by Leif Jensen | Dec 18, 2011 | General |
IRC§152(e) clarified the meaning of custody for dependency purposes. As usual this is not always a good thing; in general typically a custodial parent can sign a written release for the noncustodial parent may claim the child. Now if the child is (court) emancipated...
by Leif Jensen | Dec 14, 2011 | General |
The various deadlines for retirement plans, IRAs and Coverdells are noted below. Generally, employer plans must be established (applications executed) by Dec. 31 to get a 2011 deduction. This includes Keoghs (these still exist?). For SEPs, you have until the due date...
by Leif Jensen | Dec 13, 2011 | General |
The IRS just won a levy case. The company was ignoring an IRS levy on the wages of an employee which is never a good idea. The employer that did so is liable for the worker’s overdue income taxes, a court says, along with a 50% penalty. The mental breakdown of the...
by Leif Jensen | Dec 12, 2011 | General |
A keying error while entering data in a tax software program can excuse a penalty, according to the Tax Court says. A filer got a Form K-1 from his mother-in-law’s estate showing a large amount of interest income. When he used a tax software program, he entered the...
by Leif Jensen | Dec 12, 2011 | General |
The IRS has set the standard mileage rates for using a car, van, pickup or panel truck, starting on January 1, will be 55.5 cents per mile for business miles driven, 23 cents per mile driven for medical or moving purposes, or 14 cents per mile driven in service of...
by Leif Jensen | Dec 11, 2011 | General |
I just wanted to make sure that everyone has and are maintaining their corporate books and records. I was just working with a couple of clients this weekend. They had their corporate record books and needed some assistance with setting up their records. I encourage...
