Hurricane Relief by IRS!

Unfortunately, many of us have been affected by Hurricane Irma. Fortunately the Internal Revenue Service (“IRS”) recognizes the devastation caused by these natural disasters which affect taxpayers, not only emotionally and physically, but financially. In a recent news release, IR-2017-150, issued on September 12, 2017, the IRS extended the deadline…

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Do You Have Proper Substantiation For That Charitable Deduction?

Many of us make annual or weekly contributions to a favorite charity, whether a religious institution, school, hospital or other charitable organization. Often taxpayers “assume” they can take a deduction on their income tax return for the contribution just by writing a check. The ability to take the deduction is…

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To Forgive May Not Always Be Divine…

If you loan someone $10,000 and then either forgive or cancel part of the loan (perhaps because it is too difficult to collect the debt) and the forgiveness or cancellation is not a gift, you probably haven’t realized that such forgiveness will create taxable income for the person whose debt…

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New Social Security Law Change…

Many of us are reaching the age when we have to consider when we are going to collect social security. Help in making that decision can be found on the Consumer Financial Protection website.  The law has recently changed regarding file and restrict and file and suspend techniques in claiming…

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Happy Holidays!…. Extender Package Passed!

As discussed in my blog on December 11, 2014… the extender package has been signed by President Obama. ADVICE: Carefully review this signed extender bill, contact your CPA immediately to see if you can use any applicable provisions prior to year end to reduce your taxes. Charities be sure to…

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Some Tax Extenders On the Way

Several favorable tax benefits expired on December 31, 2013. For several years these benefits have expired only to see Congress “resurrect” them in the following year. The unpredictability of what laws will be extended creates havoc with tax preparers and taxpayers not knowing whether transactions in 2014 will be covered…

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To Forgive is Divine but…it may also be taxable!

As many of you know the real estate crash caused many homeowners to owe more than the home was worth (“upside down”). There were many foreclosures and short sales and many banks would “forgive” the indebtedness deficiency of the homeowner. For example, you owned a house which, in the good…

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Are YOU a Responsible Person?

Most of the time we would like to think we are responsible. However in the payroll tax world that may NOT be good thing. In a business environment if you are an officer, no matter what type of officer, you could be deemed a “responsible person” and if the person…

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