June 19, 2017
Donors of large gifts often put restrictions on their donations. For example, a contribution may be for a specific purpose such as supporting scholarships or financing an endowment. However, such gifts are subject to extensive IRS regulations. This article looks at various types of restrictions and how they can affect a donor’s ability to take a tax deduction.
June 7, 2017
The completed contract accounting method scored a major win when the U.S. Ninth Circuit Court of Appeals ruled that a contracting group could defer taxes until an entire housing development was finished — rather than paying tax on the sales of individual homes. This article delves into the issue and examines the legal arguments used by the company. We’ll also explain how the IRS responded.
May 23, 2017
1. Couple couldn’t treat money they took out of their corporation as nontaxable.
2. The IRS issues 2018 inflation-adjusted HSA figures.
3. Court: Education expenses weren’t deductible.
4. Research tax credit opportunity for start-ups.
5. The proposed border adjustment tax faces daunting challenges.
May 15, 2017
Do you and your spouse own an unincorporated business that’s treated as a partnership for tax purposes? If so — and it’s profitable — you may be paying more in self-employment (SE) tax than is necessary. Here are three ways that spouse-owned businesses may be able to lower their SE tax hit.
May 1, 2017
President Trump wants to impose a border tax on imported goods, particularly those from Mexico and China. On the other hand, Republicans in the U.S. House of Representatives have their own plan: A border adjustment tax under which companies would be taxed where income is earned. This article answers some questions to help clear up the messages coming from Washington, D.C. about this issue.
April 5, 2017
1. No touchdown on tax deductions for this football coach.
2. Auto racing team gets a green flag on treatment of parts.
3. “Innocent spouse relief” is granted by the U.S. Tax Court.
4. Depreciation figures released for some vehicles used for business.
5. What are your chances of being audited?
March 1, 2017
Have you been dreaming about your ideal retirement home? Regardless of whether you prefer the beach, the mountains or a location close to the grandkids, state taxes are an important consideration. This article explains the range of taxes to consider — including income, property and estate taxes — and highlights the importance of establishing domicile to prevent your old and new states from claiming you owe them taxes.