New York Times editorial, Render Unto C Street: It is not unusual for members of Congress to arrange group rentals in Washington to share housing costs and, for some, underline their continuing “outsider” status. What is highly unusual, and unjustifiable, is the tax-exempt status as a...
ACK: Alison Muecke To gather information for law enforcement, particularly drugs and organized crime, Congress has long required U.S. persons owning or having signatory authority over foreign financial accounts to file a report with the Department of the Treasury disclosing information about the accounts. The Report of...
ACK: Kiplinger 1. A sex-change operation. A man who felt he was a woman trapped in a male body was diagnosed with gender-identity disorder. This transgender taxpayer wanted to deduct almost $22,000 in out-of-pocket medical costs for multiple surgeries, including hormone therapy, sexual-reassignment surgeries and breast...
The First Circuit Court has summarily affirmed the decision of the Tax Court (Magdalin v. Commissioner, T.C. Memo. 2008-293 (Dec. 23, 2008)) denying a sperm donor's claimed medical expense deduction, even though the Internal Revenue Service allows the expenses of egg donation as deductible medical...
My client's employee is an alien who does not have a green card or valid social security number. As instructed the employer has requested the employee provide a social security number to use on the employee's W-2, but the employee has failed to do...
Recent legislative changes have eliminated the state sales and use tax exemption for certain items. These changes were developed by state lawmakers to help balance Colorado’s budget. The legislation has no effect on items that are either currently taxable or exempt from sales/use...
The following facts will help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate. Investment Income Children with investment income may have part or all of this income taxed at their parents’ tax rate rather than at...
The IRS recognizes that the settlement documents can vary from location to location, so here are five tips to clarify the documentation requirements. Settlement Statement: Purchasers of conventional homes must attach a copy of Form HUD-1 or other properly executed Settlement Statement. Properly Executed Settle Statement: Generally,...
You can change your address on file with the IRS in several ways: Correct the address legibly on the mailing label that comes with your tax package; Write the new address in the appropriate boxes on your tax return; Use IRS Form 8822, Change of...
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for the Retirement Savings Contributions Credit: Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status...
