The Tax Professionals Blog
Supreme Court Rules Inherited IRAs Not Qualifie...
When petitioners filed for Chapter 7 bankruptcy, they sought to exclude roughly $300,000 in an inherited individual retirement account (IRA) from the bankruptcy estate using the “retirement funds” exemption.
Read MoreIRS Reneges On Prior CA Short Sale Guidance
Background: As you all should know Sec 580b of the California Code of Civil Procedure (CCP) provides that no deficiency shall be owed or collected, and no deficiency judgment shall be...
Read MoreIRS Discontinues Opposition To Excluding Qualif...
The IRS announced that it is discontinuing its historical opposition to this exclusion and will now treat Medicaid waiver payments as excludable regardless of whether care provider is related or...
Read MoreCalifornia Competes Tax Credit
The California Competes Tax Credit is an income or franchise tax credit available to businesses that come to California or stay and grow in California.
Read MoreIndependent Contractor’s Travel Expenses Denied
The Tax Court denied his deductions for transportation and other auto-related expenses involving travel between his residence and various worksites.
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