ARTICLES

Many young people have summer jobs or will be going off to college soon and getting jobs to help foot the bill. Here are six tips from the IRS about employment that you may want to share with your children who are working. When you first start a...

The courts continue to be confounded over the question of whether an overstatement of basis that causes an understatement of gain or overstatement of loss on the sale of an asset is an event that allows the IRS to invoke the six-year statute of...

The Tax Court has refused to allow a theft loss deduction to a senior citizen who claimed he was swindled out of his retirement savings. Oscar C. Hawaii owned and operated a small trucking business. By early 2005, he had accumulated retirement...

The IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will increase from 51 cents to 55.5 cents per mile for business travel. The increase took effect on July 1, 2011. The...

While June may be the traditional month for weddings, the IRS offers a number of tax tips for newlyweds at any time of the year. Among those tax-related changes that newlyweds should think about now are notifications of change of name and address,...

Most tax-exempt organizations are required to file an annual return or notice, a requirement that is important to people claiming a tax deduction for charitable giving. The IRS automatically revokes the exemption of any organization that fails to...

It seems as if every neighborhood has a "cat lady." And now the Tax Court has Jan Van Dusen. Van Dusen is an attorney who cares for cats in her private residence. She volunteers for a qualified charitable organization called Fix Our Ferals. Van...

The IRS has issued proposed regulations that should allow more investments in non-real estate businesses located in low-income communities to qualify for a new markets tax credit. Through 2009, the new markets tax credit (NMTC) has helped...

If your business claimed bonus depreciation on machinery or equipment in a previous year and then trades it in for an upgrade during 2011, you may qualify for bonus depreciation on the remaining depreciable basis in the old assets. The...

Are you looking for a tax break for the busy summer? Many working parents must arrange for care of their children under 13 years of age during the school vacation period. A popular solution – with a tax benefit – is a day camp program. The cost of...

If you are a real estate professional who wants to treat all your real estate interests as one activity, you may now make a late election under new guidance. The passive activity loss disallowance rules apply to any trade or business in which you...

A recent decision by the United States Tax Court addresses an issue faced by many two-income couples in this difficult job market. Thomas and Janice Scroggins lived in Georgia. Thomas provided highly specialized consulting services to hospitals....