The Tax Professionals Blog
When is the Interest Deductible on a Home Impro...
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...
Read MoreThe Offshore Voluntary Disclosure Program (OVDP...
The IRS has, for several years, offered “disclosure programs,” aimed at getting taxpayers with hidden offshore accounts to voluntarily come forward and comply with FBAR and foreign income reporting.
Read MoreAllocating Home Equity Debt
The fact that equity debt will no longer be deductible in 2018 through 2025 has triggered numerous questions and discussions about allocating home equity debt interest. This has been an...
Read MoreWhat is the Definition of a Secured Debt?
With the home mortgage interest changes brought about by TCJA, it seems the definition of “secured” for purposes of deducting home mortgage interest has been a topic of considerable discussion.
Read MoreTax Filing Extension Precautions
Many practitioners take filing extensions far too lightly and are unaware of, or ignore, the nuances of properly completing an extension and the potential penalties.
Read MoreOnce-a-Year IRA Rollover Limit
Back in 2014 the IRS, in Announcement 2014-15, notified taxpayers that they were adopting the Tax Court position in Bobrow v. Commissioner (TC Memo 2014-21) that the once-per-year IRA rollover...
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