Tag Archives: local tax law provisions

S Corporation and Health Insurance for Shareholders

IRS Notice 08-01, recently released, discusses the treatments of various arrangements of health insurance in connection with an S Corporation and its 2% shareholder/employees. This Notice clarifies an issue from two years ago. First ­ a review of law involving the health insurance deductions. Section 162(l) permits a self-employed person, a partner, and an S […]

Like-Kind Exchange Rules Do Not Apply to Vacation Homes

By David & Mary Mellem, EAs Mr. & Mrs. Moore purchased real estate (vacation home) in 1988. This property was located approximately 3 hours from their principal residence. About 1996 they changed their principal residence to another city in the opposite direction from the vacation home. Due to the longer travel to get to the […]

Free File Software May Not Always be Accurate

By David & Mary Mellem, EAs The Treasury Inspector General for Tax Administration (TIGTA) released a 45 page (pdf version) report dated June 28, 2007 dealing with the Free File Program. There is also a one page “Highlights” of the report. One of the TIGTA concerns was the accuracy of the returns prepared using the […]