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The New Home Office Deduction Safe Harbor – IRS Rev. Proc. 2013-13

The Internal Revenue Service announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. The new simplified option is available starting with the

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Posted in Business Expense, Deductible Expense, Employee Business Expense, Home Office, Self Employ, Small Business, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Records

Trader or Investor? Van Der Lee v. Commissioner TC Memo 2011-234

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

Trader or an Investor in Securities? Van Der Lee v. Commissioner TC Memo 2011-234 helps clarify matters. While many individual taxpayers claim to be traders in securities as compared to investors, in Henricus C. van der Lee, et ux. v. Commissioner TC

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Posted in Basis, Business Expense, Business Income, Capital Gain, Capital Loss, Cost Basis, Deductible Expense, Mark to Market, Net Operating Loss, NOL, Tax Court, Tax Deductible Expenses, Tax Records

What $$ IS Taxable: IRS Publication 525

Business Entity Selection and the Tax Consequences of Converting

I've been engaged in a running dialog with extraordinary nuances as to whether a loosely organized group of people are or are not fully recognizing taxable revenue from engagement in barter transactions with each other. The nuances inside this topic

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Posted in Barter, Gift Tax, Income, Tax Fraud, Tax Guidance & Preparation, Tax Problems & Requests, Tax Records, Taxable Income

Tax Implications of Inherited IRAs

Business Entity Selection and the Tax Consequences of Converting

Taxpayers who inherit IRAs also inherit the decedent’s basis or amount invested in those IRAs, regardless of the relationship between the beneficiary and the decedent. Ideally, the decedent will have filed IRS Form 8606 (Nondeductible IRAs), showing the amount of basis in the IRA. Any

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Posted in IRA, Retirement, Tax Records, Taxable Income

Tax Deductible Job Search Expenses

Business Entity Selection and the Tax Consequences of Converting

Recently the IRS' Outreach Corner published an article stating that if you’re searching for a job, "you may be able to deduct some of your expenses, such as attending career fairs, moving expenses and submitting resumes, on your tax return as

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Posted in Business Expense, Disallowed Expenses, IRS Examination, Tax Records
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