ARTICLES

In today's difficult residential real estate market, many homeowners who must relocate have found it difficult to sell their properties. Many have attempted to rent out their prior homes. A recent Tax Court decision (Hattie M. Bonds v....

Fall is a season when many people are cleaning out garages, basements and closets. If you are not having a tag sale and some items look too good for the dump, consider contributing them to charity. You can get a tax deduction for whatever the item...

The IRS has announced that, for tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace...

You have seen the ads on television from tax services that claim they can settle your tax debts for pennies on the dollar. Sometimes you wonder whether these claims are too good to be true. A recent court case demonstrates the difficulties involved...

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...