Articles

Income Tax—Employee Business Expenses: The costs of commuting between a person's residence and place of business are generally nondeductible personal expenses, regardless of the distances involved. In this case, taxpayer traveled to five temporary worksites during the...

Partnership Audit Results: According to the Fall 2011 Statistics of Income Bulletin, since 2000, the number of partnerships has increased at an average annual rate of 5.1%, with the majority of this growth coming from partnerships classified as Limited Liability...

There is a great benefit available to employees who would like to pursue an MBA or other graduate degree for the purpose of improving their abilities and performance at work.  It’s possible that you can deduct the costs of going back to school to lower your tax bill....

Cattery's Business Expenses: While taxpayer's principal source of income came from her wholly-owned corporation's information technology consulting business, she also operated a "cattery" through the corporation to breed, show, and sell pedigree show kittens. Although...

There are many worthwhile reasons to lend money to a relative. For example, you may want to help a child or sibling continue their education or start their own business. But lending money to relatives can have tax consequences. The IRS requires that a minimum rate of...

When your best friend views your nest egg as a source of start-up funds for his latest business venture, or your nephew hits you up for a car loan, your first impulse may be to reach into your bank account to help. But it's a fact that loans to family and friends...

The home office deduction is available when you use part of your home regularly and exclusively as your primary place of business, or for meeting clients. If you're an employee who works from home, there's an additional rule: The exclusive use must be for the...

Time for payment of corporate estimated taxes for 2014: For corporations with assets of at least $1 billion (determined as of the end of the preceding tax year), estimated tax payments due in July, August, or September 2014 were increased. Expanded 1099 reporting:...

Adult dependent insurance coverage: Changes the definition of "dependent" for purposes of Sec. 105(b) (excluding from income amounts received under a health insurance plan) to include amounts expended for the medical care of any child of the taxpayer who has not yet...

Change to cellulosic biofuel producer credit (Sec. 40): Excludes from the definition of cellulosic biofuel any fuels that (1) are more than 4% (determined by weight) water and sediment in any combination or (2) have an ash content of more than 1% (determined by...