Section 1231: Best of Both Worlds? May15

Section 1231: Best of Both Worlds?

IRC Section 1231 deals with gains and losses from the sale of property used in a trade or business as well as certain involuntary conversions. Section 1231 has been labeled as providing the “best of both worlds” for allowing net losses to be treated as “Ordinary Losses” and net gains to be treated as “Long-Term Capital Gain...

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Spirit of the Olympics May15

Spirit of the Olympics

Many U.S. athletes had great success at the 2012 Summer Olympics in London. We all know that winning an Olympic medal means, well, one is physically presented with an Olympic medal (gold, silver or bronze) on the podium. The medals themselves have an economic value, albeit fairly low if determined based upon the actual amount of p...

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The Price of Noncompliance May15

The Price of Noncompliance

Most Taxpayers are aware that the IRS has rules and regulations regarding filing tax Returns and paying taxes. Of course, if there are rules and regulations, it follows that there must be consequences for failing to comply. This is particularly important since, for the most part, the Federal Income Tax system is based upon Taxpayer�...

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Tax Problems for Famous People May15

Tax Problems for Famous People

Every day, taxpayers get into trouble with the IRS. Some have violated the Federal Income Tax laws, some are “unjustly accused” and others are merely misunderstood. We rarely hear about them. However, we often hear about the famous and infamous. Here are just some of those people.   Scarface: It is not possible...

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Filing and Paying Tax May15

Filing and Paying Tax

Spring is in the air... and Taxpayers are scrambling to get their Federal, State and local income tax returns prepared and filed. Some are struggling to pay their income tax.   Due Dates: Here are the key Income Tax Return deadlines for 2011 calendar year taxpayers (filing Returns and paying the taxes due): ...

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Assorted Tax Issues May15

Assorted Tax Issues

Here are a few Income Tax issues to be aware of as we head into the filing season for 2011 Individual Income Tax Returns: Changes to Federal Individual Income Tax Returns (IRS Form 1040): Here is a non-exhaustive list of changes affecting the 2011 Federal Individual Income Tax Returns (Form 1040): Schedule D u...

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PTIN’s and Deadlines and FICA, Oh My! May15

PTIN’s and Deadlines and FICA, Oh My!

Happy New Year! Here are some things that you may want to know for 2012. Tax Preparers: Preparers of Federal Income Tax Returns face a series of new and more stringent requirements and risks. Among other things, all preparers must obtain a Preparer Tax Identification Number “PTIN”. Those preparers that already had a PT...

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Tax Hoax Headlines May15

Tax Hoax Headlines

If it is in writing it must be true, right? If it is written on the internet then it must be true, right, and thus must be spread to inform everyone that you know. I am a skeptic by nature. Accordingly, I take the exact opposite presumption; that just because it is written on the internet does not necessarily mean that it is fals...

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Inspiring Tax Quotes May15

Inspiring Tax Quotes

When people think of tax laws, most conjure unhappy images. These include costs, risks, uncertainty, hassles and pressure. I expect that this negative image even holds true for those people who have received refunds that exceed the taxes that they paid in from “refundable” tax credits such as Making Work Pay (i.e. they got free m...

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Presidential Tax Returns May15

Presidential Tax Returns

Each year, the President of the United States releases his own personal Federal Income Tax Return. I was curious about what those Returns looked like and what they might tell me about the President. I decided to review Barack and Michelle Obama’s 2010 Federal Return and George W. and Laura Bush’s 2007 Federal Return (the last Ret...

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