Tweet In the countdown to April 15, many people rushing to prepare their individual income tax returns will overlook another key tax document that’s due the same day: Form 709, covering taxable (or potentially taxable) gifts made during the previous year. Others, aware of the need to file, have questions as they prepare this form. [...]
Tweet The Supreme Court had a busy day on Tuesday. When the dust settled, however, it had only granted one new case – but it was a big one. The nation’s highest court granted certiorari to Comptroller v. Wynne, setting the stage for a fight that could rewrite tax laws in states across the country. As noted before, [...]
Tweet Using IRA funds to invest in real estate can be a very good idea. Well, at least I know one person for whom it worked out. It did not, however, work out very well for Guy Dabney, who recently represented himself in Tax Court. Every once in a while, people will ask me questions about what [...]
Tweet Since assuming her position in 2001, National Taxpayer Advocate Nina E. Olson has emphasized the protection of taxpayer rights in tax administration. In her 2007 Annual Report to Congress, and in later reports, she proposed a new Taxpayer Bill of Rights. On June 10, 2014, the IRS formally adopted the Advocate’s proposal, to renew [...]
Tweet Are summer camp costs adding up? If you send your kids to camp so you can work, Uncle Sam can help you cut the price by 20% to 40%. Summer camp? Really. Day camp counts as “dependent care” (aka child care), and there are actually two ways Uncle Sam helps subsidize it—through the dependent [...]
Tweet Income tax department made the first amendment in capital gain account scheme 2012. In this amendment income tax department amended in the paragraph of 1, 2, 3, 4, 10, 13 and the forms A, C and G. Income tax department issued a notification no. 44/2012 dated 25 October 2012 about amendment in capital gain [...]
Tweet Indian government does not want to abolish the short term capital gain tax on securities which is taxed 15% on listed securities and 30% on unlisted securities. The expert panel has recommended abolishing the short term capital gain to the government for better tax system in India. The panel which reviewed the anti-tax avoidance [...]
Tweet Cost inflation index for the financial year 2014-15 is notified by income tax department. Cost inflation index is very useful to calculate long term capital gains as it saves a lot of amount of tax. Every year income tax department notifies Cost inflation index CII. Income tax department issued notification no. 31 dated 11 [...]
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