Originally published in Accounting Today for the Web CPA, Washington, D.C. By Michael Cohn (September 26, 2013) The Internal Revenue Service has set the per diem rates that taxpayers [...]
Since 2007, homeowners have been allowed to exclude from their taxable income up to $2 million in cancellation-of-debt (COD) income ($1 million for married taxpayers filing separately) in connection with [...]
The regulations (IRS T.D. 9636) provide guidance on how to comply with Sections 162 and 263 of the Internal Revenue Code. These sections require amounts paid to acquire, produce or [...]
Under the health care act, starting in 2013, taxpayers with modified adjusted gross income (MAGI) over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) may [...]
Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible — but only to [...]
Social Security traps to avoid (For full story visit msn.com) When the time comes for you to collect Social Security, make sure you know the ins and outs of this [...]
In January, Congress extended some depreciation-related tax breaks that can benefit owners of leasehold, restaurant and retail properties: 50% bonus depreciation. Congress extended this additional first-year depreciation allowance to qualifying [...]
October 15th Deadline Remains in Effect for Taxpayers Who Requested a Six-month Extension to File Tax Return Article courtesy of IRS Newswire Special Edition- October 8, 2013 The Internal Revenue [...]
Giving to charity may make you feel good and help you lower your tax bill. Here are some tips to help ensure your contributions pay off on your tax return. [...]
Originally printed online by the Journal of Accountancy October 1, 2013 By Alistair M. Nevius, J.D. The failure of Congress to agree on a continuing spending resolution on Monday led [...]
If you’re selling your main home sometime this year, keep these tips from the IRS below in mind. Even if you make a profit from the sale of your home, [...]
Originally published in the Journal of aAcountancy, By Sally P. Schreiber, J.D. October 1, 2013 With the federal government shutting down at midnight on Sept. 30, the Tax Court [...]
Many provisions of the Patient Protection and Affordable Care Act of 2010 have recently gone into effect, and some significant provisions will do so in 2014 and 2015. To help [...]
This article was originally published by Roger Russellin with accounting TODAY for the WebCPA on September 26, 2013. There are a number of penalties associated with the Affordable Care Act. Until [...]
Some are surprised to learn they’re due a large federal income tax refund when they file their taxes. Others are surprised that they owe more taxes than they expected. Check [...]