by apexcpas | Jul 4, 2018 | Tax Planning
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 IRA-to-charity...
by apexcpas | Jul 4, 2018 | Tax Planning
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. Eligible businesses must...
by apexcpas | Jul 4, 2018 | Tax Planning
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 number of nonmember...
by apexcpas | Jul 4, 2018 | Tax Planning
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 achieve certainty...
by apexcpas | Jul 4, 2018 | Tax Planning
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 a process for...
by apexcpas | Jul 4, 2018 | Tax Planning
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 an employer-sponsored...