The Tax Professionals Blog
Compensation Distinguished From a Gift
Posted by Lee Reams Sr. on
Although gifts are generally excluded from the recipient's gross income, transfer by or for an employer to or for the benefit of an employee can't be excluded as a gift (Code Sec. 102(c)(1)).
Business Pass Through Entities - A Basic Overview of the Sec 199 Deduction
Posted by Lee Reams Sr. on
There is lot of confusion among practitioners related to the new Sec. 199A deduction, how it is computed, and the limitations. This article is intended to provide a basic overview of the deduction. However this is not a substitute for a more in-depth study of the subject before attempting to compute the deduction.
Does Stem Cell Therapy Qualify as a Deductible Medical Expense?
Posted by Lee Reams Sr. on
Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body including dental expenses (IRC Sec. 213). Thus it would seem that treatment of an ailment with stem cell therapy would qualify as a medical deduction.Fraudulent Income Tax Preparer? What Should You Do?
Posted by Lee Reams Sr. on
We all encounter them, clients who have been victimized by unscrupulous tax preparers and want to know how to report them. The IRS has forms for reporting preparers who prepare fraudulent returns, don’t sign the return, or misappropriate a client’s tax refundWhen is the Interest Deductible on a Home Improvement Loan?
Posted by Abel Leon on
When an individual takes a loan on his house or refinances for the purposes of a substantial improvement, when does the interest on that loan become deductible acquisition debt? The answer to that question comes from IRS Pub 936…