ARTICLES

In a recent case, the Tax Court allowed a gift tax annual exclusion for gifts of interests in a family limited partnership. The gift tax annual exclusion is available only for gifts of present interest, not for gifts of future interest. A present...

You may be familiar with Roth IRAs, but do you know that some employer-sponsored retirement savings accounts, like 401(k) plans, also offer a Roth alternative? Few people choose that option because they have to pay tax currently on the amount that...

For plan years beginning after Dec. 31, 2012, salary reduction contributions to health flexible spending arrangements will have a statutory annual limit of $2,500. Prior to the Pension Protection Act of 2006, no statutory limit existed for the...

The simplest personal tax form, Form 1040-EZ, is only one page. But it comes with a 42-page instruction booklet. Douglas Shulman says he uses a hired tax preparer because the U.S. tax code is so complex. And he is the IRS commissioner. The Internal...

A deadline to receive a tax credit is approaching for employers who have hired military veterans. Congress expanded the Work Opportunity Tax Credit late last year for employers that hire eligible unemployed veterans. Normally, an employer must file...

If you own a summer home or vacation property, you can rent it out tax-free for up to two weeks each year. You do not have to pay tax on the rental income. If a property is rented for less than 15 days, the rent you receive does not have to be...

The Tax Court has disallowed a married couple's cash charitable contribution deduction to their church. David and Veronda Durden made charitable contributions totaling more than $25,000. The Durdens had canceled checks supporting their deduction,...

The IRS has issued proposed regulations regarding local lodging expenses. Although the new regulations are in proposed form, the IRS has stated that they can be relied upon until they are finalized. Generally, the cost of local lodging - defined as...

An 1895 version of the painting "The Scream" by Edvard Munch recently sold for a record-shattering $120 million at a Sotheby's auction in New York. The seller of the piece, a Norwegian businessman, will undoubtedly be paying a hefty tax on the...

Here is yet another case that emphasizes the importance of being careful when using a family limited partnership as an estate planning tool. Lois Lockett's husband predeceased her, and his will established a trust for her benefit. As part of her...

An investor's intent may not always be obvious, but recently a couple's activities helped clarify their decisions for the Tax Court. The IRS questioned the validity of a like-kind exchange made by Patrick and Jill Reesink of San Francisco. And the...

The IRS has provided the annual inflation-adjusted contribution, deductible and out-of-pocket expense limits that will apply to health savings accounts for 2013. Subject to statutory limits, eligible individuals may make tax-deductible...