The Tax Professionals Blog
Medicaid Waiver Payments Ruled Earned for Purposes of Credits
Posted by Lee Reams Sr., BSME, EA on
IRS Releases Final SALT Regulations Related to Limitation
Posted by Lee Reams Sr., BSME, EA on
The IRS has released final regulations related to the SALT limitation imposed by TCJA and the attempts by various states, most notably NY, NJ and CT, to skirt the $10,000 ($5,000 MFS) limitation on the deductibility of state and local taxes. The technique these states attempted to use to get around the limitation was by offering their residents the ability to make a charitable contribution in return for a credit against their state or local taxes, thus converting a limited tax deduction into a fully deductible charitable contribution.
Sexual Harassment Damages and Settlements
Posted by Lee Reams Sr., BSME, EA on
Tax reform put restrictions on business deductions related to sexual harassment damages and settlements as well as impacting the taxability of any award or settlement.
Tax Treatment of a Room Rental
Posted by Lee Reams Sr., BSME, EA on
Insurance Agent Termination Payments
Posted by Lee Reams Sr., BSME, EA on
A frequent question: what is the tax treatment of termination payments made to a retiring insurance agent?