Sweeping new IRS "repair regulations" impact most businesses
The IRS has released much-anticipated temporary and proposed
regulations on the capitalization of costs incurred for tangible
property. They impact how virtually any business writes off costs
that rep...
IRS launches third version of voluntary offshore disclosure program
The IRS reopened its offshore voluntary disclosure program in early
2012 in response to what the government described as strong
interest among taxpayers. The reopened program, the third of its
type in...
FAQ: What tax breaks come with raising a child?
Taxpayers with children should be aware of the numerous tax breaks
for which they may qualify. Among them are: the dependency
exemption, child tax credit, child care credit, and adoption
credit. As th...
February 2012 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
individuals...
Next year's tax return starts with good recordkeeping
As the 2011 tax filing season comes to an end, now is a good time
to begin thinking about next year's returns. While it may seem
early to be preparing for 2012, taking some time now to review your
rec...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
Tax law changes for 2011 impact individuals and businesses
Legislation enacted during the past few years, including the Small
Business Jobs Act of 2010 and the more recently enacted Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of
2...
FAQ: What tax legislation is Congress expected to pass this year?
At the start of 2010, Congress had a full tax agenda. As summer
approaches, many tax bills remain unfinished, most notably an
estate tax bill. Other important tax legislation is also on
Congress's age...
How Do I? Calculate carryover capital losses
While the past year has not been stellar for most investors, the
tax law in many instances can step in to help salvage some of your
losses by offsetting both present and future taxable gains and
other...
IRS releases examinations and collections statistics
The IRS has released the numbers behind its activities from October
1, 2007 through September 30, 2008 in a publication called the 2008
IRS Data Book. This annually released information provides stati...
How do I? Calculate a residential energy property tax credit?
Even though gas prices have gone down from their record highs
six-months ago, many people are looking for ways to save on their
energy costs. The Tax Code provides a number of energy tax
incentives to...
FAQ: How does a 60-day loan from an IRA work?
Many taxpayers are looking for additional sources of cash during
these tough economic times. For many individuals, their Individual
Retirement Account (IRA) is one source of cash. You can withdraw
("b...
How Do I? Recharacterize a Roth conversion, and why would I want to?
If you converted your traditional IRA to a Roth IRA earlier this
year, incurred a significant amount of tax liability on the
conversion, and then watched as the value of your Roth account
plummeted am...
How Do I? Convert from a traditional IRA to a Roth IRA?
You have carefully considered the multitude of complex tax and
financial factors, run the numbers, meet the eligibility
requirements, and are ready to convert your traditional IRA to a
Roth IRA. The q...
How to pay off your tax debt
Often, individuals end up with an unexpected tax liability on April
15. There are several options available to pay off your tax debt,
stop accruing penalties and interest and secure peace of mind.
Eac...
The magic of compounding - working the numbers for a richer future
Saving money, whether for retirement, education, travel, or any
reason, requires a lot of self-discipline. If you're like most
people, the thought of saving money conjures up visions of endless
budget...
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