Form 8829 has four parts that are used to calculate (1) the percentage of your home used for business, (2) your allowable home office deduction, (3) the depreciation of your home, and (4) any disallowed expenses that can be carried over to the next tax year. What is...
This site provides information regarding IRS Revenue Ruling 70-604, which has been subject to many questions and much misinterpretation. We believe that Revenue Ruling 70-604 is one of the most powerful and important tax planning tools that exists for homeowners associations that file Form 1120. W...
Homeowners May Request Tax-Filing Extension from IRS
IRS Publications IRS publications are helpful guides the IRS provides to educate taxpayers. There are IRS publications covering nearly every topic, from reporting tip income to filing taxes as a business owner and how extensions work. Looking for answers on key tax topics? Find the IRS publication...
Under the new rules set forth by the IRS, if you got paid more than $600 for the transaction of goods and services through third-party payment platforms, you will receive a 1099-K for reporting the income. With this new, lower threshold for triggering the tax form, more individuals with...
Knowing the correct route to take when experiencing mortgage or tax problemsis essential in acheiving the best result. Our firm is justly proud of its successes on behalf of our clients. We will use our extensive legal knowledgeto assist you and inform you of your legal options. ...
Form 1120-H: U.S. Income Tax Return for Homeowners Associations Form 1120-L: U.S. Life Insurance Company Income Tax Return Form 1120-S: U.S. Income Tax Return for an S Corporation7 IRS Audits The IRSauditsa percentage of income tax returns annually as part of its enforcement mission. ...
IRS Eases Existing-Homeowners Tax Credit Rule
Homeowners Should Consider Amending Tax Returns in Light of IRS ClarificationsBenny L. Kass
It provides a safe harbor method for determining the amount of the loss. * Under the safe harbor, a taxpayer who does not have a pending claim for reimbursement of damages and does not intend to pursue reimbursement may claim a loss of all unreimbursed amounts paid during the tax year to...