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Phone: (617) 439-0600
Fax: (617) 439-7080


September 21, 2012
The IRS has unveiled the IRS Data Retrieval Tool (DTR), a time-saving tool designed to minimize the time required for college-bound students and their parents to complete the Department of Education's Free Application for Federal Student Aid (FAFSA). The new IRS DTR is available through the website www.fafsa.gov.
September 18, 2012
When disaster strikes, a casualty tax loss may provide some comfort. A casualty is the damage or destruction of property resulting from an identifiable event that is sudden, unexpected, or unusual. Damage resulting from the progressive deterioration of property through a steadily operating cause would not be a casualty loss. A deductible loss can result from a number of events, such as fire, flood, storm (including hurricanes and tornadoes), or earthquake. Storm losses can involve damage from flooding or wind, for example. Other "sudden and unexpected events," such as an automobile accident, also qualify as a casualty for tax purposes.
September 14, 2012
More than six months after the IRS issued temporary "repair" regulations (T.D. 9564), many complex questions remain about their interpretation and application. These regulations are sweeping in their impact. They have been called game-changers for good reason, affecting all businesses in one way or another and carrying with them both mandatory and optional requirements. Many of these requirements also carry fairly short deadlines.
September 10, 2012
Is your Medical Loss Ratio (MLR) rebate check taxable? The U.S. Department of Health and Human Services (HHS) estimates that nearly 12.8 million Americans received more than $1.1 billion in MLR rebates during August 2012 based on insurance company shortfalls in cutting overhead during 2011. If you received a rebate, either as an individual policyholder or as an employer or employee, is it taxable?
September 04, 2012
As 2013 draws closer, news reports about "taxmageddon" and "taxpocalypse," describing expiration of the Bush-era tax cuts, are proliferating. Many taxpayers are asking what they can do to prepare. The answer is to prepare early. September may seem too early to be discussing year-end tax planning, but the uncertainty over the Bush-era tax cuts, incentives for businesses, and much more, requires proactive strategizing. Ultimately, the fate of these tax incentives will be resolved; until then, taxpayers need to be flexible in their year-end tax planning.
September 01, 2012
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of September 2012.
August 31, 2012
The IRS has issued program manager technical advice (PMTA) explaining that Code Sec. 7623 cannot form the basis for awards related to information provided by whistleblowers that only concerns violations of non-tax law provisions. If, on the other hand, the IRS receives information pertaining to a violation of non-tax law, but which leads to a recovery under Title 26 (the Tax Code), then the IRS may pay an award under Code Sec. 7623.
August 29, 2012
In a recent letter ruling, the IRS determined that a publicly traded partnership's (PTP) income from the removal, treatment, recycling, and disposal of waste products from hydraulic fracturing ("fracking") is qualifying income under Code Sec. 7704(d)(1)(E).
August 27, 2012
The Tax Court found recently that an S corporation had failed to treat two agricultural workers, who lived on the horse farm where they performed their duties, as employees. The court upheld the IRS determination that the S corporation owed employment taxes.
August 23, 2012
The IRS recently announced streamlined procedures for U.S. citizens with foreign accounts or who reside in foreign countries. The procedures apply to certain U.S. citizens (and dual citizens) who are nonresidents of the United States and who have failed to file U.S. income tax and information returns, such as Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR).
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