CERTIFIED PUBLIC ACCOUNTANT
The IRS imposes strict limitations on losses from investments in tax shelter deals like limited partnerships. Generally, taxpayers may only offset tax shelter losses with income that is generated from similar investments. Furthermore, taxes on non-shelter income such as stock profits and wages cannot be offset by shelter losses. Nevertheless,... Continue reading →
Taxpayers who enjoy collectibles should know that the IRS views these items as personal or business capital assets. While there is no immediate tax consequence upon making a purchase to add to a prized collection, the taxpayer may eventually pay capital gains tax on collectibles. In instances in which the... Continue reading →
When certain conditions are met, an employer may deduct amounts paid to employees under an accountable plan for sporting events tickets. Under Regs. Sec. 1.274-2(c), the event must be directly related to the conduct of business. IRS regulations typically require the employee to engage in a business meeting, discussion, negotiation,... Continue reading →
People who receive money as a result of a legal settlement or judgment often wonder if the money received is taxable. Many are surprised to learn that the IRS typically requires individuals to pay taxes on legal settlements. The following facts may be helpful to those who have tax questions... Continue reading →
While tax time may seem far away, it is never too early in the year for people who own multiple properties to begin thinking about the complex relationship between vacation homes and taxes. While it is generally true that people who rent out their home to tenants are required to... Continue reading →
