TAX PRO PLUS LA

Your Broker’s 1099 Statement Will Be Different for 2011

For years, the IRS has had the ability to identify the gross sales of taxpayers from broker transactions, including security (reported on a 1099-B)  and property sales (reported on 1099-S forms). However, these identified only the sales price, quantity sold (for securities), and dates of the transactions. To determine the profit or loss, you must also know the tax basis of the property that was sold. Without confirmation of the basis, which up to now has been obtainable only from the taxpayer via an audit, the IRS has no way to verify the reported profit or loss from the sale, leaving this area open to abuse.

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Taking Advantage of the Deduction for Domestic Production Activities

The domestic production activities deduction was created to encourage manufacturing and production within the U.S., and it provides a substantial business deduction equal to 9% of the lesser of:

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Voluntary Disclosure of Offshore Accounts Expires August 31

U.S. taxpayers with undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service.

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Budget Control Act of 2011 - Now What?

The new Budget Control Act of 2011 may have resolved the debt ceiling stalemate in Washington, but it leaves us hanging as far as long-term tax planning goes. Although the first $1 trillion round of deficit reduction over fiscal years 2012 through 2021 does not include revenue hikes, the second $1.5 trillion reduction over the same time period could include some fundamental tax changes.

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Tax Perks For the Business Traveler

Food and lodging expenses may be deducted when you are away from home for business purposes. Like everything in the tax law, to be tax deductible there are certain rules to follow and the individuals that know the rules and keep good records get the most out of these deductions.

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