Accounting News – Page 2

5

Feb

The AMT: Will this tax apply to you?

In Accounting News, Money Tips, Tax Planning, Tax Preparation, Tax Tips

What’s your alternative minimum tax (AMT) preference? Though you might prefer to not think about the AMT, certain income and deductions, known as preference items, affect the way the tax will apply to you. Those amounts, along with others called “adjustments,” are added to or subtracted from the income shown...

4

Feb

How to maximize your tax deduction after a disaster strikes

In Accounting News, Money Tips, Tax Planning, Tax Tips

Fire, flood, tornado. Violent weather can wreak emotional and financial havoc. If your home, vehicle, or other personal property is damaged or destroyed by a sudden, unexpected casualty, an itemized tax deduction may help ease the financial burden. In most cases, you claim a casualty loss in the taxable year...

31

Jan

Who must file a 2013 income tax return?

In Accounting News, Money Tips, Tax Planning, Tax Preparation

The rules for filing 2013 tax returns are straightforward for most people. Marital status, age, and income level are generally the determining factors. Here’s a quick overview of the income levels at which a 2013 return is required. *Single individual…..$10,000 *Single individual, 65 or older…..$11,500 *Married individual, separate return, regardless...

22

Feb

Tax Education – “Chained CPI”: What’s it all about?

In Accounting News, Money Tips, Tax Planning

As the politicians in Washington start once again to tackle the same old problems, you're likely to hear more about a new way of measuring inflation called the “chained CPI.” The standard way to measure inflation has been with the consumer price index (CPI). The CPI has been used to...

21

Feb

Tax News – Pay attention to restored deductions for 2012

In Accounting News, Money Tips, Tax Planning, Tax Preparation, Tax Tips

A number of tax breaks that had expired at the end of 2011 or were to expire at the end of 2012 were extended by the recently passed law, the “American Taxpayer Relief Act of 2012.” Keep these deductions and credits in mind as you gather the paperwork for filing...

15

Aug

Nonspouse Real Estate Transfers Under Scrutiny

In Accounting News, Money Tips, Tax Preparation

A recent court case reveals that the IRS has discovered a pattern of taxpayers failing to file gift tax returns for real property transfers between nonspouse related parties. As a result, it launched a compliance initiative to capture data from states and counties regarding real property transfers taking place between...

12

Aug

Another Appeals Court Upholds IRS’s Time Limit on Spousal Relief Requests

In Accounting News, Money Tips, Tax Tips

Married joint return filers are jointly and severally liable for the tax arising from their returns. Innocent spouses may request relief from this liability in certain circumstances. An IRS regulation states that a request for equitable innocent spouse relief must be no later than two years from the first collection...

10

Aug

IRA Trustees Weren’t Liable for Madoff Losses

In Accounting News, Money Tips, Tax Tips

A district court has dismissed all claims brought by holders of self-directed individual retirement accounts (IRAs) against the IRA trustees for losses incurred by the IRAs for investments with Bernard Madoff’s firm. A number of individuals owned self-directed IRAs with IRA agreements that clearly stated that they were solely responsible...

8

Aug

Trust’s Investment Advice Fees

In Accounting News, Money Tips, Tax Tips

The Supreme Court has held that investment advisory fees paid by a trust were deductible only to the extent that they exceeded 2% of the trust’s adjusted gross income (AGI). Thus, such expenses didn’t qualify for the exception to the 2% of AGI limit in the tax law for costs...

5

Aug

Regulations Would Toughen Tax Rules for Owners of Bankrupt Disregarded Entities

In Accounting News, Money Tips, Tax Preparation

A taxpayer whose debts are forgiven generally has cancellation of debt (COD) income subject to exceptions including one for bankruptcy and one for insolvency. Some taxpayers have taken the position that the bankruptcy exception is available if a grantor trust (trust used in family or business planning) or disregarded entity...

Tax Resources

The AMT: Will this tax apply to you?

How to maximize your tax deduction after a disaster strikes

Who must file a 2013 income tax return?

Tax Education – “Chained CPI”: What’s it all about?

Tax News – Pay attention to restored deductions for 2012

Nonspouse Real Estate Transfers Under Scrutiny

Another Appeals Court Upholds IRS’s Time Limit on Spousal Relief Requests

IRA Trustees Weren’t Liable for Madoff Losses

Trust’s Investment Advice Fees

Regulations Would Toughen Tax Rules for Owners of Bankrupt Disregarded Entities

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