IRS Tax Planning Ideas, Tips & News

Recent posts have discussed the PA Dept. of Revenue’s (DOR) efforts to deny Sch. UE-1 expenses that employees are claiming against their W-2 wages. The PA DOR is requesting letters from the employee’s … [Read more...] about UNREIMBURSED EMPLOYEE EXPENSES NOT TAX DEDUCTIBLE

On August 12, 2014, our blog discussed the Tax Court case of A. L. Bobrow regarding the rollover of Individual Rollover Accounts (IRAs). Bobrow was a tax attorney who relied upon IRS Publication 590 … [Read more...] about RELYING UPON INTERNAL REVENUE SERVICE ADVICE – AT YOUR OWN PERIL

You receive that glossy brochure from your trade association that sounds so appealing. The seminar is being held in a very nice resort area or on a cruise ship. The association’s brochure says that … [Read more...] about DEDUCTING THE COST OF A CRUISE

Scholarship money is tax-free income to the recipient if used to pay tuition and fees, or when used to pay for books, supplies, and equipment required by the curriculum. Anything received tax-free is … [Read more...] about COLLEGE SCHOLARSHIP PLANNING – A FAMILY AFFAIR

The US Supreme Court ruled in Clark v. Rainmaker that inherited IRAs (Individual Retirement Accounts) are not protected from creditor claims under Federal Bankruptcy Law. The Supreme Court reached its … [Read more...] about INHERITED IRAs ARE NOT PROTECTED

If you own your own business, and regardless of whether you operate as a sole proprietorship, LLC, partnership or corporation, you are required to issue Form 1099-MISC to independent contractors and … [Read more...] about IRS CHANGES FORM 1099 BACKUP WITHHOLDING PROCEDURES