This is obviously an important issue as we look at our small S corporation shareholders and how they finance their businesses. I know I have a number of clients who I have to remind of this every year. Thanks again to the EAJournal and its Q & A. Q. My client loaned money to his [...]
“Everyone is entitled to their own opinions, but they are not entitled to their own facts.” — Daniel Patrick Moynihan There may be many reasons that a pro football coach goes 1-15, but everyone can agree that his record is still 1-15, right? Well, here are some basic facts about how the country is [...]
The newest edition of the EA Journal had a great Q&A which I am providing here for all of the non members of the NAEA. This is just one of the reasons you should be a member of this organization. Another is to work to get the recognition for Enrolled Agents they deserve. NAEA works [...]
The Patient Centered Outcomes Research Institute (PCORI), a nonprofit corporation newly required by the Patient Protection and Affordable Care Act (PPACA), is being established to advance comparative clinical effectiveness research. Intended to aid patients, clinicians, purchasers, and others in making informed health decisions, PCORI will be funded in part by fees paid by issuers of [...]
Lewis Taishoff, Esq And Don’t Sweat the Numbers Here’s good news for supporting parents, whose divorced or separated partners welsh on the deal to sign a Form 8332, delivered by none other than the Judge who writes like a human being, the Great Dissenter Judge Holmes. The case is Gary L. Scalone and Sandra Vieira Scalone, 2012 T. [...]
Each year, the Internal Revenue Service sends millions of letters and notices to taxpayers for a variety of reasons, but that doesn’t mean you need to worry. Here are eight things you should know about IRS notices — just in case one shows up in your mailbox. Don’t panic. Many of these letters and notices [...]
Is your family-owned business incorporated? If so, you might consider owning your real estate or other appreciating assets in your own name and leasing them to your corporation. The corporation gets a deduction for the lease payments, and you avoid the possibility of double taxation on any gain when the asset is sold. Consult with [...]
We have just posted the MAY 2012 issue of the ONLINE ADVISOR newsletter on our website. Here are a few headlines from that issue. To read any of these articles, click on the link at the end of this e-mail. NINE TIPS FOR BETTER TAX RECORDKEEPING Did pulling your records together to complete your [...]
The IRS has released the 2013 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2013, the annual limitation on deductions under Code Sec. 223(b)(2) for an individual with self-only coverage under a high-deductible plan is $3,250 ($6,450 for an individual with family coverage). A “high-deductible health plan” is defined in [...]
Due to a recent clarification by the IRS Office of Chief Counsel that non-ad valorem property assessments (those based on other than the assessed value of property) may be deductible in certain circumstances, the Franchise Tax Board (FTB) issued new guidance on April 13 (yes, four days before this year’s filing deadline) that effectively reversed [...]