The tax court sides with a Sheraton partnership company that successfully defends its accounting methodology against an IRS complaint to win a deduction for capital expenditures Robert Willens
- CFO.com | US November 30, 2009
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In a case that demonstrated that hotel lease agreements had "economic substance and were not shams designed merely to reduce... Read Full Story
State Income Tax Refunds – AMT Adjustment
Line 8 on Form 6251 is a negative number, as was the entry on Line 6 for the Itemized Deduction limitation that we discussed earlier this week. Similar to that line item, this is an adjustment necessary because of the mechanics of the Alternative Minimum Tax calculation. There isn’t much a taxpayer can do about this other than to understand just a little bit of what is going on.
Just for fun, let’s start with the IRS’ explanation for this in the... Read Full Story
Daniel N. Erasmus interviews Terry Scott from EFGS Attorneys about Chapter Two of “Managing 7 Habitual Tax Mistakes: A Tax Risk Management Handbook.”
The book is available at http://www.taxriskm…
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Daniel N. Erasmus interviews Terry Scott from EFGS Attorneys about Chapter Two of “Managing 7 Habitual Tax Mistakes: A Tax Risk Management Handbook.”
The book is available at http://www.taxriskm…
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By, Jones & Ryan
Dealing with the IRS and related tax problems can be anyone’s worst nightmare. Once the IRS has begun to go after you, it can seem that they won’t stop even after you think they have gotten what they want. The tax lawyers of Jones & Ryan have been working since 1995 to solve such nightmares. Grey W. Jones, Esq. and Cheryl L. Ryan, Esq. are tax attorneys with extensive knowledge in tax law and today want to answer some of your common tax questions for free. Below you... Read Full Story
Surround yourself with trusted, competent advisors when starting your own business. Find an Attorney and CPA in your area. Don’t try to do everything yourself by reading books and doing endless r…
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The Proper Methods in Amending... Read Full Story
Tax attorneys are always around to resolve the questions of the individuals who are pestered with the disputes over their yearly assessments. Here are the familiar enquiries posed by the taxpayers when they get the opportunity to confer with a tax attorney . What everyday things happen when there is an unfilled income tax return? Unfilled tax assessments only mean one thing - and that is being in real dire straits with the Internal Revenue Service. If for instance you owe Internal Revenue... Read Full Story
In the recent times, there has been an increase in the number of individuals applying for tax refund anticipation loans . These types of loans can prove to be beneficial, or they can be a bad choice, depending upon your particular situation. It’s recommended to check out the plus points and the negative implications before availing a refund anticipation loan. If you’re in debt and need to pay off the overheads quickly, or you’re experiencing a cash flow problem, and need money immediately to... Read Full Story
Limitation on Itemized Deductions – AMT Adjustment
Depending on a taxpayer’s level of Adjusted Gross Income (“AGI”), the total amount of all the itemized deductions shown on Schedule A of the Form 1040 may not be deductible for Regular Tax purposes – a reduction may apply. For 2009, this AGI level is $166,800 for all taxpayers other than those with the Married Filing Separately status, in which case it is half, or $83,400.
This limitation works in the following manner: from the total of... Read Full Story
Tax evasion and tax avoidance are too distinctly different things. Avoiding taxes is simply the practice of taking advantage of as many legitimate deductions and tax credits as you can in order to lower your tax liability. Evasion is the criminal act of not paying taxes that you owe.
The Internal Revenue Service has more than 300 agents dedicated to the investigating and penalizing of taxpayers who attempt income tax evasion.
The Internal Revenue Service audits taxpayers at random... Read Full Story
