The Small Business Jobs Act of 2010 permits employers to amend their §401(k) or §403(b) plans to allow participants to transfer an eligible rollover distribution (ERD) into their designated Roth account in the plan if the transfer is of an ERD: 1. made after September 27, 2010; 2. from a non-designated...
The Internal Revenue Service today issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. Revenue Procedure 2010-36 enables affected taxpayers to treat damages from corrosive drywall...
Lobbying activities may expose churches in some states to election law register and reporting requirements as a political committee. Many of these statutes are unconstitutional because they expose churches to intrusive regulations for a very small amount of lobbying. The most important message I think...
All people making money preparing taxes must be registered with the IRS. If your paid tax return preparer is not registered with the IRS he/she is perpetrating fraud which will cause you future headaches. Don't mess around with this. The IRS has released a new Form...
According to IRS Publication 970, Tax Benefits for Education, questions exist to help determine if education expenses are tax deductible. These questions include: Is the expense associated with the education 'work related'? It must be to be deductible. Is the education in question required by...
The Colorado Department of Revenue understands some taxpayers who have been directly affected by the recent fires in our state will need to request photocopies of tax returns that have been lost or destroyed or will not be able to meet Colorado filing and payment...
The IRS sometimes grants tax-exempt status to questionable-sounding groups, but paranormal research? What is this world coming to? All I have to say is your bogeyman still needs a valid social security number to be considered a deductible dependent. On Saturday, a group...
Meir Katz (J.D. 2010, Georgetown) has posted The Economics of § 170: A Case for the Charitable Deduction of Parochial School Tuition on SSRN. It is fascinating. Here is the abstract: That payments for parochial school tuition are not deductible under § 170 is a foregone conclusion...
'Audit reconsideration' requests the IRS to reconsider action it has taken with the taxpayer by allowing the taxpayer to present information that may not have been available to the IRS previously. This procedure is used when an assessment has been made due to an audit...
The Internal Revenue Service released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced how eligible tax-exempt organizations...