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Category Archives: Individual
IRS Clarifies Requirement for Filing FBAR Form Due This Month
Internal Revenue Service officials announced that they would allow taxpayers to rely on the definition of a United States person as set forth in the prior instructions to the FBAR form when determining their filing requirement.This announcement affects those preparing … Continue reading
Safe Harbor 401(k) Plan
The IRS, on May 18, 2009, published proposed regulations, Suspension or Reduction of Safe Harbor Nonelective Contributions, that would amend Regulations under Code §§401(k) and 401(m). These proposed regulations provide employers incurring a substantial business hardship an alternative to terminating … Continue reading
IRS Announces Withholding Adjustment Option for Pension Plans and Provides Taxpayer Education
As part of a wider outreach effort to educate taxpayers about the benefits they will receive under the American Recovery and Reinvestment Act, the Internal Revenue Service today released new withholding adjustment procedures for pension plans. In February, the IRS … Continue reading
Posted in Individual, Taxation
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Deductible Travel Expenses
Many taxpayers go away on business and incur expenses while travelling, and those same taxpayers think that all expenses incurred while travelling are deductible as a business expense. This is not true. In fact, there are many restrictions on business … Continue reading
Posted in Business, Individual, Taxation
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Homeowner Taxes You Can Deduct and Not Deduct
The following list (not comprehensive or all-inclusive) of taxes is provided to first-time homeowners, or even homeowners in general, that wish to get the most tax deductions from the cost of owning a home. Real Estate Taxes – A homeowner … Continue reading
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IRS Announces Withholding Adjustment Option for Pension Plans and Provides Taxpayer Education
As part of a wider outreach effort to educate taxpayers about the benefits they will receive under the American Recovery and Reinvestment Act, the Internal Revenue Service today released new withholding adjustment procedures for pension plans.In February, the IRS issued … Continue reading
Posted in Business, Individual, Taxation
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New Rules for Differential Pay
If you are not familiar with differential pay, which many people are not, it mainly deals with members of the military and employers who have employees who are in the military. Differential pay is the pay an employer gives to … Continue reading
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Disadvantages of Debt Cancellation
With the economy in a downturn, more and more companies are choosing to discharge money and debt owed to them instead of attempting to collect. When this discharge happens, the people receiving the discharged debt are initially happy to know … Continue reading
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Military Combat Zone Exclusion
Most military taxpayers are aware of the combat zone exclusion, but they are unaware of the rules and restrictions placed on the exclusion and who actually qualifies for the exclusion. If a person is a member of the U.S. Armed … Continue reading
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What is bartering and is it taxable?
These days, websites like www.craigslist.org and many others allow people to connect with others in order to buy, sell, or trade goods and services. Websites like these allow people from different parts of cities, states, or even the country. Some … Continue reading
Posted in Individual, Taxation
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