February 2018

FAQ: Did the new law change capital gains taxation?

The Tax Cuts and Jobs Act did not directly change the tax rate on capital gains: they remain at Read more [...]

December 2017

FAQ: What is a change-of-accounting for IRS purposes?

The method and systems by which a taxpayer calculates the amount of income, gains, losses, deductions, Read more [...]

November 2017

FAQ: How does a business handle holiday gift-giving?

Holiday gifts made to customers are generally deductible as ordinary and necessary business expenses Read more [...]

October 2017

FAQ: Can I claim the adoption credit for a foreign adoption?

Yes, however, there are special timing rules for foreign adoptions. These rules differ from the timing Read more [...]

September 2017

FAQ: What is “assignment of income” under the tax law?

Gross income is taxed to the individual who earns it or to owner of property that generates the income. Read more [...]

August 2017

FAQ: What is Country-by-Country reporting?

Country-by-Country (CbC) reporting is part of a larger initiative by the  Organisation for Economic Read more [...]

July 2017

FAQ: Has the IRS’s treatment of virtual currency changed?

No. The IRS continues to treat virtual currency as property for U.S. federal tax purposes. However, last Read more [...]

June 2017

FAQ: What are passive losses?

Individuals, trusts, estates, personal service corporations and closely held C corporations may only Read more [...]

May 2017

FAQ: What are my odds of being audited?

Audit coverage rates are at low levels, the IRS has reported. According to the IRS, the audit coverage Read more [...]

April 2017

FAQ…What are miscellaneous itemized deductions?

Miscellaneous itemized deductions are certain nonbusiness expenses that individuals as taxpayers who Read more [...]

March 2017

FAQ…I received a letter from the IRS inquiring about a suspicious return

Tax-related identity theft spikes during the filing season. Many taxpayers discover for the first time Read more [...]

February 2017

FAQ: What is transferee tax liability?

The prudent businessperson is always cautious when he or she is offered a great bargain on real estate, Read more [...]

January 2017

FAQ: Are some tax return deadlines changing in 2017?

The Surface Transportation Act of 2015: Tax Provisions (enacted on Jul. 31, 2015) provided for major Read more [...]

December 2016

FAQ: How is virtual currency taxed?

Virtual currency – often referred to as ‘bitcoin” -- is a mystery for many people but an everyday Read more [...]

November 2016

October 2016

FAQ: What is the 80/50 rule for van pooling?

Federal tax law allows taxpayers to exclude from income “qualified transportation fringe benefits.” Read more [...]

September 2016

FAQ: What are the new IRS procedures for Individual Tax Identification Numbers?

The IRS announced in August new procedures for renewing an unused or expired Individual Tax Identification Read more [...]

August 2016

FAQ: What is a CPEO?

A professional employer organization (PEO) is an organization that enters into an agreement with a client Read more [...]

July 2016

June 2016

FAQ: Is the cost of a weight loss program for obesity tax deductible?

Yes …but only if it is a medical necessity. The IRS has ruled that uncompensated amounts paid to participate Read more [...]

May 2016

FAQ: Are contributions to foreign charities tax-deductible?

Social media has helped to make our world smaller and when natural disasters and tragedies occur we want Read more [...]

April 2016

FAQ: What is the Roth IRA contribution limit for 2016?

Individuals may contribute up to $5,500 to a traditional and a Roth IRA for 2016. This is the same limit Read more [...]

March 2016

FAQ: What is the self-rental rule?

Under Code Sec. 469, passive losses can only be used to offset passive income. Taxpayers who have losses Read more [...]

February 2016

FAQ: Can the IRS impose penalties if a return is not filed/tax not paid?

Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not Read more [...]

January 2016

FAQ – What are the 2016 optional standard mileage rates for automobile use?

The IRS has issued the 2016 optional standard mileage rates for calculating the deductible costs of operating Read more [...]
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