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PostHeaderIcon Tax News – July 30, 2013

The big tax news yesterday was President Obama’s speech about corporate tax “reform” (are you sick of the word yet?).  His plan would drop the corporate tax rate from 35%  to 28% and it would create a special manufacturing company rate (it will be interesting to see how everyone tries to become a “manufacturer”) of […]

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PostHeaderIcon Tax News – July 29, 2013

No surprise here, but an attempt by our Senators to keep their discussions on tax reform secret for the next 50 years is facing some heat.  Thirty organizations have opined as to how they want to see whether to cut their senators off from the trough how they want more transparency.  Of course the fact […]

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PostHeaderIcon Tax News – July 28, 2013

I missed the past couple of days so lets call this the weekend edition of Tax News. Japan had planned on raising its countries’ sales tax in one of the biggest reforms to date but with the tax coming up soon, it looks like there’s some backtracking. Now it looks like it’s either going to […]

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PostHeaderIcon Tax News – July 25, 2013

Getting audited by the IRS is a major fear for a lot of people. In fact I’ve had clients intentionally pass on deductions just because they thought it was more likely to get them audited.  Most audits are performed by mail these days and if you get a notice, I recommend you respond as soon […]

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PostHeaderIcon Tax News – July 24, 2013

There’s quite a bit of tax news on the internet today with the first story near and dear because I work with a lot of real estate investors.  A recent tax court case found in favor of the IRS in that a husband and wife who owned three rental properties weren’t considered real estate professionals […]

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PostHeaderIcon Tax News – July 23, 2013

One of my favorite sites, Taxgirl.com, has a great piece on tax and other issues surrounding the newer alternative currencies.  In her column, she talks about a new alternative currency that a non-profit in Philadelphia is trying to push called Equal Dollars.  The money is given out for volunteering and then can be used at local […]

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PostHeaderIcon Tax News – July 22, 2013

This is going to be something new I’ll be doing on a mostly daily basis.  It’ll be a run down of the tax related news stories that I find and read through out the day.  As I get into this, you should also see my “links” list grow and while some of these stories will […]

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PostHeaderIcon Gifts of Appreciated Stock

This question came up recently.  I had a financial adviser ask me if a client could gift some appreciated stock to their child and receive a step up in basis.  Unfortunately, you only get a step up in basis when it’s an estate situation.  When you gift appreciated stock, both the holding period and the […]

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PostHeaderIcon Rental Real Estate Taxation Basics

While I continue to fret over my “about me” page, one of the things people ask me is, “What is your specialty?”  Over the course of my 18+ year career in tax, to a certain extent, I’ve done it all.  I’ve worked on billion dollar bank and insurance companies and large multinational manufacturing companies all […]

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PostHeaderIcon American Taxpayer Relief Act of 2012 – Capital Gains/Dividends Rate

This is part two in a series of article explaining the changes that happened when the American Taxpayer Relief Act of 2012 was enacted.  Like Individual Income Tax rates. the changes to the capital gains rate only changed for those who exceed a certain income threshold.  The news 20% rate applies to individuals making more […]

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