Taxpayers should keep copies of their tax returns, but if they cannot be located or have been destroyed during natural disasters or by fire, the IRS can help. Whether you need your prior year’s tax return to apply for a… Read More
Blog
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Creating More Sales Tax Collectors
How the enactment of so-called “Amazon” or “affiliate nexus” laws may provide states with more sales tax collectors. In the first half of 2011, five states enacted laws that modify the definition of retailer for sales-tax purposes in the hopes… Read More
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Trademarks alone are not enough for income tax nexus
A recent West Virginia case is a reminder that the use of intangibles in a state does not automatically lead to a finding of income tax nexus. In May, the West Virginia Supreme Court, famous for its 2006 MBNA ruling… Read More
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Deducting Employee MBA Expenses
The deductibility of the cost of a Master of Business Administration (MBA) degree under Sec. 162(a) as a trade or business expense for an employee is a complex subject, with several factors to consider. The costs of an MBA are… Read More
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Taxation of Frequent Flyer Miles
A benefit has only lately received attention after flying under the radar for many years: tax-free receipt of frequent flyer miles. Earlier this year, several news outlets reported that Citibank surprised many of its customers by issuing Forms 1099-MISC, Miscellaneous… Read More
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Offshore disclosure program makes a third go-round
After two successful offshore voluntary disclosure programs, the IRS on Jan. 9 announced a new 2012 Offshore Voluntary Disclosure Program (2012 OVDP). Under the previous two programs, the 2009 Offshore Voluntary Disclosure Program (2009 OVDP) and the 2011 Offshore Voluntary… Read More
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E-mails spread concern about a new “real estate transaction tax”
The impending 3.8% Medicare surtax has fueled a spate of chain e-mails regarding a federal “real estate transaction tax” on home sales, and practitioners are hearing from worried clients. This article separates fact from fiction to help practitioners educate clients… Read More
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IRA minimum distributions in the year of the owner’s death
When an IRA owner dies after required distributions have begun, there is often a required minimum distribution for that year that hasn’t been paid yet. Any required minimum distribution that wasn’t paid to the owner must be paid to the… Read More
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Maryland Increases Individual Income Tax Rates and Enacts Other Tax Changes
On May 22, 2012, Maryland Governor Martin O’Malley signed legislation enacting the “State and Local Revenue and Financing Act of 2012” that increases the individual income tax rates, establishes new individual income tax brackets, reduces and eliminates personal exemptions for… Read More