ARTICLES

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...

Many people plan a yard or garage sale while the weather is nice. Have you ever wondered how taxes affect these events? In most cases, these types of sales involve personal items that you've owned and used for a number of years. Since the selling...

Businesses that reimburse employees for away-from-home travel costs using a per-diem amount, rather than the actual costs, should take heed of a new announcement from the IRS. The IRS has announced that it plans to discontinue one of the...

The Department of the Treasury announced that 17 community banks across the country received a total of $214 million as part of the next wave of funding provided through the Small Business Lending Fund (SBLF). The SBLF, which was established as...

A recent Tax Court case serves as a reminder of the importance of contemporaneous documentation. Over a period of years, Thomas Kaider provided a number of services to his uncle, Edward Quinn. Some of these services related to Quinn's businesses,...

If you own stock in a small business corporation, check to see whether you qualify for an important tax break. Since 1993, the tax law has contained a tax exemption for part or all of the gain that individuals realize on the sale of qualified small...

As a result of changes made by the Affordable Care Act, health coverage provided by your employer for your children under 27 years of age is generally tax-free. Effective March 30, 2010, this expanded healthcare tax benefit applies to various...

In a recent case, the Tax Court ruled that payments made to caregivers for providing physician-ordered assistance and supervision to a patient suffering from dementia qualified as long-term care services and were thus deductible amounts paid for...

With the 2012 election cycle in its early days, it is only a matter of time before your phone starts to ring with candidates and political organizations soliciting monetary contributions. For many years, questions have been raised as to whether...