- May 03, 2012
- Andrew Presti
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How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in the trade or business and from involuntary conversions. Normally, you have to determine whether property is a capital asset or is ordinary income property. Property generally can’t be both. However, Code Sec. 1231 allows you to “have it” both ways. Any gains are […]
Read more- May 03, 2012
- Andrew Presti
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FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall tax burden of family members. Family members who contribute property or services to a partnership in exchange for partnership interests are subject to the same general tax rules that apply to unrelated partners. If the related persons deal with each other at arm’s length, […]
Read more- May 03, 2012
- Andrew Presti
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May 2012 tax compliance calendar
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 May 2012. May 2 Employers. Semi-weekly depositors must deposit employment taxes for payroll dates April 25–27. […]
Read more- April 04, 2012
- Andrew Presti
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Latest IRS Data Book shows jump in higher-income/small business audit rates
The just-released 2011 IRS Data Book provides statistical information on IRS examinations, collections and other activities for the most recent fiscal year ended in 2011. The 2011 Data Book statistics, when compared to the 2010 version, shows, among other things, a notable increase in the odds of being audited within several high-income categories. Individual audits […]
Read more- April 04, 2012
- Andrew Presti
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IRS expands Fresh Start initiative to help economically-distressed taxpayers
Building on earlier steps to help taxpayers buffeted by the economic slowdown, the IRS recently enhanced its “Fresh Start” initiative. The IRS has announced penalty relief for unemployed individuals who cannot pay their taxes on time and has increased the threshold amount for streamlined installment agreements. Fresh Start Many of the actions that economically-distressed taxpayers […]
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