June
Showing 33–48 of 51 results
-
What you should do with an identity verification letter from the IRS
June 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 368
Abstract: In its efforts to combat identity theft, the IRS is stopping suspicious tax returns that have indications of being identity theft, but contain a real taxpayer’s name and/or Social Security number, and sending out Letter 5071C to request that the taxpayer verify his or her identity. This article explains the procedures that a taxpayer receiving this letter should follow.
-
Tax tips for farmers
June 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 537
Abstract: For those who own a farm, this article offers nine tax tips they should know about, addressing crop insurance, employee wages and benefits, net operating losses, farm income averaging, and other topics.
-
Tax rules for gamblers
June 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 452
Abstract: This article summarizes the applicable federal income tax rules for gambling winnings. It particularly discusses documentation requirements for winnings and losses for professional gamblers.
-
Donating a life insurance policy to charity
June 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 262
Abstract: A number of charities now ask their donors to consider donating life insurance policies rather than (or in addition to) cash in order to make substantially larger gifts than would otherwise be possible. The advantage to donors is that they can make a sizable gift with relatively little up-front cash, and receive a charitable deduction. However, this article notes that, if the donation is handled incorrectly, no deduction is allowed — so it’s advisable to seek professional advice.
-
2015 HSA amounts
June 2015
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 295
Abstract: Health Savings Accounts were created as a tax-favored framework to provide health care benefits mainly for small business owners, the self-employed, and employees of small to medium-size companies. This article explains their tax benefits, which are quite favorable, and also points out how they differ from insurance or Flexible Spending Accounts.
-
IRS warns taxpayers to beware of phishing scams
June 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 355
Abstract: Phishing is a scam typically carried out by unsolicited e-mail and/or bogus websites posing as legitimate sites luring unsuspecting victims to provide personal and financial information. This article explains what to watch out for and how to report suspicious communications.
-
Tips for businesses that outsource payroll duties
June 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 604
Abstract: Though most payroll service bureaus provide very good service, there are, unfortunately, some who do not have their clients’ best interests at heart. And the client is responsible for the service bureau’s errors or omissions. This article offers some steps a company can take to protect itself against unscrupulous service bureaus.
-
Midyear tax planning ideas
June 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 370
Abstract: Midyear is a good time for tax planning. This article addresses questions pertinent to those who are considering a gift to a relative or charity, who are self-employed, or who need to update their estate plan.
-
Expenses qualifying for the child care credit
June 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 240
Abstract: A nonrefundable credit is available if a qualifying child care expense is incurred so that parents can work. This article explains which expenses qualify.
-
IRS toughens the one-year wait between IRA rollovers
June 2014
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 418
Abstract: To receive tax-free treatment, the amount withdrawn from an IRA must be redeposited into the same or another IRA no later than 60 days after the taxpayer received the distribution. For years, the IRS has held that the one-year waiting period between IRAs applies separately to each IRA, but has now adopted the Tax Court’s recent unfavorable interpretation of the one-IRA-rollover-per-year rule, which considers all the taxpayer’s IRAs together for the limitation. The new, stricter interpretation will not be applied to any rollover involving a distribution that occurs before January 1, 2015. So there is still a little time to take advantage of the current, more liberal, rules.
-
Tax benefits for adoption expenses
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 245
Abstract: Taxpayers with certain eligible adoption expenses can benefit at tax time by claiming either a tax credit or, if their adoption expenses are reimbursed by their employer, an income exclusion for the reimbursement. The income exclusion is only available if their employer maintains an adoption assistance program. The credit and exclusion are subject to a dollar limitation and phaseout for taxpayers whose income exceeds certain thresholds. This article discusses the credit in regard to qualifying adoption-related expenses, including as they pertain to special-needs children.
-
Selling a home to your child at a bargain price
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 571
Abstract: As part of an estate and gift planning strategy, a taxpayer may consider transferring ownership of a family home to an adult child. Note, however, that the tax implications of such transfers can be significant. As this article illustrates, it can produce great tax results for the parent, but it may produce less-than-great income tax results for the child if the home has appreciated significantly.
-
Help grandchildren with college costs
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 250
Abstract: Contributing to a Section 529 college savings program is a great way for grandparents to help their grandchildren pay for college. It is also a great way to remove assets from the grandparent’s estate without paying estate tax. As an added feature, money in a 529 plan owned by a grandparent is not assessed by the federal financial aid formula when qualifying for student aid. This article offers an example of how the gift tax exclusion can reduce the taxability of a 529 plan contribution.
-
Higher education costs continue to escalate
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 126
Abstract: The cost of attending college continues to increase. This one-paragraph article cites statistics from the College Board.
-
Use a QDRO to divide qualified plan assets in divorce
June 2013
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 537
Abstract: When qualified plan assets are divided in divorce, a qualified domestic relations order (QDRO) is critical. Without a QDRO, distributions from a qualified retirement plan to an ex-spouse are fully taxable to and not deductible by the first spouse. In contrast, distributions under a QDRO are taxed to the recipient when received by that person. This article examines the details.
-
“Dirty Dozen” tax scams
June 2012
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 553
Abstract: The “Dirty Dozen” are the 12 most prevalent scams detected by the IRS. Taxpayers should take precautions to avoid these and other suspicious activities of scam artists. This article describes the scams that make up the IRS’s 2012 Dirty Dozen listing.