by apexcpas | Jul 4, 2018 | Tax Planning
If you owe money and either the lender forgives your debt or someone else pays your debt, usually the result is taxable income to you. The tax law calls this concept “income from discharge of debt.” Although a discharge of debt generally results in income,...
by apexcpas | Jul 4, 2018 | Tax Planning
Not surprisingly, the Tax Court has ruled that taxpayers cannot cite a television commercial that mischaracterizes certain tax rules as authority to support the position taken on a tax return. In 2009, Ralph and Jacqueline Grosso purchased a townhome for their adult...
by apexcpas | Jul 4, 2018 | Tax Planning
In some cases, life insurance proceeds can be subject to estate tax, even if you do not own the policy at the time of your death. The proceeds of insurance on a decedent’s life payable to a named beneficiary are subject to estate tax if the decedent possessed...
by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has announced that the optional mileage allowance for owned or leased autos – including vans, pickups and panel trucks – will remain at 55.5 cents per mile for business travel after 2011. The rate is unchanged from the July 1, 2011, midyear adjustment....
by apexcpas | Jul 4, 2018 | Tax Planning
Are you planning to make year-end gifts? Every person can give any other person up to $13,000 for 2011 without incurring any gift tax. The annual exclusion amount increases to $26,000 per donee, or recipient, if your spouse consents to gift splitting. Annual exclusion...
by apexcpas | Jul 4, 2018 | Tax Planning
The Obama administration has decided not to let the Grinch steal Christmas this year, according to White House spokesman Matt Lehrich. The United States Department of Agriculture has decided to delay implementation of a program that could have raised the price of...