The Supreme Court’s decision upholding the individual mandate in the health care law had a surprisingly large number of tax ramifications. Because much of the health care law was enacted through the Internal Revenue Code, the court’s decision to let… Read More
Blog
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U.S. housing market begins real recovery
The positive news just keeps coming in from the U.S. housing market, with data from the National Association of Realtors showing that pending home sales were up 5.9% in May. That’s the highest pending home sales level since 2010, and the… Read More
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IRS Increases Mileage Rate to 55.5 Cents per Mile
The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and… Read More
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Political Activity – Can You Participate?
A 501(c)(3) organization is absolutely prohibited from participating in any political campaign at all levels, national, state and local. Political intervention includes candidate endorsements, contributions to political campaign funds, public statements of support or opposition to candidates, distributing information/pamphlets, etc…. Read More
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IRS To Exam Trade Associations And Labor Organizations In 2011
In its FY 2011 work plan, the Exempt Organizations Division of the IRS announced that they are increasing their focus on Section 501 (c) (4), (5) and (6) organizations. In their FY 2011 Annual Report and Workplan, the IRS stated… Read More
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Inurement – Is That Really a Word?
Although it is doubtful the word “inurement” is used in normal conversations, the IRS has a particular fondness for its use and is one of the areas they plan to examine in their 2011 audit work plan. However, even the… Read More
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Company Loses Payroll Tax Money
Omni Land Settlement Corporation said about $200,000 it paid in payroll taxes is missing after the payroll company it entrusted the money to declared bankruptcy on May 6. Note: We generally only recommend the use of the national companies, ADP… Read More
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President Signs Repeal of Expanded 1099 Requirements
On Thursday, President Barack Obama signed into law the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4; 1099 Act), which repeals both the expanded Form 1099 information reporting requirements mandated by last year’s… Read More
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Tax records: Save them or Shred them?
Tax day is over. Now it’s time to find the top of your desk. If you’re like most people, your home office is littered with 1099s, W-2s, letters from charities and other detritus used to prepare a tax return. Most… Read More
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Breastfeeding Pumps Now Deductible, IRS Rules
Breast pumps and other lactation supplies are now tax deductible as medical expenses, the Internal Revenue Service said Thursday, reversing a long-held position. The new ruling means that families can use pre-tax funds from their flexible spending accounts and health… Read More