Passive Activity Losses

Code Section 469 provides that individuals, trusts, estates, personal service corporations and closely held C corps may only deduct passive-activity losses from passive-activity income. The rules do not apply to S corps and partnerships, but do apply to their respective

Tagged with: , ,
Posted in Business Expense, Passive Activity

Order your IRS Transcripts – form 4506T-EZ

The Internal Revenue Service has issued a new form that will make it easier to order tax transcripts and help process mortgage modification applications. The new forms are being issued in conjunction with the Obama administration’s push to help more

Tagged with: ,
Posted in IRS Appeal, IRS Audit, IRS Transcript, Tax Guidance & Preparation

Biomass fuel is an energy-efficient building property

The American Recovery and Reinvestment Act of 2009 provides that certain expenditures made by the taxpayer for energy-efficient building property are eligible for the nonbusiness energy property credit. The term "energy-efficient building property" includes a biomass fuel stove that burns

Tagged with: ,
Posted in Energy Efficient Tax Credit

IRS Publication 4128 – Tax Impact of Job Loss

IRS Publication 4128 Tax Impact of Job Loss was released in August of 2009. The publication explains the job loss tax issues connected to severance pay, unemployment compensation, pension plans, IRAs, expenses for a job search, and possible moving costs. It also

Tagged with: , ,
Posted in Unemployment

Discharge income tax debt through bankruptcy

If the income tax debt meets all five of these rules, then the tax debt is dischargeable in Chapter 7 and Chapter 13 bankruptcy petitions. The due date for filing a tax return is at least 3 years ago. The

Tagged with: ,
Posted in Bankruptcy

Currently Not Collectible IRS transaction code 530

Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debts. The IRS can declare a taxpayer "currently not collectible," after the IRS receives evidence that a taxpayer has no ability to pay. Such

Tagged with: , ,
Posted in Currently Not Collectible

An International Tax Guide for Professors Taking Non-U.S. Sabbaticals

Michelle Dhanda (J.D. 2010, Suffolk) has published, International Taxation: A Guide for Academics Abroad, 32 Suffolk Transnat'l L. Rev. 701 (2009). Here is part of the Introduction: Academics are one group who consistently travel to other nations, and their tax

Tagged with:
Posted in International Tax

Online Tool Helps Exempt Organizations Complete Form 990

The IRS has created an online tool on its website for exempt organizations that uses a hypothetical case study to illustrate how Form 990 should be filled out. The website also has a video series that walks you through key

Tagged with:
Posted in Non-profit

Undocumented Residents of the USA – tax requirements – IRS Publication 519

A distinction must be made between the immigration laws of the United States and the tax laws of the United States. Although immigration laws of the United States refer to aliens as immigrants, nonimmigrants, and undocumented (illegal) aliens, tax laws

Tagged with: ,
Posted in Undocumented Alien

Education assistance excluded from income

You may exclude certain educational assistance benefits from your income. That means that you won’t have to pay any tax on them. However, it also means that you can’t use any of the tax-free education expenses as the basis for

Tagged with: ,
Posted in Education Expense
Subscribe via Email

Follow me on Twitter
QuickBooks Advanced Certified ProAdvisors Online

QuickBooks Certified ProAdvisor - QuickBooks Online Advanced Certification