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Prove it! IRS demands less proof |
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Prove it! IRS demands less proof of business expenses in certain situations
The general rule on business expenses is
that you must prove everything in detail to be entitled to a deduction.
Logs, preferably made contemporaneously to the business transaction,
must show
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 Just in time before the start of the 2008
filing season, Congress passed an AMT patch, which preserves an
exclusion that will keep almost 25 million middle-income taxpayers out
of the reach of the AMT retroactively for one more year -- 2007.
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IRS anticipates a challenging 2008 filing season |
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The IRS and many tax professionals are
expecting a challenging 2008 tax return filing season. The lateness of
the AMT patch passed by Congress is likely to delay return processing
and
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2008 tax strategies: How to hit the ground running |
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he 2008 filing season officially begins January 14th
and with little more than 3 months remaining before your taxes are due,
now is an ideal time to start executing those valuable year-end tax
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How do I? Calculate compound interest on an IRS penalty |
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The amount of interest required to be paid
for underpayment of tax is compounded daily. In order to calculate
compound interest, you divide the Code Sec. 6621 interest rate by the
number of
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FAQ: What kinds of moving expenses are deductible? |
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Only "qualified moving expenses" under the
tax law are generally deductible. Qualified moving expenses are
incurred to move the taxpayer, members of the taxpayer's household, and
their personal belongings. For moving expenses to be deductible,
however, a move must:
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January tax compliance calendar |
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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, businesses and other taxpayers for the month of
January 2008.
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IRS allows medical deduction for self-initiated medical |
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IRS allows medical deduction for self-initiated medical diagnostic tests
The IRS recently has ruled that amounts paid by a healthy individual
for self-initiated diagnostic tests and similar procedures will be
treated as deductible medical expenses under Code Sec. 213(a). These
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IRS allows two-percent S-corporation |
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IRS allows two-percent S-corporation shareholders to deduct health insurance premiums
An S corporation’s two-percent shareholder/employee can deduct
health insurance premiums that are paid or reimbursed by the S
corp
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IRS unveils Code Sec. 409A |
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IRS unveils Code Sec. 409A deferred compensation voluntary corrections program
Taxpayers will be pleased to find that the IRS has, as promised,
unveiled a voluntary corrections program under Code Sec. 409A for
unintentional operational failures of non qualified deferred
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IRS develops new form for misclassified workers to claim social security and medical taxes
In keeping with its efforts to ensure employees are properly classified, the IRS has developed a new
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