Unless of course you are married and filing a joint tax return, whereby the IRS essentially classifies both individuals together as a single tax payer, you should take care to allocate costs equitably for items of shared ownership. In US Tax Court Summary Opinion 2010-15 (Sword...
Generally, a claim for credit or refund of an overpayment must be filed by the taxpayer within three years from the time the return was fi led or two years from the time the tax was paid, whichever is later [§6511(a)]. There are exceptions for example, §6511(d)(2)...
The Alternative Minimum Tax, or AMT, is a parallel tax system to the standard tax system. Every taxpayer is responsible for paying the higher of the regular tax or the alternative minimum tax. The difference between the two tax calculations is determined using IRS Form...
Okay this is pretty huge in regards to some of the IRS Examination Appeals work I have been doing lately. The bottom line is that you need to follow the asset classification rules if you are going to engage in cost segregation depreciation. The following...
You should have received a Form W-2, Wage and Tax Statement, from each of your employers by January 31, 2011. If you haven’t received your W-2 yet you should contact your employer(s) or previous employer(s) to inquire if and when the W-2 was mailed. If...
The Internal Revenue Service has concluded that breast pumps and supplies that assist lactation are medical care under § 213(d) of the Internal Revenue Code because, like obstetric care, they are for the purpose of affecting a structure or function of the body of the lactating woman. Therefore,...
The 2010 Tax Act extends to December 31, 2012, the income, estate, gift and generation-skipping tax provisions enacted during the administration of President George W. Bush ("EGTRRA"). For the two-year period beginning January 1, 2011, it reinstates the unified federal estate, gift and GST exemption,...
If you received Social Security benefits or payments in 2010, some of that money may be taxable. You should receive a Form SSA1099 which will show the total amount of your benefits. How much of your Social Security benefits are taxable depends on your total...
Identity Theft Manifesting Itself Through Surprise Arrival of IRS Form 1099-C from Collection Agencies Reporting Cancelled Debt as Income I've been asked 3 times in the last 24 hours or so about how and why an IRS 1099-C form was received when one was not expected...
If you changed your name as a result of a recent marriage or divorce you’ll want to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration. A mismatch between the name shown on...