Articles
Obama Care…Small business tax credit (Sec. 45R)
Small businesses—defined as businesses with 25 or fewer employees and average annual wages of $50,000 or less—would be eligible for a credit of up to 50% of nonelective contributions the business makes on behalf of their employees for insurance premiums. (Effective...
“Obama Care”, Premium-assistance credit (Sec. 36B):
Refundable tax credits that eligible taxpayers can use to help cover the cost of health insurance premiums for individuals and families who purchase health insurance through a state health benefit exchange. (Effective 2014.)
Rethink your capital gains strategy this year
The typical investment advice at year-end is to sell losing stocks to offset gains you have taken for the year. This year that strategy may just be the wrong way to go. Here's why. The maximum rate on long-term capital gains is scheduled to rise from the current 15%...
September 22nd 2011 by Andrew Poulos As the economy has taken a downturn and tax revenues have declined, Congress and the Treasury Department have put the pressure on the IRS to generate additional tax revenues. As a result, the IRS has issued its opinion regarding...
Changes in Indiana Corporate Tax
Governor Mitch Daniels a few weeks ago signed HB 1004, reducing Indiana's corporate income tax rate from 8.5 percent to 6.5 percent, a decrease of nearly 25 percent. The measure, sponsored by Sen. Brandt Hershman, will begin reducing the Indiana corporate tax rate by...
Nonspouse Real Estate Transfers Under Scrutiny
A recent court case reveals that the IRS has discovered a pattern of taxpayers failing to file gift tax returns for real property transfers between nonspouse related parties. As a result, it launched a compliance initiative to capture data from states and counties...
Another Appeals Court Upholds IRS’s Time Limit on Spousal Relief Requests
Married joint return filers are jointly and severally liable for the tax arising from their returns. Innocent spouses may request relief from this liability in certain circumstances. An IRS regulation states that a request for equitable innocent spouse relief must be...
IRA Trustees Weren’t Liable for Madoff Losses
A district court has dismissed all claims brought by holders of self-directed individual retirement accounts (IRAs) against the IRA trustees for losses incurred by the IRAs for investments with Bernard Madoff's firm. A number of individuals owned self-directed IRAs...
Trust’s Investment Advice Fees
The Supreme Court has held that investment advisory fees paid by a trust were deductible only to the extent that they exceeded 2% of the trust's adjusted gross income (AGI). Thus, such expenses didn't qualify for the exception to the 2% of AGI limit in the tax law for...
Regulations Would Toughen Tax Rules for Owners of Bankrupt Disregarded Entities
A taxpayer whose debts are forgiven generally has cancellation of debt (COD) income subject to exceptions including one for bankruptcy and one for insolvency. Some taxpayers have taken the position that the bankruptcy exception is available if a grantor trust (trust...
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