The IRS today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met…
The IRS issued new regulations on payment to whistle blowers today as follows:
New 1023-EZ Form Makes Applying for 501(c)(3) Tax-Exempt Status Easier; Most Charities Qualify WASHINGTON — The Internal Revenue Service today introduced a new, shorter application form to help small charities apply for 501(c)(3) tax-exempt status more easily. “This is a…
A unanimous Supreme Court has held that the funds in an inherited IRA do not qualify for exemption in bankruptcy because they do not share the same characteristics as “retirement funds” that traditional IRAs have. Here are the facts of…
The New York State budget passed on April 1, 2014, includes dramatic changes to the state estate and gift tax laws. Since 2001, the federal estate tax exemption amount (the amount of assets that can be passed to heirs without…
The Internal Revenue Service announced today that it is aware that “virtual currency” may be used to pay for goods or services, or held for investment. Virtual currency is a digital representation of value that functions as a medium of…
The Internal Revenue Service today reminded people with home-based businesses that this year for the first time they can choose a new simplified option for claiming the deduction for business use of a home. The new optional deduction, capped at…
The IRS provided guidance today for tips for year-end giving. Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following:…
“The Internal Revenue Service today announced the nationwide rollout of a streamlined program designed to enable small businesses under audit to more quickly settle their differences with the IRS. The Fast Track Settlement (FTS) program is designed to help small businesses and…
The IRS has issued new guidance and streamlined procedures for spouses who are seeking equitable relief from joint income tax liability. Revenue Procedure 2013-34 provides the threshold requirements for any request for equitable relief and sets forth conditions under which the…
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