Monthly Archives: September 2011

Tax Obligations and Collections

A frequent question from taxpayers is: how long does the IRS have to question and assess additional tax on my tax returns?  For most taxpayers who reported all their income, the IRS has three years from the date of filing

Posted in Client Education

Is It A Business or A Hobby?

The distinction between a business activity and a hobby is not a black-and-white issue but instead comes in various shades of grey, which makes it a frequent topic in tax court. 

Posted in Client Education

Sales Tax on Home Sales

A rumor has been circulating for some time that home sales will be subject to a 3.8% federal sales tax beginning in 2013.  Like most rumors, it has been initiated by someone who doesn’t have all the facts – in

Posted in Client Education

How the IRS Is Probing the Rich

The Internal Revenue Service has a new unit for high-net-worth filers, and a rising auditing rate looks to go even higher. This article from Barron’s outlines a few key items the feds are watching for, including: Property Transfers Investment Losses Foreign Income Spending How the

Posted in News

Do You Owe the IRS Money?

While the majority of Americans get a tax refund each year, there are many who owe tax and some who can’t pay what they owe all at once. If you find yourself in the position of owing taxes, there are

Posted in Client Education

Tax Tips for Job Seekers

If you are unfortunate enough to be out work, you may be spending time attending career fairs and traveling around looking and interviewing for employment.  Some of the expenses you incur attempting to secure employment may be deductible on your

Posted in Client Education

Back to School Tips

Whether you’re a recent high school graduate going to college for the first time or a returning college student, it will soon be time to get to campus—and payment deadlines for tuition and other fees are not far behind. Students

Posted in Client Education

Small Employer Health Insurance Credit

If you are an eligible small employer or a tax-exempt eligible small employer, you may qualify for the small employer health insurance premium credit. This credit is one of the first health care reform provision to take effect as a

Posted in Client Education

Congress Overturns Enhanced 1099 Requirements

In response to overwhelming objections from business leaders, business organizations and accounting professionals nationwide complaining about the tax compliance burden new requirements would impose on taxpayers, particularly small businesses, Congress has repealed the following requirements:

Posted in News

Are Charity Auction Purchases Deductible?

It is common practice for charities to hold auction events at which attendees bid on and purchase items. The question often arises as to whether the money spent on the items purchased constitutes a charitable donation.

Posted in Client Education