Tax Article Archives

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Tax Articles

Reconstruction of Tax Records

Treasury Regulation 1.274-5 allows for a deduction without complete documentation if you can show that you have ‘substantially complied’ with adequate adequate record keeping requirements. This statute is code for … be nice to your examiner. Basically the practice of disallowing amounts claimed because there is no documentary evidence available to establish precise amounts beyond a…


Surviving Spouse Estate & Gift Tax Exclusion

IRS Notice 2011-82 makes available the ability for taxpayers to pass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to pass along the unused part of their exclusion amount ($5 million cap in 2011) to…


IRS Form 1099-K Banks Not to be Penalized for Reporting Information Incorrectly

Okay this blew my mind today. The IRS is providing special relief to banks and other ‘payment settlement entities’ required to begin reporting payment card and third-party network transactions to the IRS on new Form 1099-K. Payers (Banks) have to make good-faith efforts to file accurate 1099-Ks, but the IRS will not penalize for incorrect…


First Time Home Buyer Credit

Many taxpayers who claimed the first time home buyer’s credit are having their tax returns examined by the IRS. Turns out generally that this credit is not being properly reported. Even tax practitioners are demonstrating incompetence when it comes to preparing, signing and filing tax returns of this nature. This is becoming a real mess…


What Are The Tax Benefits Available to a Self Employed Individual with a 401(K)

The benefits available to a self-employed individual in a solo 401(k) plan have increased. The self-employed individual can contribute to the solo 401(k) plan two ways: Through elective deferrals limited to the lesser of $16,500 or 100% of the self-employed individual’s compensation for 2011 and 2012. Through employer contributions limited to 20% of the self-employed…