News



Machine-readable Forms 990 soon available

  The IRS recently lost a lawsuit to Public.Resource.Org, Inc., but its loss may result in greater protection of sensitive taxpayer information. The U.S. Court of Appeals for the Ninth Circuit in California found that, under the Freedom of Information Act, the IRS was required to provide Public.Resource.Org, a nonprofit corporation that...

Tax effects of turning vacation home into rental

  The tax treatment for renting out your vacation home depends on the number of days it’s rented. If you don’t use your vacation home all the time and are considering renting it out for a portion of the year, you have three possible situations – all with different tax ramifications:

  1. Not rented at all
  2. Rented for fewer than 15...

An easier way to claim a home office deduction

  The IRS allows taxpayers to use an optional safe harbor method when claiming a home office deduction. The safe harbor method saves the taxpayer from having to substantiate, calculate and allocate deductible home office expenses, a procedure that is part of the nightmare taxpayers have to go through if they want to use the old actual...

File a return even if you don’t like it

  Nonemployee compensation received in exchange for services rendered is taxable income, despite tax protester arguments to the contrary. Stephan Foryan, a resident of the state of Washington and an apparent tax protester, did not file a tax return for 2009. He also did not make any estimated tax payments for the 2009 tax year. Foryan...

Estates must now request a closing letter

The IRS has announced that it will issue estate tax closing letters only on request for estate tax returns filed on or after June 1, 2015. Prior to this change, CPAs and clients anxiously awaited the closing letter for filed estate tax returns. A very large portion of returns are audited. Receiving the closing letter meant that the IRS had...

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