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
There’s good news if you’re concerned about estate taxes. For the next two years (2011 and 2012), the value of your estate that’s excluded from tax is set at $5 million. And the top rate on taxable estates is 35%. The $5 million exemption is per person, thus a couple’s exemption is $10 million. Also notable in the law is the new portability of unused exemptions. Under prior law, couples frequently performed complex estate planning to
On April 14, 2011, President Obama signed legislation – the Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011 – repealing expanded reporting rules for businesses and landlords that had been created by laws passed in 2010. Business reporting. The Form 1099 reporting rules were changed by the 2010 health care legislation. Under the Patient Protection and Affordable Care Act of 2010, every business, charitable organization, and governmental unit was required to
Sunset was postponed last December, at least in the world of taxes. Many existing laws, which had been due to expire, or “sunset” at the end of 2010, were extended through 2012. At the same time, new rules that can impact your tax planning came into effect. With so many changes, you’ll want to make sure you understand the possibilities available to you as you undertake your tax planning for 2011. Here are some suggestions. Business
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