Tax Reform – 20 Sound Bites To Fill the Air Over the Holidays

Like a good tax nerd I spent a beautiful Saturday reviewing the US House Tax Cuts and Jobs Act H.R. 1 Section-by-Section Summary.  For your impending confrontation with Drunk Uncle (or Aunt) over the holiday season, the following is what I've been

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Posted in Tax Guidance & Preparation, Tax Reform, Uncategorized

“Corporations Are People Too ….. My Friend.”

Giving a speech on tax reform whilst stumping for president in what is now seemingly a woebegone era of politics, Mitt Romney quipped this now seemingly famous sound bite personifying the greed of purported capitalism.  According to US tax law,

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ROLLOVER OF RETIREMENT PLANS SELF CERTIFICATION FOR MORE TIME

Normally you have 60 days to rollover retirement plan distributions in order to avoid current taxation and possible penalty. If you have special circumstances challenging your ability to complete the rollover within this 60-day time frame, please be advised that there

Posted in Uncategorized

AT RISK LIMITATIONS (IRC § 465) PART 1

I am knee deep in another interesting file under dispute with our esteemed taxing authorities involving At-Risk Limitations. This is intended as the first of many posts on the topic as I navigate the shoals of a relatively complicated file that

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Fiscal Year 2018 Per Diem Rates

The IRS permits taxpayers to use general predefined rates to substantiate business expenses under Internal Revenue Code Sec. 274(d) for lodging, meals, and incidental expenses incurred while traveling away from home for business purposes. The General Services Administration (GSA) released the

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Capital v. Operating Lease – Tax Reporting Implications

We often encounter taxpayers who do not quite fully understand how to report for income tax purposes the lease agreements they have entered into for business use assets, particularly automobiles.  Leased property includes real estate, machinery, and other items that

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Posted in Capital Lease, Lease

The Significance of Stepped Up Basis in Estate Planning IRC 1014

According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death. This is often referred to as stepped up basis and it is

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Posted in Basis, Cost Basis, Death, Estate Tax, Generation Skipping Transfer Tax, Gift Tax, Tax planning, Trusts

Gluten-Free Federal Tax Deduction

To be eligible to deduct the excess costs of a gluten-free diet under Internal Revenue Code Section 213, you must have a documented reason to require the observance of a gluten-free diet, along with a physician's prescription to follow a

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Posted in Medical Expenses

Is THAT Gift Taxable – IRS Form 709

The IRS instructions to Form 709 Gift Tax Return spell out the general rules for allocating the unified credit to prior gifts. For 2017, the annual gift tax exclusion is $14,000.  That means you can give up to $14,000 to as many different

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Posted in Gift Tax
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