• Charitable Donations 501(c)(3) Deduction

    Donations to Charities are a tax deduction ONLY if they are a qualified organization per IRS. Click 501(c)(3) to show a map that can be researched by State. Gives lots of information. Giving money to friends or homeless, while it might be a nice thing to do is NOT a deductible charitable donation. […]Read More… from Charitable Donations…

  • GILTI Tax eff Jan 1st, 2018

    GILTI (Global Intangible Low-Taxed Income) effective January 1, 2018 Form 8992 is used to disclose the calculation. It basically is your share of Controlled Foreign Corporation (CFC)** Income which, prior to 2018, was just disclosed on Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations). It was a Balance Sheet and Income…

  • Sub S Basis Reporting 2018 Forward

    2018 Form 1040 U.S. Individual Income Tax Returns that have an S Corporation K-1 are required to check a box on line 28 of Schedule E to attach a basis computation.  This applies to corporations reporting a loss, stock disposal, receive a loan repayment or DISTRIBUTION! […]Read More… from Sub S Basis Reporting 2018 Forward

  • RMD Missed?

    RMD (Required Minimum Distribution) if not timely made is subect to a 50% non-deductible penalty!  YES, 50% If you can show cause (illness, bad advice, the broker/banker screwed up) and that you took steps to comply just follow the instructions on Form 5329 and attach a letter of explanation.  The penalty will be due only if IRS denies…

  • 1099 Reporting Requirement

    Any individual to whom you pay $600 or more in a calendar year should receive a 1099. If you pay MARY JONES INC…. that is not an individual so no 1099. If you pay MARY JONES, that would require a 1099. And, only businesses are required to generate the 1099. The home you rent out…

View All Blog Posts