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
Blog
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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
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IRS 2012 Standard Mileage Rates
The Internal Revenue Service issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Read More»{IRS}
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Interest on student loans will double in less than a month
Clients still paying off student loans will have a new financial calculation to take into account — the interest rate on federally subsidized college loans will double in less than a month unless Congress takes action. The rate will rise… Read More
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Supreme Court’s health care decision affects many tax provisions
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