Author Archives: esol4489

The House of Representatives late Tuesday easily approved emergency bipartisan legislation sparing all but a sliver of America’s richest from sharp income tax hikes — while setting up another “fiscal cliff” confrontation in a matter of weeks. The compromise bill … Continue reading →

Senate leaders failed to agree Sunday on a compromise to avert the “fiscal cliff” of tax increases and spending cuts scheduled to take effect Tuesday. Talks took a new direction late in the day, with Senate Minority Leader Mitch McConnell, … Continue reading →

As a taxpayer, you are facing what is perhaps an unprecedented set of circumstances – the expiration of the tax rates enacted in 2001, the expiration of more than 150 tax provisions and a tax increase of more than $500 … Continue reading →

  Practice & Procedures Recently, the Tax Court denied a taxpayer a deduction for a claimed theft loss because, even if he could prove that the loss had occurred, he had not filed a tax return for the year of … Continue reading →

You can’t pick up a newspaper or go online this fall without seeing stories about the coming “tax cliff” or “taxmageddon”—the time at the end of this year when the current tax rates for income, capital gains, gifts, and estates … Continue reading →

Various scenarios can trigger an Audit by the IRS.The common belief is that this occurs randomly.However, this is not the case.Full report

With unemployment still near the highest rate in decades, it is not surprising to find many people working out of their homes. Now may be a good time to review the criteria for claiming a deduction for the business use … Continue reading →

Even though an organization is recognized as tax exempt, it still may be liable for tax on its unrelated business income. For most organizations, unrelated business income is income from a trade or business, regularly carried on, that is not … Continue reading →