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What Happens If Someone Has A Foreign Bank Account And Does Not Report It? I Read That The IRS Has Made This A Top Priority For Compliance.
User Photo Virginia La Torre Jeker, J.D.
Tax Professional Level: Tax Enthusiast

Anyone in this situation should seek qualified tax advice from a US taxation attorney and discuss the risks and tax issues associated with the various options to remedy their situation. In certain cases, delinquent...   Read More
What Do I Need To Qualify For Deducting Business Meals, Travel And Entertainment?
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

Section 162 of the Internal Revenue Code allows a business taxpayer to deduct from its gross income its “ordinary and necessary” business expenses. In general, the expense must be 1) paid or incurred during...   Read More
It Is My Understanding That "passive Loss Rules" Prevent The Deduction Of Rental Real Estate Losses.Can You Explain This To Me? I...
User Photo Gary Carter, PhD, MT, CPA
Tax Professional Level: Tax Enthusiast

The passive loss rules were enacted in 1986 under Section 469 of the Code to prevent the deduction of so called artificial losses against earned income and portfolio income. The losses disallowed under Section 469...   Read More
Do I Need An Appraisal For Property That Is Donated In Order To Get A Write-off? Do I Need To File A Form For Donations Over $500?
User Photo William Keats
Tax Professional Level: Master Tax Advisor

An appraisal for donated property is usually adviseable. The cost of the appraisal is deductible. Form 8283 is used for donations over $500. The deduction is then taken on Schedule A. Receipts are required for...   Read More
My Brother-in-law Worked At Shuffle Master For 10 Years And At 65 Has Accumulated A 401k That He Would Like To Liquidate In Order Buy A...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

He can liquidate the 401K at 65 without a penalty, if the trustee plan allows the withdrawl. If he is not retiring, he should leave the 401K alone, and take a mortgage. Mortgage rates are low right now. Some...   Read More
I Have A Client Who Would Like To Close Escrow This Year As Opposed To Next. She Was Going To Do A 1031 Exchange Next Year But Instead...
User Photo William Keats
Tax Professional Level: Master Tax Advisor

I have done research on1031 exchanges and do not see anything negative impacting the tax situation for next year.   Read More
User Photo William Keats
Tax Professional Level: Master Tax Advisor

You should receive a statement from the non-profit agency to whom the donation was made. The statement should show the name of the recipient organization, the date donation made, date the acknowledgement was...   Read More
User Photo Patrick O'Hara , EA
Tax Professional Level: Tax Enthusiast

"Net investment income" is defined in section 1411 of the internal revenue code. Beginning January 1, 2013, taxpayers will pay an additional 3.8% Medicare tax on...   Read More
User Photo William Keats
Tax Professional Level: Master Tax Advisor

ESOPs invest primarily in employer securities. Distributions are taxed like distributions from other qualified plans. The amount included is the FMV of the distribution minus the amount of employee after-tax...   Read More

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