ARTICLES

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....

The United States Department of Justice has announced that it has reached a plea agreement in a criminal charge against a bank director who voluntarily disclosed hidden offshore income without taking advantage of the IRS's Offshore Voluntary...

Absent congressional action, employers will face a tax dilemma beginning July 1, 2011. The "temporary" 0.2 percent federal unemployment tax (FUTA) surtax is scheduled to expire June 30, 2011. The surtax is part of the 6.2 percent gross unemployment...

Both government agencies and government contractors will need to prepare for the effects of new withholding rules. Tax law contains a provision that requires the federal government and every state and local government making payments for goods or...

A family limited partnership can be an effective estate planning tool. However, to be successful in removing future appreciation in value from the estate of a wealthy family member, it is important that the family limited partnership (FLP) meet...

A recent private letter ruling illustrates the dangers inherent in using IRA funds as a source of short-term financing. Normally, you can avoid tax on a distribution from a traditional IRA if you roll the money over to another IRA or other eligible...

If the soaring price of gasoline has not deterred you from purchasing a SUV, you may be able to take advantage of a perhaps unintentional tax break.   For a limited time only, the 100 percent bonus depreciation rules allow a complete write-off...

The IRS has issued a memorandum describing the penalty framework that will apply to those who voluntarily disclose assets hidden in offshore accounts. The new program is a followup to voluntary disclosure efforts conducted two years ago. Every U.S....