ARTICLES

As the end of 2011 approaches, now is a good time to start year-end tax planning to minimize your individual and business tax burden. Generally, year-end tax planning involves considering at least two years – in this instance, 2011 and 2012. With...

Unless Congress acts to again extend the expiration date, 2011 may be the last year those age 70½ and older will benefit by making contributions of up to $100,000 directly from their IRA to a qualified charity. This type of direct...

The IRS has provided a new accounting method for computing bad debts. A new revenue procedure provides a safe-harbor method of accounting for taxpayers using the nonaccrual-experience (NAE) method of accounting for uncollectible receivables....

Tax-exempt organizations that distribute publications to their members should be aware of a recent Tax Court decision.  In this case, the tax-exempt organization published two magazines that were distributed to dues-paying members and a small...

The issue of who is an employee and who is an independent contractor continues to challenge businesses, the IRS and the courts. Now the IRS has launched a new program that will enable many employers to resolve past worker classification issues and...

A court of appeals has upheld a Tax Court decision that a sausage manufacturer received ordinary income, rather than capital gain, when it settled a lawsuit involving trade secrets. In the early 1980s, C&F Packing Co., Inc. (C&F), developed...

The IRS has released a summary of the rules governing under what conditions retirement plan distributions are subject to withholding. The summary is contained in the Summer 2011 edition of the IRS Retirement News for Employers. Distributions from...

On Sept. 1, 2011, the IRS announced that it is granting taxpayers whose preparers were affected by Hurricane Irene until Sept. 22 to file returns normally due Sept. 15. Your preparer must be located in an area that was under an evacuation order or...

With children returning to school, cash-strapped parents may be looking for tax savings in their back-to-school expenditures. Listed below are a few tax-saving tips, as well as a few items that do not offer a tax break, although you may wish they...

The IRS has attempted to clear up a dilemma that has perplexed businesses that desire to treat certain workers as independent contractors rather than employees. Employers are generally required to withhold and pay employment taxes (FICA, FUTA and...

As is most often the case, the Tax Court has once again concluded that a taxpayer must suffer the tax consequences of the transaction he entered into – not the transaction he wished he had entered into – after the IRS pointed out the tax result....

Last minute filers are rightly concerned that the IRS may not receive their documents by the due date. And in most cases, there is no way to prove when the IRS actually receives your documents. Penalties can result or elections may be invalid, if...