Courtesy of the IRS School’s out, but the IRS has another lesson for students who will be starting summer jobs. Summer jobs represent an opportunity for students to learn about the tax system. Not all of the money they earn will be included in their paychecks because their employer must withhold taxes. Here are six […]
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Over the years, TaxMama® has learned that the hardest part about doing your tax return is organizing all the data you’ve collected all year. I also realized, early in life, working in accounts payable and payroll departments – that employees have a remarkable resistance to finishing up their expense reports so that they can reimbursed. […]
🙂 X Bartender in dress-shirt. C=:-) The Chef. 🙂 8 Bartender in bowtie.
Today TaxMama® hears from Dennis in the TaxQuips Forum, who wonders… “Can you use a business net operating loss carryforward to offset personal gambling winnings? The business generating the NOL is a Schedule C. On the surface, it doesn’t seem right to be able to do this, but who knows?”
Today TaxMama® hears from Lori in the TaxQuips Forum with a case of wishful thinking. “I have a couple of clients that have an average of $3,000 worth of employee expense deductions. None of them itemize on Schedule A. Can I still take the standard deduction, plus a negative amount (from form 2106) on 1040 […]
Today TaxMama® hears from Todd in the TaxQuips Forum who is looking to the future. “I am transferring ownership of a sub-chapter S corporation from myself to a family trust. I have a question on IRS form 2553, in part K, where I need to list both former and current owner of the corporation. Since […]
Today TaxMama® hears from Susan in the TaxQuips Forum with a good question. “Suppose I purchase a home and keep title in my name and let my parents live in the home rent free. Is the rent-free usage of the property considered a transfer subject to the gift tax? I think not, as I have […]
Today TaxMama® hears from Judecat in the TaxQuips Forum who is helping a sick friend. Without going into detail – “Judecat is selling his personal treasures on eBay because he is too ill and doesn’t have access to the Internet. She wants to know the tax implications.”
Today TaxMama® hears from Bernice in the TaxQuips Forum who is concerned. “Are there no limits for an “active” real estate investor with even just one rental? Or is the $25,000 limit applicable to him as well? I ask because my software allowed a $31,000 loss and so far it was accepted! Now I may […]
Lots of people are taking off early and getting ready for 4th of July in advance. Others are taking a long weekend next week – including my Lulu. Can you imagine – she’s off to a beach party for the 4th of July in a nice secluded cove. It actually looks really nifty. They seem […]
Report from IRS Stakeholder Meeting – Los Angeles, June 28, 2012 Stakeholder Meeting Topics covered – Collections, Tax Assistance Counter, ITINs and more
Clarification of the Voluntary Classification Settlement Program for employers (Form 8952) IRS introduced this last year, and I explored how this could affect employers, and whether or not this is a good idea – or an audit trap. [See MarketWatch article.] The VCSP is for business employers , governments and exempt organizations, who have been […]