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Tax Articles

IRS Revenue Agent Site Inspection

Yikes!!! The IRS wants to pay you a visit.  You need to know that Reg. §301.7605-1(d)(3)(iii) states: “Regardless of where an examination takes place, the IRS may visit the taxpayer’s place of business or residence to establish facts that can only be established by direct visit, such as inventory or asset verification.” Generally, this visit will be on a normal…


Marriage as Defined by the IRS

Thinking about one’s marriage in IRS terms quickly can turn anybody into a stand up comedian.  In all seriousness though the times appear to be ripe for change in how the tax law defines marriage.  I write this because the Justice Department announced that it will no longer defend the constitutionality of section 3 of the…


If Your Child’s Investment Income is Greater Than $1,900 in 2010 It May Be Taxable at Your Tax Rate

Children with investment income may have part or all of this income taxed at their parents’ tax rate rather than at the child’s rate. Investment income includes interest, dividends, capital gains and other unearned income. Your child’s tax must be figured using the parents’ rates if the child has investment income of more than $1,900 and…


Inherited IRA’s Are NOT a Protected Asset Class in FEDERAL Bankruptcy Proceedings

Traditional retirement accounts are generally speaking considered a protected asset should you be required to endure FEDERAL bankruptcy protection. However an Inherited IRA is not generally considered a protected asset in 2 distinguishable regards: The distributions of funds from an inherited IRA to a surviving beneficiary transforms the nature of the IRA.  An inherited IRA…


Foreign Earned Income – IRS Form 2555

IRS Form 2555, Foreign Earned Income Exclusion says basically that United States Citizens and resident aliens who live and work abroad may be able to exclude all or part of their foreign salary or wages from their income when filing their U.S. federal tax return. They may also qualify to exclude compensation for their personal services…