FEB
9

Summary of Tax Extenders Agreement

Posted by AFS Taxsavers in Tax Tips

DIVISION D – REVENUE MEASURES TITLE I – EXTENSION OF EXPIRING PROVISIONS Subtitle A – Tax Relief for Families and Individuals Section 40201. Extension and modification of exclusion from gross income of discharge of qualified principal residence indebtedness. The provision extends through 2017 the exclusion from gross income of a discharge of qualified principal residence […]

AUG
22

Horse-Racing Activity

Taxpayer fails to show profit motive Jerald worked full-time at Turbine Traders Ltd. as a marketing and sales representative. His main job was selling parts and services for helicopter engines. He earned $132,000 a year in wages. Jerald has owned interests in and has raced horses for more than 20 years. He purchased his first […]

JUL
23

Overtime Option

New overtime option? Under a new bill proposed in the House, employers can offer to reward employees with extra time off in lieu of receiving pay at the usual time-and-a-half overtime rate. The choice would be voluntary. Any unused compensatory time at the end of a year would be converted to overtime pay. www.SmallBizTax.net Small […]

JUL
22

S Corp Alert

Posted by AFS Taxsavers in Business

S corporation owners can only deduct losses up to the amount of their basis in the shares. But some business owners ignore this limit, much to the chagrin of the IRS. Now the tax collection agency’s Large Business and International Division is ramping up audits in this area. Its agents will contact shareholders to ensure […]

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