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Posts in ‘Specialty Tax Services Blog’

Posts in ‘Specialty Tax Services Blog’

  • HOBBY SHOP INHERITED BY ART TEACHER WAS A BUSINESS, NOT JUST A HOBBY

    On March 30, 2015 posted in Specialty Tax Services Blog

    The U.S. Tax Court has held that a model airplane store that an art teacher inherited from her father was a trade or business, not a hobby. The art teacher taught in Nevada and owned and managed the shop, which was in Idaho. The Court found that she had a profit motive and that the […]

  • WATCH OUT FOR ‘DIRTY DOZEN’ TAX SCAMS

    On March 30, 2015 posted in IRS Information, Specialty Tax Services Blog, Tax News

    The IRS has released its annual list of tax scams for 2015, and it notes that scam artists are getting more aggressive. Early in this year’s filing season, crooks were making threatening phone calls claiming to be from the IRS and demanding immediate tax payments. Other illegal practices include identity theft, bogus emails seemingly from […]

  • FEDS RAKE IN MONEY FROM TAX ON SOCIAL SECURITY BENEFITS

    The Congressional Budget Office has estimated that the income taxes on social security benefits will cost retirees $51 billion in 2014. About one-half of social security recipients have to pay tax on their monthly benefits and the average tax rate is 6 ½%. Of course, higher income taxpayers, those with income from other sources, pay […]

  • DECLINING SALARIES

    On March 6, 2015 posted in Specialty Tax Services Blog

    SALARIES AND WAGES REPORTED ON TAX RETURNS HAVE DECLINED, SAYS TAX POLICY GROUP   A study by the Washington, D.C.-based Tax Policy Center has found that the share of salaries and wages reported on federal income tax returns has declined over the past six decades. On the other hand, investment income, such as capital gains, has […]

  • Condominium’s Tax-Equivalency Payemnts Deductible as Real Estate Taxes

    On January 19, 2015 posted in Specialty Tax Services Blog

    CONDOMINIUM’S TAX-EQUIVALENCY PAYMENTS DEDUCTIBLE AS REAL ESTATE TAXES. The IRS has recently clarified an important issue for real estate developers– payments in lieu of taxes, sometimes called PILOT or tax equivalency payments—are deductible from federal taxes. The issue arises when a local government acquires property with public bonds and then leases the property to real […]

  • Seven Principles of Tax Reform

    On January 19, 2015 posted in Specialty Tax Services Blog

    COULD IT REALLY HAPPEN? LAWMAKER’S SEVEN PRINCIPLES FOR TAX REFORM A key Republican leader in the Senate has paved the way for a serious tax reform effort by establishing seven guiding principles for comprehensive reform of the U.S. tax code. Sen. Orrin Hatch (R-UT), the new Chairman of the Senate Finance Committee, offered these catchphrases […]

  • Announcement: Two Firms Joining Forces

    Douglas A. Singleton & Associates, PC Joins Attaway Linville, PC – I am excited to announce that on January 1, 2015 Douglas A. Singleton & Associates, PC joined forces with Attaway Linville, PC an Atlanta based CPA firm located on Peachtree Street in Midtown.  This move will provide a strong client focus with more organizational depth and […]

  • Survey Says…….

    On February 28, 2014 posted in Specialty Tax Services Blog, Tax News

    According to a survey conducted by the Internal Revenue Service’s Oversight Board, 95% of those surveyed said they either completely or mostly agree that “it is every American’s civic duty to pay their fair share of taxes”.  In 2013, according to the Tax Policy Center only 43% of households pay no federal income tax at […]

  • The MyRA

    On January 31, 2014 posted in Politics, Specialty Tax Services Blog, Tax News

    In his State of the Union address last Tuesday, President Obama introduced a new retirement savings plan called a “MyRA”.  Unlike a 401(k), however, MyRA will offer “principal protection” so a saver’s account balance “will never go down,” the White House said. “The product will be offered via a familiar Roth IRA account, and savers […]

  • New Business Owner Mistakes

    In the January 13, 2014 edition of the Business News Daily, Chad Brooks wrote an article called “4 Big Mistakes New Business Owners Make”. Quoting other sources, the article goes on to say the four common mistakes made by new business owners are 1) comingling personal spending with business spending, 2) not properly classifying employees […]