Internal Revenue Service (IRS) has issued a guidance for family day care providers to use a standardized rate to claim tax deduction for meals provided to children in their care. Provisions of the rule issued by the IRS; Date of the procedure's implementation....
Thesafeharborelectionisanalternativetoallocatingactualhomeofficeexpenses.Anyactualbusinessexpensesare notallowableexceptfortheonesrelatedtothehome(i.e.qualifiedinterest,propertytaxes,andcasualtyloss).Byusing thesafeharbormethodtheallowablebusinessexpensesreferencedabovehavetobedeductedusingSchAItemized ...
New Home Office Deduction Provides A Safe HarborSpencer, Patti S
Internal Revenue Service's (IRS) issuance of Revised Procedure 2013-13, 2013-6 IRB xxx which deals with an optional safe harbor method for individual taxpayers in regards to home-office tax deduction claims. Qualified business expenses are addressed, along with home depreciation deductions, real ...
DOL Proposed Regulations Provide a Safe Harbor in Which State-Created Payroll Deduction Savings Programs Would Not Be Subject to ERISA.The article discusses regulations proposed by the Employee Benefits Security Administration of the U.S. Department of Labor which allows states to implement payroll-...
* The revenue procedure carries a drawback of basing the amount of the deduction on payment for repairs rather than a calculation of decrease in fair market value as a result of the casualty (limited to the taxpayer's basis in the property), that is otherwise allowed as a method under ...