Senators question Treasury’s liberalization of bank NOL rules Mike Habib, EA Senator Chuck Grassley (R-IA), ranking member of the Committee on Finance, and Senator Charles E. Schumer (D-NY), have questioned a controversial IRS Notice that changed the existing rules to allow banks to deduct the built-in losses of other banks…
Farmer’s Tax Guide highlights administrative and tax law changes for 2008 IRS Publication 225 Mike Habib, EA IRS recently released Publication 225, Farmer’s Tax Guide, for use in preparing 2008 returns on its web site. It highlights several administrative and tax law changes for 2008 and 2009. What’s new for…
Roundup of recent employment tax rulings Mike Habib, EA There have been several recent rulings issued in the employment tax area. Here is a summary: Joint employment. A federal district court has ruled that a property management company was the joint employer of leasing consultants who worked out of the…
Gambling winnings or losses? Mike Habib, EA As a US taxpayer, you can deduct gambling losses only if you itemize your deductions on form 1040. You can claim your gambling losses as a miscellaneous deduction on IRS Form 1040, Schedule A. However, the amount of losses you deduct can not…
Estate not taxed on transfer of decedent’s pension to charitable beneficiary PLR 200845029 IRS has privately ruled that an estate will not be taxed on a distribution of the decedent’s pension benefits to a charitable beneficiary of the estate. Facts. An individual, whom we’ll call, Smith, died owning an interest…
How businesses are affected by tax changes in the Emergency Economic Stabilization Act of 2008 As I’m sure you’re aware, on Oct. 3, 2008, the President signed into law the Emergency Economic Stabilization Act of 2008 (P.L. 110-343). Although virtually all of the press coverage of this law has concentrated…
As I’m sure you’re aware, on Oct. 3, 2008, the President signed into law the Emergency Economic Stabilization Act of 2008 (P.L. 110-343). Although virtually all of the press coverage of this law has concentrated on its hotly debated $700 billion financial industry bailout plan, the legislation also contains scores…
Special refund procedures for coal producers and exporters on excise tax paid on exported coal Ann. 2008-103, 2008-46 IRB In a new Announcement, IRS has advised taxpayers how to claim a refund of the excise tax on exported coal under the new procedures provided in Sec. 114 of the Energy…
Appeals Court reverses ruling that denied taxpayer Section 530 Relief Trucker tax relief, trucking tax relief, trucking tax problem resolution. Trucking Tax & Accounting: Back Taxes – Unfiled delinquent tax returns – IRS & State audits – Messy books / accounting Peno Trucking, Inc. v. Commissioner, CA6, 102 AFTR 2d…
Charitable extenders and incentives in the 2008 Extenders Act The Tax Extenders and Alternative Minimum Tax Relief Act of 2008, which was enacted on Oct. 3, 2008, extends several expired charitable giving tax breaks and provides several new tax incentives for charitable giving. Here is a brief overview of the…