evaluate
whether some of them may be written off as business bad debts. A
business taxpayer may deduct business bad debts if the receivable
b...
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withho...
IRS launches second offshore voluntary disclosure initiative
In exchange for voluntary disclosure of unreported foreign assets,
the IRS is offering taxpayers a second opportunity for reduced
penalties. A special offshore voluntary disclosure initiative was
a...
FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a
federal income tax return can be complicated, with many
requirements involving who qualifies for the deduction and who
qualifies to...
Deducting receivables as bad business debts
While the economy continues to slowly recover, many businesses
continue to face customers struggling to pay outstanding bills for
services or goods. The Tax Code provides relief to businesses
faced...
Common IRA contribution and distribution mistakes
Individual retirement accounts (IRAs) -- both traditional and Roth
IRAs -- are among the most popular retirement savings vehicles
today. Protecting the value of your IRA (and other retirement
accounts...
FAQ: Can I deduct the costs incurred doing charitable work?
Q. I spend 20 hours every week cooking meals and delivering them to
an organization that feeds the hungry and homeless. Am I entitled
to a deduction for my time and the food I pay for out of my own
mo...
Planning for the 3.8 percent Medicare tax on investment income
The health care reform package (the Patient Protection and
Affordable Care Act and the Health Care and Education
Reconciliation Act of 2010) imposes a new 3.8 percent Medicare
contribution tax on the ...
How Do I: Claim residential energy credits?
There are two important energy tax credits that can benefit
homeowners in 2010: (1) the nonbusiness energy property credit and
(2) the residential energy efficient property credit. Collectively,
they ...
IRS updates change-of-address notification procedures
If you have or are planning to move - whether it's a change of
personal residence or a change of business address - you want the
IRS to know about your change of address. The IRS has recently
updated ...
Reasonable" compensation: Hot button for IRS auditors
In order to be tax deductible, compensation must be a reasonable
payment for services. Smaller companies, whose employees frequently
hold significant ownership interests, are particularly vulnerable
t...
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