Category Archives: Announcements

Federal Tax News – August

September 18, 2017

1. Republican Senators unveil a new health care reform bill.
2. Leave-sharing programs benefit hurricane victims.
3. A pilot fails to land an exclusion.
4. Pageant parents are denied deductions.
5. A big-game hunter loses in court.

Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?

September 12, 2017

Taxpayers who engage in an unincorporated sideline — outside of their regular day jobs — must understand the differences in the tax treatment of hobbies and for-profit business activities. Here’s an overview of the hobby loss rules, along with a recent U.S. Tax Court case that disallowed a taxpayer’s claim that his loss from organizing film festivals should be classified as a for-profit business activity.

Federal Tax News – July

September 6, 2017

1. Employer found liable for penalty.
2. U.S. Treasury is ending the myRA program.
3. Administration sets “aggressive” timeline for tax reform.
4. Court: No innocent spouse relief for wife.
5. Nail down the details when deducting business expenses.

Consider Taxes before Converting Your Home to a Rental Property

August 17, 2017

It’s popular for property owners in certain markets to rent out their former residences. Doing so generates income that’s largely offset by tax deductions and allows you to potentially participate in the property’s future appreciation in value. Before making the home-to-rental conversion, however, it’s important to understand the special — and sometimes confusing — tax rules that apply when the property is rented and eventually sold.

Can Your Research Credits Offset Your Payroll Tax Bill?

August 7, 2017

Qualified small businesses have a new option for using their research tax credits: They can now elect to apply their credit to the Social Security tax portion of their federal payroll tax liabilities. That may come in handy for smaller start-ups with significant research expenses and little or no profits. Here are the details of recent IRS guidance on how to take advantage of this special privilege.

Music Industry Illustrates How to Value Intellectual Property

August 6, 2017

A wave of consolidation in the music publishing sector. Several multimillion-dollar music portfolios are reportedly up for sale. But are they asking too much to attract serious buyers? When it comes to valuing intellectual property assets, experts don’t rely on gut instinct. Here’s an overview of tried-and-true methods used to value copyright portfolios and other types of intellectual property.

Federal Tax News – June

July 18, 2017

1. Senate releases new version of its health care plan.
2. No division of early distribution penalty.
3. Hockey team’s meals are a de minimis fringe.
4. TIGTA audit looks at IRS processes for employment identity theft.
5. Court rules settlement payment was taxable.