Pumping the Brakes on Vehicle Depreciation - What to Know about Listed Property

Imagine this – a husband and wife own a sales company and they purchase two passenger automobiles to be used in the course of business. The automobiles are available for personal use, but the husband and wife claim that they are primarily used to transport and entertain clients that are in town. While this fact pattern points to a valid business deduction for the automobiles, the IRS disagreed. This was part of a larger case that went to US Tax Court (Brent Mcminn and Lynette Mcminn v. Commissioner), which disallowed the deduction on the grounds that the automobiles were listed property and business use could not be substantiated.

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IRS Allows Self Certified Rollover Waivers - New Waiver Procedure Approved

The penalty for failing to complete an IRA or a plan rollover in time can be severe. Unless you obtain a waiver from the IRS, the transfer is treated as a taxable distribution even if the failure is inadvertent. However, a new ruling provides some taxpayers with relief.

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IRS Issues Standard Mileage Rates

The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses.

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