by mariettacp | May 30, 2011 | Money Tips, Tax Planning, Tax Tips
Gambling losses may be deducted only to the extent of gambling winnings, even in the case of an individual engaged in the trade or business of gambling. Previously, the Tax Court had held that losses for purposes of the limitation included both the cost of wagers and...
by mariettacp | May 27, 2011 | Money Tips, Tax Planning, Tax Tips
The IRS has announced a second voluntary disclosure initiative designed to bring offshore money back into the U.S. tax system and help people with undisclosed income from hidden offshore accounts get current with their taxes. It will be available through Aug. 31,...
by mariettacp | May 23, 2011 | Money Tips, Tax Planning, Tax Tips
The IRS has announced new policies and programs to help taxpayers pay back taxes and avoid tax liens. The goal is to help individuals and small businesses meet their tax obligations, without adding an unnecessary burden to taxpayers. Specifically, the IRS is: 1)...
by mariettacp | May 20, 2011 | Money Tips, Tax Planning, Tax Tips
There are a few changes regarding health insurance and medical expenses for 2011. These include: IRS further delays health insurance coverage information reporting for small employers. The new health reform legislation generally requires employers to report the cost...
by mariettacp | May 18, 2011 | Money Tips, Tax Planning, Tax Tips
There is a new deadline for electing modified carryover basis rules. Estates of decedents dying in 2010 can choose zero estate tax, but at the price of beneficiaries being limited to the decedents’ basis plus certain increases. The IRS has announced that Form...
