CPA Tax Articles

Reclassification Rule Makes S Corporation’s Income Not Passive, Despite Taxpayers’ Lack of Participation Making Sure You Meet the Deadline for Filing Your Amended Federal Income Tax Return Making the Switch from an S Corporation to an LLC Planning to Convert Your C Corporation to an LLC The Tax Implications of Converting Your New Jersey Partnership or LLC to a Corporation Tax Court Upholds Rejection of Engineer’s Medical, Charitable Deductions Taxing Cloud Computing Service Providers… and Users Tax Court Grounds Law Firm’s Travel Deduction for Use of Partner’s Private Planes Tax Court Declares Woman’s Art to Be a Business; Decision Hailed as Victory for All Artists Corporate Officer’s Inability to Cash Bonus Check Trips Up Entity’s Tax Deduction Tax Code’s Strict Rules Regarding Recreational Vehicles Stop Taxpayers’ Business Deductions Failed Cemetery Site Tax Shelter Leads to $187K Deficiency Assessment a Decade Later for Investors Taxpayer’s Failure to Keep Contemporaneous Records Leads Court to Reject Documentation as ‘Ballpark Guesstimate’ Rental Business’ Failure to Commence Dooms Business Expense Deduction Mom’s Attempt to Deduct Basement Office Expense, Wages to Children Falls Flat Statute’s Strict Requirements Doom Sales Representative’s Vehicle Expense Deduction Lack of Proof that Expenses Were Customary, Helpful to Law Practice Scuttles Business Expense Deduction Taxpayer, IRS Battle Regarding Whether Gift Was a Valid Charitable Contribution or Impermissible Sham Father’s Proof of Extensive Involvement in Son’s Life Leads Tax Court to Award Child Tax Deductions to Him Records, Third-Party Testimony Prove Taxpayer Devoted Enough Hours to Horse Breeding Business to Deduct Losses Tax Court: Trusts Can Meet Material Participation Requirements, Avoid Passive Activity Rules Aftershocks of Tax Court’s IRS Rollover Decision Ripple Throughout Retirement Planning Community Taxpayer’s Multiple Retirement Account Transactions Run Afoul of Rollover Restrictions, Fail to Qualify as Non-taxable 401(k) Participation Wipes Out Taxpayer’s Deduction for IRA Contribution Real Estate Sales Venture in Its ‘Developmental’ Stage Fails to Qualify for Business Deduction IRS Kicks Off Tax Season With ‘EITC Awareness Day’ MBA Student’s Attempt to Deduct Tuition Fails in the Tax Court Important 2013 Court Rulings Will Affect Same Sex Couples’ Upcoming Income Tax Returns Copious, Even Redundant, Recordkeeping Can Save You Thousands If You’re Audited How Not to Document Your Qualification for ‘Real Estate Professional’ Status on Your Federal Income Tax Return How to Navigate the Ins and Outs of 529 College Savings Accounts for Maximum Value Actress-Writer’s Business Deductions Hamstrung By Poor Recordkeeping Couple Doesn’t Follow Rules for Proving Debt Was Secured, Loses Mortgage Interest Deduction Possible International Expansion of NFL Would Pose Thorny Tax Issues for Players Taxpayer’s Securities Trading Activities Too Infrequent to Justify Business Expense Deductions Saxophonist Stymies IRS, Persuades Tax Court that His Music Was a Profit Business Tax Exclusion for Sale of Residence May Offer Substantial Value to Homeowners Inconsistencies, Fabrications Lead Court to Side Against Taxpayer on Alleged Church Donations Religious Non-profit Avoids Employment Taxes for Payments to Former Board Member Dealing With Employment Taxes and Your Single-Member LLC Determining If You Qualify for the Earned Income Tax Credit Doctor’s Expenses for Travel from PA Home to Westchester Co. Office Not Deductible New York Congressman Proposes Overhaul of Student Loan Interest Deduction Vagueness, ‘Inherent Improbability’ of Records Stymies Property Owner’s Attempt to Avoid Passive Activity Rules US Supreme Court Sides with Taxpayer in $39M Foreign Tax Credit Dispute Understanding Who Bears Responsibility for the Trust Fund Recovery Penalty Small Business People Should Beware the Trust Fund Recovery Penalty When Dealing with Payroll Taxes Loan Guarantees Violate Self-Dealing Rules, Strip IRAs of Tax-Deferred Status Lack of Written Documentation Dooms Ex-husband’s Deduction for Extra Alimony Internet Sales Tax Bill Builds Momentum in U.S. Senate Income Tax Extension Option Offers Potential Relief, Costs for Late Filers Maximizing the Tax Benefits of a Loss on the Sale of Stock How to Handle Rolling Over Your 401(k) Foreign Tax Credits Key to Bank of America’s Doubled Profits in 2012 Lack of Proper Written Agreement Between Spouses Dooms Father’s Claim of Deductions Business Owners Would Be Wise to Remain Mindful of the Cost of Excessive Accumulated Earnings Passive Activity Rules May Limit Ability to Deduct Certain Losses Tax Preparer’s Education Tax Credit Form ‘Glitch’ Produces Delayed Refunds, Class Actions Pension Choices: Deciding Between a Lump Sum and an Annuity Deadline Nears for Collecting Refunds on 2009 Federal Income Taxes IRS Ferrets Out Improper Charitable Deduction in Animal Rescuer’s Return Involuntary Conversion Rules May Offer Help to Owners of Condemned Properties IRS Contemplates New Rules For Employment Tax ‘Agent’ Cousin Denied Child Tax Credits on Relatives She Raised ‘Fiscal Cliff’ Legislation Expands Opening for Switching to a Roth 401(k) Business Owners Contemplate Alternate Corporate Structures to Lessen Tax Liabilities Tax Court Rejects Homeowner’s Investment Interest Strategy on Mortgage Loan Interest ‘Fiscal Cliff’ Legislation Brings Residential Energy Credit Back to Life Same-Sex Partners Can Claim Adoption Credit on Federal Taxes Threshold for Medical Expense Deduction Rises for Most Taxpayers in 2013 Court Rejects Football Star’s Business Deduction, Imposes Liability of $4M IRS Reaction to Charitable Deduction Ruling Raises Warning to Taxpayers Accountant’s S Corporation ‘Dividends’ Really Taxable Wages, Court Says New Option for Home Office Deduction Offers Greater Simplicity, Potentially Smaller Benefit New Law Breathes Five More Years of Life Into Important Education Tax Credit ‘Fiscal Cliff’ Deal Puts Coverdell Education Savings Accounts Back in Spotlight Brother’s Purchase of Interest in Estate Home DQ’ed for Tax Credit Mother Bound by Child Tax Exemption Release Regardless of Father’s Child Support Arrears Appeals Court Excludes Certain Severance Packages from FICA Tax Liability Tax Court Decisions Highlight Importance of Strict Compliance With Charitable Contribution Substantiation Rules Diligent Recordkeeping Key to Surviving Tax Time for Self-Employed Taxpayers 2012 Marks Final Sales-Tax-Free Holiday Season for Amazon Shoppers in New Jersey