Time for post-filing season checkup
Your 2011 tax return has been filed, or you have properly filed for
an extension. In either case, now it’s time to start thinking
about important post-filing season activities to save you tax in...
Countdown to Supreme Court’s health care decision
After three days of oral arguments in March, the Supreme Court is
deciding the fate of the Pension Protection and Affordable Care Act
(PPACA) and its companion law, the Health Care and Education
Recon...
Congress eyes retirement savings plans in push toward tax reform
Proposals to reform retirement savings plans were highlighted
during an April 2012 hearing by the House Ways and Means Committee.
Lawmakers were advised by many experts to move slowly on
making ...
How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in
the trade or business and from involuntary conversions. Normally,
you have to determine whether property is a capital asset or is
ordin...
FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall
tax burden of family members. Family members who contribute
property or services to a partnership in exchange for partnership
interes...
May 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
June 2010 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
FAQ: What tax legislation is Congress expected to pass this year?
At the start of 2010, Congress had a full tax agenda. As summer
approaches, many tax bills remain unfinished, most notably an
estate tax bill. Other important tax legislation is also on
Congress's age...
IRS begins 401(k) compliance check questionnaire
401(k) plans represent the most preferred vehicle for retirement
savings today - making up more than 60 percent of retirement plans,
according to the IRS. However, 401(k) plans are also the most
non-c...
How Do I: Claim residential energy credits?
There are two important energy tax credits that can benefit
homeowners in 2010: (1) the nonbusiness energy property credit and
(2) the residential energy efficient property credit. Collectively,
they ...
IRS updates change-of-address notification procedures
If you have or are planning to move - whether it's a change of
personal residence or a change of business address - you want the
IRS to know about your change of address. The IRS has recently
updated ...
More federal tax legislation expected soon
Congress returned from its spring recess in April to a full agenda
of tax legislation that will impact individuals and businesses.
Lawmakers are hoping to complete work on as many bills as possible
be...
FAQ: Has enhanced Code Sec. 179 been extended for 2010?
The enhanced expensing election under Code Sec. 179 has been
extended through December 31, 2010. Under Code Sec. 179, businesses
can elect to recover all or part of the cost of qualifying property
by ...
FAQ: What constitutes income from the cancellation of debt?
Debt that a borrower no longer is liable for because it is
discharged by the lender can give rise to taxable income to the
borrower. Debt forgiveness income or cancellation of debt income
("COD" incom...
Withdrawals from retirement savings: Tough rules may change
In response to the economic downturn that has affected the
retirement portfolios of millions of individuals across the
country, Congress has been considering a variety of alternatives to
offer relief ...
How Do I ... Convert a Traditional IRA to a Roth IRA?
People are buzzing about Roth Individual Retirement Accounts
(IRAs). Unlike traditional IRAs, "qualified" distributions from a
Roth IRA are tax-free, provided they are held for five years and
are made...
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