Tax Articles

These Tax articles will give you the news and information you need to stay up to date in the ever changing Tax industry.

April 18, 2013 – 1,761 views
Tax Professionals' Resource
Nonprofit organizations should develop strict policies regarding executive compensations as they are closely monitored by the IRS. The IRS rules state that the compensation package for non-profit employees should be of a reasonable value. The reasonable compensation given to an executive will depend on many factors which are detailed below... Full Story 
April 16, 2013 – 1,731 views
Tax Professionals' Resource
Property tax can be daunting for homeowners and confusing too. The current property tax trend is rather disturbing. While on one hand home prices are seen tumbling south, the property tax is shooting up north. According to sources, between 2005 and 2009, property tax increased by 20 percent but home prices decreased by over 30 percent in major urban markets. This can be confusing and disturbing to homeowners. The government doesn’t assess home values year to year. So, your property tax could represent the home value when the market was healthier... Full Story 
April 12, 2013 – 1,581 views
Tax Professionals' Resource
With the increasing value for real estates, a lot of your clients have started investing in all sorts of property. Not only do they look for the best investment options, but they are also updated with all methods to reduce tax. Cost segregation is what the government has to offer to cut down on tax... Full Story 
April 12, 2013 – 1,750 views
Tax Professionals' Resource
The Internal Revenue Service (IRS) conducts reviews and audits of your accounts and tax details to ensure that you are complying with the tax laws of the state. Field audits which are face-to-face personal meetings are usually conducted with businesses and individuals. The IRS will notify you about the field audit by mail and will then do a follow-up via a telephone call. The field audit can sometimes turn out to be a long and cumbersome process. While facing an audit, you can negotiate many factors in order to make things more favorable for you. The following are the 3 things that you can negotiate in a field audit... Full Story 
April 10, 2013 – 1,516 views
Tax Professionals' Resource
Self-dealing refers to the behavior of a trustee, an executive officer, or an attorney in such a way that he makes use of his position in a particular organization and starts to act on his own personal interests rather than the interests of the members of the trust/organization. This is a form of conflict of interest and may involve illegal utilization of assets and properties... Full Story 
April 8, 2013 – 1,751 views
Tax Professionals' Resource
In the current economic state where the interest rates and the cost of living are high and the net investment gains are reasonable, the only possible solution for both investors and individuals is real estate repositioning and debt restructuring. Typically, these activities involve taking an existing real estate asset or a debt and changing the terms and conditions in such a way that it is more beneficial to the person who owns the debt or real estate. There are a number of ways in which this can be done. Here are some examples and possible tax consequences of repositioning real estate and restructuring debts... Full Story 
April 5, 2013 – 1,682 views
Tax Professionals' Resource
In 2010, the Economic Substance Doctrine came to be part of tax law in the U.S. The US government adopted this doctrine along with the 2010 Patient Protection and Affordable Care Act. President Obama signed into this act on March 30, 2010. According to the Economic Substance Doctrine, any transaction must display economic value apart from reduced tax liability. Only if this condition is met, will the transaction be considered valid. As part of US tax law, the objective of the Economic Substance Doctrine is to put up a fight against tax-driven transactions. When applied, this doctrine refuses to recognize tax benefits accrued by only tax-motivated transactions... Full Story 
April 4, 2013 – 3,575 views
Tax Professionals' Resource
United States Estate (and Generation-Skipping Transfer) Tax Return or Form 706 is the form used by the IRS to calculate estate taxes. Form 706 should be filed before the end of nine months from the death of the decedent. Surviving spouses looking to elect in order to use an exemption of estate tax unused by the deceased spouse should file Form 706 in time for the estate of the deceased spouse. This action is known as 'portability in exemption of estate tax'... Full Story