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So if I Catch a "Baseball", I May Owe Taxes to the IRS?

Posted in Tax News on July 21, 2011

Recently in baseball, a Yankee fan caught Derek Jeter’s 3,000th hit ball and now he may have to pay the Internal Revenue Service (“IRS”) tax money on the few gifts the Yankees gave him.  These items included tickets, signed bats,…

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How (And When) to File a Federal Gift Tax Return

Posted in Tax News on June 23, 2011

Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year.  Gifts between spouses are not required to file.  Gifts can be made to an unlimited number of people in…

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8 Ways to Withdraw From Your IRA Before Age 59½ Without Penalty

Posted in Tax News on June 9, 2011

Traditional IRAs were designed to provide an opportunity for people to save for retirement on a pre-tax, tax-deferred basis.  In other words, the money grows without having to pay any taxes currently on the gains.

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What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

Posted in Tax News on April 21, 2011

This is a big issue with the IRS and closely held C corporations right now.  The focus is whether or not the owners-employees, as well as family members, are reducing their profits through large salaries and bonuses.

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