Posts from: Tax News
Taxpayers who did not establish insolvency must recognize COD income
Taxpayers who settled a credit card debt for $4,412 less than they owed in 2008 had to include that amount in income because they did not prove they were insolvent under Sec. 108(a)(1)(B) at the time of the debt discharge (Shepherd, T.C. Memo. 2012-212).... (more...)
The Startup Business Needs CPA
There is a joke in Hollywood that no matter what one’s day job is, everyone has a headshot in their back pocket. In business, the back pocket accessory isn’t the headshot—it’s the business plan. The startup community is exploding across the U.S.... (more...)
Self-employed can deduct Medicare premiums
Explaining a recent reversal of a long-held IRS stance, the Office of Chief Counsel advised IRS attorneys on Friday that self-employed individuals may deduct Medicare premiums from their self-employment income. Chief Counsel Advice (CCA) 201228037 clarifies... (more...)
Married Taxpayer Filing Separately Not Entitled to Full Deduction
Married Taxpayer Filing Separately Not Entitled to Full Deduction of $1.1 Million for Mortgage Interest. A taxpayer who elects married filing separately is limited to a deduction for interest paid on $500,000 of home-acquisition indebtedness plus interest... (more...)
California—Corporate and Personal Income Taxes
California—Corporate, Personal Income Taxes: Enhanced Electronic Installment Agreement Application Announced,(Jul. 17, 2012). The Franchise Tax Board (FTB) has enhanced its electronic installment agreement (eIA) application to pay outstanding California... (more...)
CFO – Strategic Thinking
CFOs are increasingly involved in setting strategy – a transition that is requiring them to become more effective communicators and to think more holistically. CFOs from multinational companies such as Nike, Coca-Cola Enterprises, Ralph Lauren, Xerox,... (more...)