Today we hear from Sal in New York who’s angry, “After the smoke from subprime mortgages starts to clear, if CEO’s are convicted of fraud and sentenced to prison terms, do investors’ stock losses created by the CEO’s criminal actions fall under IRS regulations of capital loss or embezzlement? Do taxpayers have the option to […]
Author Archives: TaxMama
Today we hear from Jack in Oregon who wants to know, “If a co-trustee of a irrevocable trust converts trust assets for his own use, can the trust take a theft loss deduction on the trust tax return?”
Today we hear from Dave in Idaho who tells us, “Some of my friends have a rather successful business formed as an LLC. Their CPA told them that they could file as a partnership and not report any self-employment income, even though they are all actively working in their business. Is this true? And where […]
Dear Family, Whew! I just got through writing a diatribe about the $300 million in uncollected payroll taxes owed by Federal, State and local governments. You’re probably going to want to skip that. I’m not quite sure if I’m being coherent or just sputtering. Instead, let’s turn to this week’s TaxQuips. We’re one short, due […]
This Week’s Advice: “Sick of spam? Everyone is, but using an email program that has an actionable, automated spam authenticator can drastically reduce your changes of receiving ‘good email’ as well. Why? Because those authenticators require the sender to take some time to identify themselves, and busy recruiters and hiring executives are not going to […]
You Think YOU Have Payroll Tax Problems? Wait Until You See Who’s Not Paying Payroll Taxes Now! IRS has always relentlessly and passionately pursued employers who are delinquent on their payroll taxes. The Service tends to be rather unforgiving because IRS still has to honor thewithholding from workers’ paychecks – and to issue refunds – […]
IR-2007-151, August 28, 2007 WASHINGTON — The Internal Revenue Service announced that purchasers of American Honda Motor Company, Inc., qualified vehicles may continue to claim the Alternative Motor Vehicle Credit. The announcement comes after the IRS concluded its quarterly review of the number of hybrid vehicles sold. Honda sold 6,518 qualifying vehicles to retail dealers […]
Courtesy of IRS – IR-2007-153 WASHINGTON — The Internal Revenue Service today announced the release of the summer 2007 issue of the Statistics of Income Bulletin, featuring data from 21.5 million individual income tax returns that reported non-farm sole proprietorship activity in tax year 2005. Profits from all non-farm sole proprietorships totaled $269.9 billion in […]
IR-2007-156 WASHINGTON — The Internal Revenue Service has acknowledged the certification by General Motors Corp. that two of its Model Year 2008 vehicles meet the requirements of the Alternative Motor Vehicle Credit as qualified hybrid motor vehicles. The credit amount for the certified 2008 model year hybrid vehicles are: Chevrolet Malibu hybrid — $1,300 Saturn […]
A Spanish Teacher was explaining to her class that in Spanish, unlike English, nouns are designated as either masculine or feminine. ” House ” for instance, is feminine: ” la casa. ” ” Pencil, ” however, is masculine: ” el lapiz.. ” A student asked, ” What gender is ‘computer’? ” Instead of giving the […]
Today we hear from Harvey in New Jersey who tells us, “I am 67 & semi-retired (working 20 hrs/wk.) I have a 401(k) from my current job where I have been for 4 years. I just went part-time & would like to draw from my 401(k) for supplemental income. I know I can borrow from […]
Today we hear from Liz in Georgia who asks, “Is it true that the U.S. Military does not have to follow the 36 month COBRA rules in a divorce?https://www.natas.co.uk/dev/wp-content/languages/new/i-need-help-writing-an-essay.html My brother in law tells me that when his divorce is final, his wife will not get COBRA for 36 months – that her benefits will […]