The Tax Professionals Blog
Tax Treatment of Below Market ( Gift ) Loans
Occasionally when preparing tax returns, we encounter situations where there are loans between family members, or occasionally between employer and employee, with no interest being charged or the rate of...
Read MoreAnalysis of Required Minimum Distribution for Y...
Often the question arises related to the need for a required minimum distribution (RMD) in the year of the IRA owner’s death. Information on this requirement is sketchy at best. ...
Read MoreIRAs and Unrelated Business Income
Generally an IRA is exempt from all income taxes. An exception to that is tax on unrelated business income (UBI), which the IRA received from activities that are not substantially related to...
Read MoreTaxation of Pensions by Former Resident States
A frequent question is: what is the taxation of IRAs and qualified pensions by a taxpayer’s former state of residence? The Congress in 1995 passed P.L. 104-95 (H.R. 394) that...
Read MoreTax Issues When Converting a Home to a Rental
When a taxpayer converts their home to a rental, there are a number of tax issues that come into play. The following are key tax circumstances that should be considered...
Read MorePaid Family Leave and Taxes
Paid family leave (PFL) is a form of compensation paid to eligible individuals who are unable to work because they are caring for a seriously ill or injured family member...
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