The Tax Professionals Blog
Cancellation of Debt of a Decedent
If a debt of a taxpayer is cancelled after the death of the taxpayer, the cancellation of debt (COD) income is income to the estate or the non-grantor trust of...
Read MoreTaxation of Canadian Social Security
A benefit under Canadian social security legislation paid to a resident of the U.S. is taxable in the U.S. as though it were a benefit under the U.S. Social Security...
Read MoreDeceased Taxpayer: Who Signs the Tax Return?
If a taxpayer died before filing a return, the taxpayer's spouse or personal representative can file and sign a return for the taxpayer. In all such cases enter “Deceased,” the...
Read MoreCharitable Giving Through Donor-Advised Funds
Contribution to a donor advised fund is a way to warehouse funds in a year in which the donor has an unusually high income (and can benefit from a large...
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Overnight Analysis of the GOP Tax Reform Bill
The GOP has released its tax reform structure, without a lot of detail (it is being left to Congress to determine), and as we all know the devil is in...
Read MoreTax Consequences of Noncash Prizes
Every so often tax practitioners will encounter a client who has won a noncash prize or vacation trip from a game show, or won a car or even a house...
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