Can I claim the adoption credit for a foreign adoption?

Oct. 04, 2017

Yes, however, there are special timing rules for foreign adoptions. These rules differ from the timing rules for domestic adoptions and impact when you may claim qualified adoption expenses. The […]

How do I get a payroll credit for increasing research expenses?

Oct. 03, 2017

IRS Chief Counsel recently described when a qualified employer may take into account the payroll tax credit for increasing research activities. The Protecting Americans from Tax Hikes Act of 2015 […]

How do I prove business expenses?

Sep. 21, 2017

Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also […]

What is “assignment of income” under the tax law?

Sep. 18, 2017

Gross income is taxed to the individual who earns it or to the owner of property that generates the income. Under the so-called “assignment of income doctrine,” a taxpayer may […]

How do I distinguish partnerships from other arrangements?

Sep. 16, 2017

A partnership is created when people join together with the intent to conduct unincorporated venture and share profits. Intent is determined from facts and circumstances, including the division of profits and […]

Don’t overlook child-related deductions and credits

Sep. 13, 2017

The amounts of expenses associated with having children seems neverending. As a rule, personal expenditures are not deductible. However, there are several child-related deductions and credits that may help defray […]

Eight tips to protect taxpayers from identity theft

Aug. 29, 2017

Identity theft happens when someone steals personal information for financial gain. Tax-related identity theft happens when someone uses another person’s stolen Social Security number (SSN) or Employer Identification Number (EIN) […]

How do I deduct student loan interest?

Aug. 26, 2017

An eligible taxpayer can deduct qualified interest on a qualified student loan for an eligible student’s qualified educational expenses at an eligible institution. The amount of the deduction is limited, […]

Rules for managing tax basis on stock sales worth a look

Aug. 22, 2017

A recent Tax Court decision and pending tax reform proposals have intersected in highlighting how stock sales can be timed for maximum tax advantage. The taxpayer in a recent case […]

What is a limited liability company?

Aug. 17, 2017

A limited liability company (LLC) is a business entity created under state law. Every state and the District of Columbia have LLC statutes that govern the formation and operation of […]