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Tax Articles

 

Sharing Tax Issues in the Sharing Economy

Sharing Tax Issues in the Sharing Economy

Posted by Mark Janulewicz on July 14, 2017

Participation in the emerging “sharing economy” can be a good way to earn money in your down time, pursue a more flexible lifestyle and provide cash to offset the expenses associated with owning a vehicle or a home. The IRS recently offered some guidance for this rising trend. Here’s a summary of the key points.

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Reclassifying Business Expenses as Constructive Dividends

Reclassifying Business Expenses as Constructive Dividends

Posted by James Dunn Jr. on July 13, 2017

The IRS sometimes challenges deductions claimed for certain types of business expenses. In doing so, an examiner might claim that payments made by a corporation to a shareholder for personal items or that are above or below fair market value constitute “constructive dividends.” Reclassifying business expenses as dividends has adverse tax consequences, as a recent case demonstrates.

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The Uncertain Future of the NIIT: What it Means for Your Tax Planning

The Uncertain Future of the NIIT: What it Means for Your Tax Planning

Posted by Brian Kern on July 12, 2017

The 3.8% net investment income tax is in flux as Congress debates health care legislation.

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Expanded Green Tax Breaks for 2016

Expanded Green Tax Breaks for 2016

Posted by Christopher Lukowski on July 12, 2017

You can claim these now-expired credits on your 2016 federal tax return if you completed installation of the qualified equipment last year. If you already filed your 2016 return without claiming your rightful credits, your tax pro can help you file an amended return to collect the tax savings.

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Green Tax Breaks: Are You Claiming All the Credits You Deserve?

Green Tax Breaks: Are You Claiming All the Credits You Deserve?

Posted by Christopher Lukowski on July 12, 2017

In recent years, the IRS has offered “green” tax credits to individuals who purchase qualifying residential energy-efficient equipment and certain electric vehicles. Some of these breaks expired at the end of 2016, but others are still ripe for the taking in 2017 and beyond. Here’s what you need to know to take advantage.

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Establishing Residency for State Tax Purposes

Establishing Residency for State Tax Purposes

Posted by Michē Needham on July 11, 2017

Which state (or states) do you call home? Some people run into problems when they fail to establish legal residency in the new state — or terminate it in the old state. Here we discuss the importance of establishing “domicile” and several effective ways to prove it for state tax purposes. 

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The Bruins Win Big Off the Ice

The Bruins Win Big Off the Ice

Posted by David Schlein on June 28, 2017

The Bruins did not win the Stanley Cup last year, but they did win a big game against the IRS in the case of Jacobs 148 T.C. No 4 (6/26/17).  

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INFOGRAPHIC • Trending Tax Topics: June 2017 Federal Tax Proposal

INFOGRAPHIC • Trending Tax Topics: June 2017 Federal Tax Proposal

Posted by Michē Needham on June 27, 2017

This infographic summarizes the steps that need to be taken and other provisions included in the White House tax reform proposal. 

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Trending Tax Topics: What might happen if a 15% business tax rate becomes law?

Trending Tax Topics: What might happen if a 15% business tax rate becomes law?

Posted by Michē Needham on June 27, 2017

Trending Tax Topics discusses President Trump’s proposed 15% federal income tax rate on business income. Read what might change should this rate become law. 

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What To Do if Your Nonprofit Receives an IRS Audit Letter

What To Do if Your Nonprofit Receives an IRS Audit Letter

Posted by Sarah Hopkins on June 09, 2017

Do you know what to do if your organization receives an audit letter from the IRS? 

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