What happens to IRS taxes when you die?
In general, the final individual income tax return of a decedent is prepared and filed in the same manner as when they were alive. All income up to the da...
Category: Updates
Are 501 C 4 contributions deductible?
Contributions to civic leagues or other section 501(c)(4) organizations generally are not deductible as charitable contributions for federal income tax pu...
Is deferred compensation reported on 1099?
Under the new reporting forms, the nonqualified deferred compensation plan distributions in tax year 2020 should be reported on Form 1099-NEC, Box 1, as t...
Are reimbursed expenses considered income?
Expense reimbursements aren’t employee income, so they don’t need to be reported as such. Although the check or deposit is made out to your employee, it d...
How is home foreclosure and debt cancellation reported to the IRS?
Home Foreclosure and Debt Cancellation. When that obligation is subsequently forgiven, the amount you received as loan proceeds is reportable as income be...
Do leases need to be recorded?
No matter the length of the term, a lease does not need to be recorded in the registry of deeds to be enforceable against the landlord and tenant. The tri...
How does joint tenancy affect inheritance tax?
A surviving joint tenant automatically inherits anything that was owned as ‘joint tenants’. Joint tenants hold equal shares of the property with the same ...
Can I give my business to someone else?
It is possible to transfer the ownership of a business in multiple ways or through a business succession plan. However, if he or she is the sole owner, it...
When do you have a loss on a rental property?
So, if the house declined in value before converting it into a rental property you might have a low basis and not have a tax loss. However, a loss from a ...
Where are the Living History Farms in Iowa?
Living History Farms in Urbandale, Iowa, tells the amazing story of how Iowans transformed the fertile prairies of the Midwest into the most productive fa...
