Category Archives: Tax Professionals

Your Audit Risk – 8 Flags

Posted on April 3, 2013 by Steven

Being selected for an IRS audit is not simply a matter of chance. Certain factors can make your tax return stand out from the rest. Extra Help Online To help you cut the risk of an audit, use a tax … Continue reading →

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Posted on March 15, 2013 by Steven

Employers are bracing for a little-noticed fee in the federal health-care law that will charge them $63 for each person they insure next year, one of the clearest cost increases companies face when the law takes full effect. Companies and … Continue reading →

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Important Facts About Debt Forgiveness

Posted on March 12, 2013 by Steven

If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012. Here are 10 key facts … Continue reading →

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Tax Court Nixes Qualified Residence Interest Deduction For Capitalized Interest

Posted on February 28, 2013 by Steven

Smoker, TC Memo. 2013-56 A cash-basis taxpayer could not deduct residence interest capitalized into the principal of a mortgage note but not actually paid, the Tax Court has held. The court reiterated that cash-basis taxpayers are allowed a deduction for … Continue reading →

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Retirement – Did You Know?

Posted on February 20, 2013 by Steven

Did you know … the “IRA/SEP/SIMPLE” box is not checked on Form 1099-R for Roth IRA distributions and also  ay not be checked for IRA recharacterizations. However, these amounts are included with all IRA distributions on line 15a and 15b (if taxable) … Continue reading →

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The Saga Continues

Posted on February 2, 2013 by Steven

On February 1, 2013, United States District Court Judge Boasberg issued a Memorandum and Opinion Order. In this order he clarified two points: 1.         Defendants’ Motion to Suspend Injunction Pending Appeal is DENIED; and 2.         The Injunction is MODIFIED to … Continue reading →

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California LLC Fee Due by June 15

Posted on June 4, 2012 by Steven

An LLC not classified as a corporation must pay the annual LLC fee if it is organized, doing business, or registered in California and has income of at least $250,000. The annual LLC fee is based on total income from … Continue reading →

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IRS Has New Guidance for RTRPs on Continuing Education

Posted on June 1, 2012 by Steven

Washington, D.C. (May 31, 2012) By Jeff Stimpson As more and more providers gear up to meet testing and education requirements for the new RTRP designation, new questions the IRS FAQ page for Registered Tax Return Preparers tackle a pair of … Continue reading →

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Shareholder Loans

Posted on May 20, 2012 by Steven

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 … Continue reading →

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Dependency and Divorce or …

Posted on May 3, 2012 by Steven

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, … Continue reading →

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