The Tax Professionals Blog
IRAs 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...
Read MoreMisclassified as an Independent Contractor
It is not uncommon to encounter a client with 1099-MISC income from an employer that is treating him or her as an independent contractor when your client is actually an...
Read MoreTax Treatment of Emotional Distress Damages
A frequent question has to do with the taxation of damages awarded for emotional distress. Damages for physical injury or physical sickness are clearly tax-exempt and damages for emotional distress...
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