by | May 30, 2012 | Accounting & Bookkeeping, Current Affairs, Income Taxes
For contributions, according to the Tax Court, a couple made regular gifts of $250 or more to the church that they belonged to. However, the acknowledgment from the church failed to state that no goods or services were given for the donations. After the Service denied...
by | May 23, 2012 | Client Question of the Week, Current Affairs, Income Taxes, Personal financial planning
Every year I hear this question many times from taxpayers who are behind on their taxes. It’s understandable; the IRS has scared them, and they are looking for a quick and easy way out. The problem is that many of these tax problem resolution companies have been found...
by | May 14, 2012 | Cost Cutting, Current Affairs, Income Taxes
The IRS has created a new program for people who owe back taxes. There are several changes that may help you if you owe the IRS money. The first part of the Fresh Start program pertains to taxpayers that owe for tax year 2011. If you were unemployed for 30 days or...
by | May 4, 2012 | Current Affairs, Income Taxes
Answer: It depends. Generally, lawsuit awards and settlements for physical injury or sickness are exempt from federal income tax, but awards and settlements for other torts (such as age discrimination cases, sexual harassment cases, etc.) and settlements for punitive...
by | May 2, 2012 | Current Affairs, Income Taxes
If you are planning improvements or equipment updates, you should consider the “Disabled Access Credit”. The credit is equal to 50% of the first $10,250 (first $250 is excluded) for a maximum credit of $5,000. Don’t forget that a credit equals a direct reduction of...
by | Apr 28, 2012 | Current Affairs
A new report from the Treasury Inspector General for Tax Administration (TIGTA) reported that the IRS has not been fully compliant with a federal law requiring it to eliminate and report improper government payment to taxpayers (TIGTA Ref. No: 2012-40-028, March 2,...
