Description:
Tax professionals meeting place and answers to queries. (Moderated)
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Allowances Question
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Thanks in advance for any replies. I have a question about my w-4 allowances and paycheck deductions. Last year had ten allowances and even though I had a lot taken out for my year-end bonus, my itemized deductions (mortgage interest, charitable, etc) allowed me to get a 2500 dollar refund. This year my... more »
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CCH Tax News Headlines - August 28, 2008
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CCH Tax News Headlines - August 28, 2008 FEDERAL NEWS - [link] IRS Releases Promised Details on SILO, LILO Settlement Initiative Greyhound Racing Activity Not Engaged in for Profit; Accuracy-Related Penalty Imposed (Whitecavage, TCM) STATE NEWS Virginia --Sales and Use Tax: Guidance Issued Regarding Energy Star... more »
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Solo 401(k) plan question
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I should probably ask these on the retirement plan forum but here goes: (1) Can a traditional 401(k) still with an ex-employer be rolled over into an existing Solo 401(k) (assuming the latter plan permits rollovers)? (2) What about an IRA, all of whose funds had one time originated in a former employer's 401(k)? Can it roll into the solo 401(k)?... more »
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CCH Tax News Headlines - August 27, 2008
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CCH Tax News Headlines - August 27, 2008 FEDERAL NEWS - [link] Maximum Per Diem Rates for Continental United States Updated FOIA Case Remanded to Determine Whether Withheld Documents Properly Segregated and Disclosed, Treaty Exemption Applied (Pacific Fisheries,... more »
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What is a gift?
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As I approach my sixties, it's time to give some $$$ to my children. All my children are adults and not my dependants. I want to keep it under $12k per year (each, from my wife and me) to avoid filing. I'm looking for creative ways to avoid using my unified credit. One child wants to go to medical school. I know that if I pay the... more »
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CCH Tax News Headlines - August 26, 2008
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CCH Tax News Headlines - August 26, 2008 FEDERAL NEWS - [link] Form 900 Extended Limitations Period for Filing Federal Tax Lien for Unpaid Income Taxes (Job, TCM) STATE NEWS Illinois --Sales and Use Tax: Taxation of Seminar Materials Explained in Regulation... more »
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Lone Accountant wins upset over IRS regarding Demutualization
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I've been surprised to see no comment as yet, on the triumph of that lonely accountant who fought the IRS for 7 years -- and finally succeeded in winning his case for allowing taxpayers to claim a cost basis when insurance companies "demutualize." As an AARP TaxAide volunteer, I always felt it was unfair that my... more »
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Canadian Royalty Trust 15% tax credit in an IRA
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If one is US resident and holds a Can Roy such as PWE in an IRA, can you take the 15% foreign tax credit? The Canadian govt takes 15% of your dividends before you get them. If you hold it in a taxable acct you get that as a tax credit. Can you still get it if you hold it in an IRA? ============================== =========== MODERATOR'S COMMENT:... more »
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Can a non-owner deduct real estate taxes?
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If, for example, my lease calls for me to pay $100 a month (to the owner) and pay all the real estate taxes directly to the town, can I deduct them? (thw owner niehter pays them, nor deducts them) If, for example, I own property jointly (50-50), but the owners have an agreement such that the occupying owner pays 100% of the real... more »
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