IRS steps up guidance under Health Care Law as 2014 mandates loom
The government continues to push out guidance under the Patient
Protection and Affordable Care Act (PPACA). Several major
provisions of the law take effect January 1, 2014, including the
employer m...
FAQ: How are vacation homes taxed?
Vacation homes offer owners many tax breaks similar to those for
primary residences. Vacation homes also offer owners the
opportunity to earn tax-advantaged and even tax-free income from a
certain ...
How do I? Calculate imputed interest on bargain-rate loans
Loans without interest or at below-market interest rates are
recharacterized so that the lender must recognize market-rate
interest income. Put another way, below-market loans are loans for
which a...
June 2013 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for individu...
Early planning can make 2012 filing season easier
The new year brings a new tax filing season. Mid-April may seem
like a long time away in January but it is important to start
preparing now for filing your 2011 federal income tax return.
The IR...
Looking back: Top 10 federal tax developments of 2011
Looking back over 2011, the IRS, Congress and the courts made many
tax decisions impacting taxpayers of all types. Some tax
developments were taxpayer-friendly; others imposed new
requirements on taxp...
How do I...Claim a charitable contribution of property?
Claiming a charitable deduction for a cash contribution is
straightforward. The taxpayer claims the amount paid, whether by
cash, check, credit card or some other method, if the proper
records are mai...
FAQ: Does sick pay get any special tax treatment?
The term "sick pay" can refer to a variety of payments. Some of
these payments are nontaxable, while others are treated as taxable
income. Some of the taxable payments are treated as compensation,
sub...
How do I... Place assets "in service" for depreciation purposes?
Depreciation is a reasonable allowance for wear and tear on
property used in a trade or business or for the production of
income. Property is depreciable if it has a useful life greater
than one year ...
How do I? Avoid pitfalls within a flexible spending account?
Under a flexible spending arrangement (FSA), an amount is credited
to an account that is used to reimburse an employee, generally, for
health care or dependent care expenses. The employer must
maintai...
FAQs: When can I deduct job-hunting expenses?
Job-hunting expenses are generally deductible as long as you are
not searching for a job in a new field. This tax benefit can be
particularly useful in a tough job market. It does not matter
whether y...
FAQ: What is a tax return transcript?
Taxpayers can request a copy of their federal income tax return and
all attachments from the IRS. In lieu of a copy of your
return (and to save the fee that the IRS charges for a copy of your
ta...
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