by Leif Jensen | Jul 10, 2011 | General |
A donor who didn’t meet the substantiation rules for a charitable contribution of a land easement pursuant to a settlement agreement he reached with a county to limit any future development of his property. The Tax Court denied his write-off because he did not get a...
by Leif Jensen | Jul 10, 2011 | General |
The IRS will not allow preparers take their fees from taxpayer refunds after all. This would put preparers at odds with their clients. We spend time with our clients trying to determine if they are withholding too much to begin with. If we expected to get our fees...
by Leif Jensen | Jul 10, 2011 | General |
Had you settled for a job just to have one? And have been able to finally find another job midyear? you may have overwithheld Social Security tax. If your pay from two or more different employers exceeds the Social Security withholding limit of $106,800, you can...
by Leif Jensen | Jul 10, 2011 | General |
Tax preparers with no credentials who pass IRS’ competency test will be able to prepare all types of tax returns, according to the the IRS. Even though the upcoming testing will only cover only the 1040 series of returns and their schedules, folks who pass the exam...
by Leif Jensen | Jul 10, 2011 | General |
A financial professional’s bad advice was grounds to waive the 60-day IRA rollover rule, IRS stated privately. At retirement, a couple transferred their 401(k) balances into IRAs. Their financial adviser stated that they should take the amounts in their IRAs and roll...
by Leif Jensen | Jul 10, 2011 | General |
The IRS will not consider further increases on filing extensions for partnerships, estates and trusts. The current five-month extensions will be granted, but nothing further. The rational is that individual partners, heirs and trust beneficiaries who requested filing...
