Tax Strategy Patents

Christopher C. Anderson (J.D. 2010, Illinois) has published Note, Patents on Tax Strategies: Just Another Harmless Subject, 2009 U. Ill. L. Rev. 1591. Here is the abstract: This Note analyzes the subject matter eligibility of patents on tax strategies. In

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Posted in Tax Abuse, Tax Court

Retirement and Death

Should you convert your taxable retirement account to a tax-free Roth individual retirement account and how should you deal with the uncertainty over the estate tax? ROTH CONVERSION Starting in 2010, there will no longer be an income limit for

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Posted in Death, Retirement

Plug in electric vehicle tax credit

The new qualified plug-in electric drive motor vehicle credit of $5,836.00 [IRC §30D, as added by the 2008 Energy Act] is not phased out for high income taxpayers. For 2009, it is allowed to offset the taxpayer's regular tax reduced

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EITC Due Diligence Training Module Now Online

Brush up on EITC law changes and your due diligence responsibilities with the new online training module and other materials in the updated tax preparer toolkit you may even get CPE credits.

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Posted in Earned Income Tax Credit, Tax Credit, Uncategorized

IRS – Transfer Pricing crack down

IRS Commissioner Douglas Shulman said the agency would focus more of its efforts on closely scrutinizing transfer pricing arrangements that allow U.S. companies to avoid taxes on income earned abroad, as well as conduct joint audits with tax authorities in

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Posted in Transfer pricing

Bartering – Some tax tips

In today’s economy, small-business owners sometimes look to the oldest form of commerce — the exchange of goods and services, or bartering. The Internal Revenue Service wants to remind small-business owners that bartering transactions generally have associated tax reporting, accounting

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Posted in Barter

Tips for Year End Donations

WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: Special Charitable Contributions for Certain IRA Owners This

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New Tax Court Ruling on Deducting Cost of an MBA

The Tax Court yesterday allowed a nurse to deduct the cost of an M.B.A. degree from the University of Phoenix. Singleton-Clarke v. Commissioner, T.C. Summ. Op. 2009-182 (Dec. 2, 2009) (citations omitted): Petitioner began taking courses at the University of

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Posted in Education Expense, Tax Court

IRS 2010 Standard Mileage Rates

The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2010, the standard mileage rates for the

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Posted in Tax Deductible Expenses, Tax Guidance & Preparation

1st Time Home Buyer Credit Facts

If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding

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Posted in Tax Credit
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