Sweeping new IRS "repair regulations" impact most businesses
The IRS has released much-anticipated temporary and proposed
regulations on the capitalization of costs incurred for tangible
property. They impact how virtually any business writes off costs
that rep...
IRS launches third version of voluntary offshore disclosure program
The IRS reopened its offshore voluntary disclosure program in early
2012 in response to what the government described as strong
interest among taxpayers. The reopened program, the third of its
type in...
FAQ: What tax breaks come with raising a child?
Taxpayers with children should be aware of the numerous tax breaks
for which they may qualify. Among them are: the dependency
exemption, child tax credit, child care credit, and adoption
credit. As th...
February 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withho...
IRS issues 2011 vehicle depreciation dollar limits
The IRS has issued the limitations on depreciation deductions for
owners of passenger automobiles, trucks and vans first "placed in
service" (i.e. used) during the 2011 calendar year. The IRS al...
How Do I? Make an in-plan Roth IRA rollover?
In-plan Roth IRA rollovers are a relatively new creation, and as a
result many individuals are not aware of the rules. The Small
Business Jobs Act of 2010 made it possible for participants in
40...
FAQ: What are my chances of being audited?
Often, timing is everything or so the adage goes. From medicine to
sports and cooking, timing can make all the difference in the
outcome. What about with taxes? What are your chances of being
au...
IRS launches second offshore voluntary disclosure initiative
In exchange for voluntary disclosure of unreported foreign assets,
the IRS is offering taxpayers a second opportunity for reduced
penalties. A special offshore voluntary disclosure initiative was
a...
The small employer health insurance premium credit
Under the Patient Protection and Affordable Care Act (PPACA)
enacted in March 2010, small employers may be eligible to claim a
tax credit of 35 percent of qualified health insurance premium
costs p...
FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a
federal income tax return can be complicated, with many
requirements involving who qualifies for the deduction and who
qualifies to...
How Do I? Correct a mistake on a tax return I've already filed?
Have you already mailed (on paper or electronically) your Form 1040
for the 2010 tax year but only now noticed you made an error when
preparing the return? If you need to correct a mistake on your ...
Tax law changes for 2011 impact individuals and businesses
Legislation enacted during the past few years, including the Small
Business Jobs Act of 2010 and the more recently enacted Tax Relief,
Unemployment Insurance Reauthorization, and Job Creation Act of
2...
Education tax benefits: A report card
While Congress extended the reduced individual income tax rates
with passage of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act)
in late 2010,...
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Any one may so arrange his affairs that his taxes shall be as low as possible. He is not bound to choose that pattern that will best pay the Treasury. There is not even a patriotic duty to increase one's taxes. (Judge Learned Hand, Helvering v. Gregory)
