by Michael W. Blitstein, CPA Married couples with children would no longer face a tax penalty when claiming the child tax credit under a House bill passed on July 25, 2014. House lawmakers voted 237 to 173 to approve the Child Tax Credit Improvement Bill of 2014. The bill would eliminate the marriage penalty in […]
Navigating the Tax Obstacles of Investing in 2014 - October 14, 2014
by Michael W. Blitstein, CPA It’s never been easy to navigate the various tax consequences of buying and selling securities and investments. Among the many obstacles investors need to consider in 2014 is the relatively new net investment income tax (“NIIT”). This 3.8% tax may apply to your net investment income if your income exceeds […]
House Bill Would Expand 529 College Savings Plans - January 28, 2015
by Michael W. Blitstein, CPA Representatives Lynn Jenkins (R-Kansas), and Ron Kind (D-Wisconsin), introduced legislation that would expand and strengthen tax-free Section 529 college savings plans. The bipartisan measure stands in stark contrast to President Obama’s proposal to end the program, which the administration outlined earlier and was referred to in the president’s State of […]
Top Tax Developments of 2014 with Impact on 2015 - February 10, 2015
by Michael W. Blitstein, CPA 2014 was a notable year for tax developments on a number of fronts. Selecting the top tax developments for 2014 requires judgment calls based upon uniqueness, taxpayers affected, and forward looking impact on 2015 and beyond. With respect to David Letterman, the following list of 2014 tax developments reflects this […]
IRS Issues 2015 Inflation-Adjusted Vehicle Depreciation Dollar Limits - February 18, 2015
by Michael W. Blitstein, CPA The IRS has released the inflation-adjusted limitations on depreciation deductions for business use passenger automobiles, light trucks, and vans first placed in service during calendar year 2015. The IRS also modified the 2014 limitations to reflect passage of the Tax Increase Prevention Act of 2014 late last year. At the […]
Partnership Audits Increase; Other Business Audits Drop In FY 2014 - March 12, 2015
by Michael W. Blitstein, CPA Just released IRS audit coverage statistics show a slight increase in audits of partnerships, but decreases in audits of large corporations and S corporations in fiscal year (FY) 2014. For all types of businesses, the FY 2014 audit coverage rate was 0.57%, representing a decline from 0.71% in FY 2012 […]
IRS Throws in the Towel… - January 24, 2012
by Michael W. Blitstein, CPA IRS has thrown in the towel on pursuing some innocent spouses for back taxes. The Service historically required a taxpayer who claimed it was inequitable to be held liable for unpaid tax attributable to their spouse, to seek relief within two years of the date IRS began its collection activity. […]
Are You Missing Form W-2? - February 14, 2012
by Michael W. Blitstein, CPA There are times where I am asked, “I have not received my W-2 from my employer. What should I do?” Often this happens when an employer is no longer in business. Companies sell, merge, consolidate or even close their doors – all circumstances that can lead to employees not receiving […]
Winning The Lottery Is Just The Beginning… - March 20, 2012
by Michael W. Blitstein, CPA Many individuals play the lottery every week with the fantasy of having that winning ticket. Oh, all the things the prize would provide if we just had the lucky numbers. However, most do not think of the necessary tax planning that surrounds acquiring the wealth. A recent Tax Court case […]
IRS Issues 2012 Vehicle Depreciation Dollar Limits - March 22, 2012
by Michael W. Blitstein, CPA The IRS has issued limitations on depreciation deductions for owners of passenger automobiles, light trucks, and vans first placed in service during calendar year 2012. Generally, depreciation deduction limits for calendar year 2012 are $100 more than the limits for calendar year 2011. For 2012, the depreciation dollar limits also […]