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Tax Articles

Tax on sales of human body parts

It may seem ghoulish, but there does seem to be a controversy brewing over the appropriate tax treatment of sales of anatomical specimens such as human eggs and blood plasma, and even black market sales of kidneys and other vital organs. University of Cincinnati tax law professor Paul Caron’s invaluable TaxProf blog cites a new…


Personal exemption change for 2010

For the year 2010, the personal exemption amount is $3,650 for yourself, your spouse and each dependent you are eligible to claim. This amount is unchanged from the 2009 amount. However there’s one significant change for 2010. Unlike previous years, personal exemptions will not be reduced as a person’s income increases

IRS Offers Guidance on Barter Reporting

In its simplest form, bartering is the trading of one product or service for another, usually with no exchange of cash. With the economy in its present state, the IRS has seen an increase in bartering exchanges. As a result, the IRS created a web page with information on the reporting requirements and other related…


ITIN issuance generates questionable returns

Billions of dollars in tax credits are being provided to Individual Taxpayer Identification Number filers without adequate verification of eligibility, according to the Treasury Inspector General for Tax Administration. The Internal Revenue Service provides ITINs to individuals who are not eligible for a Social Security number to help them comply with the tax laws. Although…


IRS starts special unit targeting the wealthy

The IRS is setting up a special unit that will take a more skeptical look at the various strategies used by the wealthy to reduce their tax burden (see Shulman Has ‘Some Sympathy’ for CPA Concerns). That includes trusts, real estate investments, royalty and licensing agreements, private foundations and flow-through entities of various kinds. The…