The IRS recently announced that it will adjust its use of tax liens to collect back taxes. A federal tax lien gives the IRS a claim on a delinquent taxpayer’s property for unpaid taxes. This change means the IRS won’t use a tax lien unless at least $10,000 in back taxes is owed; the previous threshold had been $5,000. In addition, the IRS says it will “withdraw” more tax liens once the back taxes have been
“Tax Freedom Day” fell on April 12 in 2011, three days later than in 2010. According to the Tax Foundation, all the money earned by taxpayers in the first 102 days of 2011 will go to pay their federal, state, and local taxes. Another statistic from the Tax Foundation: If the government were to collect enough taxes to fund all spending for 2011 (with no deficit), Tax Freedom Day would be May 23, 2011. That’s 41
Planning to rent out your vacation getaway? When it comes to taking advantage of the tax benefits, timing is an important factor. Here are two points to remember. The fourteen-day-or-ten-percent test. The IRS applies this test to determine if you use your vacation home as a personal residence. If you stay in the home more than 14 days or 10% of the total days it’s rented in a calendar year (whichever is greater), the general rule
Recent events here and abroad are reminders that disasters can occur at any time – often with staggering human and financial costs. If you’re an unlucky victim of a disaster, you may receive help from insurance and federal disaster aid. But the tax code also offers some relief. You may be able to take an itemized deduction for part of your loss. In tax terms, it’s a “casualty loss,” and it can also apply to events
As reported in RIA Newstand: IRS is heavily promoting the importance for tax professionals to attend one of the events scheduled as part of the 2011 IRS Nationwide Tax Forums. As described by the agency, the tax forums are three-day events presented by IRS experts and partner organizations that offer up-to-date information on federal and state tax issues. Those who register early will receive a significant discount on the registration fee. The early registration period closes
According to a recent Boston Globe article entitled Owners out, vacationers in, more and more Cape Cod residents are opting to move out of their homes for the summer to share in the lucrative summer rental market. However, as discussed in the upcoming Beliveau Law Group June Tax newsletter there are tax implications that you need to consider before renting out your home. There are contractual pitfalls which need to be considered as well. What are
To read the May 2011 Elder Law Newsletter as e-mailed to our clients, please click below. Elder Law Newsletter May 2011
The IRS has announced a live webinar on June 22, 2011 at 2 p.m. EST on the examination process for employment tax returns. Clink on the link below for more information: June Webinar link
The Kaiser Family Foundation has issued a brief on Chairman Paul Ryan’s proposal to overhaul Medicaid and convert federal funding to a block grant. Implications for a Federal Block Grant for Medicaid
Suppose you’re selling your business, and it’s worth $400,000. You’re offered $210,000 down and lump sums of $100,000 at the end of year one and year two. Should you take the offer? Most people know that $1,000 now is worth more than $1,000 a year from now. Here’s why: 1. Inflation: In a year, a dollar will buy less than it would today. 2. Risk: Over time, the risk increases that some of the money owed
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