Since Hurricane Sandy is projected to cause considerable property damage, it may be timely to review the IRS rules regarding claiming a casualty loss. Casualty (e.g., fire and storm) (and theft) … [Read more...] about DEDUCTING A CASUALTY LOSS
Archives for October 2012
For those who may not be familiar with an “accountable plan”, let’s begin by explaining what a “non-accountable” plan is. Non-accountable plans are where the employer provides the employee with an … [Read more...] about IRS ISSUES GUIDELINES FOR ACCOUNTABLE PLANS
The IRS and Dept. of Labor have an existing audit program to determine if business owners are properly classifying workers as independent contractors. In these audits, the burden of proof is upon the … [Read more...] about Is The Person Hired An Employee Or An Independent Contractor?
The Journal of Accountancy (JOA) reported in its August issue that Citibank issued Forms 1099-MISC to its customers to report the value of frequent flyer miles received in a promotion program to open … [Read more...] about Citibank Taxing Frequent Flyer Miles???
The IRS continues to audit and deny tax deductions to taxpayers who fail to FULLY satisfy the required charitable contribution reporting requirements. David and Veronda Durden had made contributions … [Read more...] about CHARITABLE CONTRIBUTIONS DENIED BY IRS
The Pennsylvania Department of Revenue (PA DOR) issued on Sept. 6, 2012 Informational Notice Personal Income Tax 2012-02 that provides guidance to payors of (1) either nonemployee compensation or (2) … [Read more...] about Pennsylvania—Income Tax: Guidance for Submitting Copy of Federal Form 1099-MISC