The farmer looms large in the American imagination, but many Americans who have not experienced modern farming firsthand have a skewed perception of what the activity actually entails. The Internal Revenue Service is not so small-minded.
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Court Says Relief For Wrongfully Incarcerated Prisoners Doesn’t Apply To Relatives. The son and former wife of a man who spent six years in prison for a murder he didn’t commit cannot benefit from tax relief that Congress granted wrongfully incarcerated individuals, a federal court in Ohio ruled.
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Hitting your 100th employee may be a milestone worth celebrating, but save a piece of cake for the Labor Department and the Internal Revenue Service, who will also be eager to hear about the new chapter in your company’s life cycle.
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Losing the capacity to manage your financial affairs is a frightening prospect, and watching a loved one lose capacity can be just as daunting. It seems incredible that anyone would take advantage of such circumstances, but unfortunately it is all too common.
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Fifteen years ago, I moved my business into a new headquarters, reorganized the company and wrote in our newsletter about my succession plans to keep Palisades Hudson going at some future time when I would no longer be present to run it.
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The direction of interest rates is notoriously difficult to predict, and with economic uncertainty rising around the world, it isn’t getting any easier.
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Court Permits Deduction For Executive MBA. Taxpayers can deduct the cost of education that maintains or improves skills required in their current professions, but not those that qualify them for a new trade or business. The Internal Revenue Service disallowed deductions claimed by Alex Kopaigora for the Executive MBA program at Brigham Young University. Kopaigora commuted on weekends to the Provo, Utah, campus from Los Angeles, where he was a hotel accounting manager before losing his job partway through the program. The IRS claimed Kopaigora’s unemployment meant he could not qualify for the deductions, but the Tax Court disagreed.
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Good tax planning is something that happens year-round, with an eye on the future. But when there has been a political shift as major as the one represented by our recent national elections, taxpayers may find the idea of looking forward unusually daunting.
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An Earlier Deadline For Information Returns. American businesses have been enlisted in the fight against fraudulent tax filings, and it will require them to be on their toes after the year-end holidays. Businesses now are required to send W-2 forms reporting employee earnings and Forms 1099 showing payments to nonemployee contractors to the Internal Revenue Service by January 31.
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When most people consider their insurance needs, certain types of coverage typically come to mind. Personal liability insurance, frequently called an “umbrella” policy, seldom makes this list. But when a rainy day – or an expensive lawsuit – turns up, sometimes nothing but an umbrella will do.
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