We recently came across an article written by Michael Kitces, CFP, that discusses possible tax issues associated with AUM (asset under management) fees charged by financial planners. While the article … [Read more...] about DO BROKER FEES CAUSE YOUR IRA TO BECOME IMMEDIATELY TAXABLE?
AUTO EXPENSES – ACTUAL VS. STANDARD MILEAGE RATE
There are two methods to compute the amount of tax deductible vehicle (auto) expense. A taxpayer can deduct actual auto expenses or use the standard mileage rate. While the taxpayer is free to choose … [Read more...] about AUTO EXPENSES – ACTUAL VS. STANDARD MILEAGE RATE
IRS DESIGNATED PRIVATE DELIVERY SERVICES
Taxpayers have the burden of proving that tax returns and tax payments are made. For those taxpayers who mail their returns and tax payments (rather than remit their returns and tax payments … [Read more...] about IRS DESIGNATED PRIVATE DELIVERY SERVICES
UPDATE OF PA UNREIMBURSED EMPLOYEE EXPENSES
At a recent conference, a representative of the PA Department of Revenue (“DOR”) shared with the attending tax practitioners some reasons as to why PA disallows unreimbursed expenses claimed by … [Read more...] about UPDATE OF PA UNREIMBURSED EMPLOYEE EXPENSES
REAL ESTATE PROFESSIONAL – NEED A LOG BOOK?
A rental real estate activity is subject to the passive loss limitation rules. Thus losses from this type of activity may be restricted, meaning that a taxpayer often cannot use the losses to offset … [Read more...] about REAL ESTATE PROFESSIONAL – NEED A LOG BOOK?
WHERE IS MY TAX REFUND?
You filed your tax returns and have anxiously been waiting for your refund. You may be asking yourself: “Where is my refund? Why hasn’t my refund been sent to me?” One reason that the issuance of … [Read more...] about WHERE IS MY TAX REFUND?
