by Leif Jensen | Oct 16, 2011 | General |
The definition of a “Trader” continues to be defined. Frequent buying and selling does not a “trader” make, these are not the sole criterion to qualify per the IRS. The holding period of the securities is the key factor, according to the Tax Court. This case is a...
by Leif Jensen | Oct 16, 2011 | General |
According to the Tax Court, donating to a charity the right to use a timeshare unit is not a reportable donation. A trader and his wife donated a week’s stay in their Caribbean timeshare as a prize in a charity’s auction. They then claimed a charitable deduction for...
by Leif Jensen | Oct 16, 2011 | General |
Have you been launched and decided to retire. This decision can cost you, retiring too soon can make you eligible for the 10% penalty on early plan payouts. For the 72T calculation you must be 55 or older in the year you leave the job to escape the penalty....
by Leif Jensen | Oct 16, 2011 | General |
The IRS is going after firms that classify employees as independent contractors. The tax agency and the Labor Dept. are sharing information and both will shortly be sharing information with state agencies to identify companies that violate the tax law or are...
by Leif Jensen | Oct 16, 2011 | General |
It is becoming even harder for people to land a new job. Even if they are lucky enough to do so people are not as mobile as they once were. The sluggishness in the housing market makes it hard to sell and move to an area with stronger job prospects or after the job...
by Leif Jensen | Oct 16, 2011 | General |
FY2009 data is finally in! FY2010 can’t be final since the due date is tomorrow for personal extensions. Starting with the bottom 50% of federal tax filers! They paid in 2.25% of the total federal income tax bill. This is the group that gets the EIC. Their average...
