Individual taxpayers seeking new jobs may incur a variety of expenses, including costs directly associated with moving to a new job location or those specifically related to the job search. Many of these expenses are deductible, but the rules are strict, and expenses must be carefully documented and substantiated. You may be able to take […]
IRS Hikes Fees for Installment Agreements, Offers in Compromise
August 7, 2014 by
The Internal Revenue Service released final rules (T.D. 9647) that increase user fees charged for processing installment agreements and offers in compromise. Under the final regulations, released Nov. 29, the fee for entering into an installment agreement will increase from $105 to $120 and the fee for restructuring or reinstating an installment agreement will increase […]
Interest Rates Remain the Same for the First Quarter of 2013
August 7, 2014 by
WASHINGTON ― The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three (3) percent for underpayments; five (5) percent for large corporate underpayments; and one-half […]
IRS Explains 2011 Reporting for 2010 Conversions to Roth Accounts
August 7, 2014 by
The IRS has provided guidance to taxpayers who transferred amounts to a Roth account in 2010 in a taxable transaction. Generally, these taxpayers must report half of the income in 2011 and half in 2012, unless the taxpayer elected to report the income in 2010. Overview 2010 was the first year that taxpayers could transfer […]
IRS Tax Amnesty
August 7, 2014 by
What is tax amnesty? Tax amnesty is an opportunity for taxpayers to file or amend tax returns in exchange for a waiver of penalty and partial interest. The Oregon tax amnesty program does not apply to taxpayers who already owe a tax debt, whether or not you’re making payments. When is tax amnesty? Applications must […]
IRS Decreases Business Mileage
August 7, 2014 by
IRS Decreases Business Mileage Rate to 55 Cents for 2009 Overview RS advises the public that the Internal Revenue Service is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed […]
Exclusion from Income for Certain Cancellation of Debt on Principal Residence
August 7, 2014 by
The Mortgage Forgiveness Debt Relief Act of 2007 allows individuals to exclude from gross income a discharge of qualified principal residence indebtedness (defined below). This exclusion applies to discharges made after 2006 and before 2010. Additionally, the basis of the principal residence must be reduced (but not below zero) by the amount excluded from gross […]
Stimulus Act Means Extra Money in Millions of Pockets
August 7, 2014 by
In an effort to energize the nation’s economy, the Economic Stimulus Act of 2008 was recently approved, setting forth a plan for more than 130 million Americans to begin receiving nontaxable rebate checks as early as May. These rebate checks will not reduce your refund. What you receive from the rebate is determined by three […]
Shareholder Loans
August 7, 2014 by
Shareholder Loans and Constructive Dividends I. What is a bona fide debt? A. When was the loan made? B. Was there genuine intent to repay the loan? C. Is there a loan document with stated interest? D. Have there been payments? II. Considerations-Loan v. Dividend (Intent) 1. To what extent does the shareholder control the corporation? […]
The Real Estate Professional & Passive Activity Loss Limitations
August 7, 2014 by
Why Should You Learn About IRC §469 PAL Rules? The Top Ten Reasons 1. You can’t retire this year!! 2. You can’t avoid it if you prepare 1065 or 1120S returns. 3. You will impress your clients. 4. You will be able to talk the talk and others will not understand you. 5. You only […]