More IN THE Boston Tax Institute

More IN THE Boston Tax Institute 1

Since Lu Gauthier of Boston Tax Institute has given me authorization to republish his newsletter there were several released. If he continues up the pace, this may be a normal Tuesday feature of the blog. I realize that I was a little gushy in my introductory post on BTI. I don’t take some of it back.

BTI provides high quality, practice-relevant workshop. Registration is easy and the pricing is a significant value. In the interest of full disclosure though, I do want to show you what you don’t get at a BTI seminar. There’s a steamship circular never. As a matter of known fact, you are totally on your own for lunch and frankly the break snacks are sometimes sub-par.

Our thanks to Robert J. McNeill, CPA for determining a potential IRS processing problem with the section 45R small business health credit in connection with a go through entity! I’ve a concern with the IRS on the go through of the health treatment credit from a Schedule K-1. The IRS admits to presenting a problem complementing up and allowing this credit even if the individual taxpayer is not subject to AMT. I have already been instructed to send a reply back to Holtsville combined with the K-1 and the original Form 3800, and IRS will restore the credit in 4-6 weeks.

If any of you experienced an identical problem with medical insurance credit, we’d be thinking about hearing about it. In Multi-Pak Corporation v. Comm. 773,896 of the compensation, the hypothetical owner of its stock would get a 10% pre-tax return on the corporation’s online equity as of 12 month’s end.

This case, as well as situations concerning LOW payment unreasonably, day seminar entitled Unreasonable Payment on 6/8 in Waltham will be talked about in detail in our 1/2. You may consider attending this seminar before attending our seminar on the NH Compensation Deduction on 6/13 in Andover given that NH is taking a look at Federal law in resolving state compensation cases.

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The New Hampshire Department of Revenue Administration (“DRA”) is constantly on the aggressively analyze the compensation level of business owners working in “S” corporations, partnerships and limited responsibility companies. 12 months You start with the 2010 calendar, the brand new Hampshire Legislature amended the Business Profits Tax statute to look at the Federal settlement requirements under IRC 162, the Treasury regulations, and any Court precedent associated with reasonable settlement.

Currently, the brand new Hampshire House of Representatives and Senate have proposed a number of bills that could re-examine the reasonable payment deduction under the Business Profits Tax as well as the burden of evidence on the taxpayer and the DRA. Compensation planning and documentation will be key factors in working with DRA audits. PAOO Comment – There’s a sentiment out there that New Hampshire is something of the tax haven because wages are exempt and the sales-tax environment is favorable. For business entities that are movement through or disregarded for Federal government purposes New Hampshire is just about the worse spot to be at least when it comes to difficulty.

Our thanks to Phil Mann and David Fabian for the following email! Rev. Proc. 2011-26 enables a taxpayer to elect a step down from 100% to 50% Bonus Depreciation for specific asset categories. Qualified Leasehold Improvement property (QLIP) has been qualified to receive Bonus Depreciation as long as it meets all the Bonus criteria. However, Qualified Restaurant Property (QRP) and Qualified Retail Improvement Property (QRIP) have been excluded from Bonus consideration.

Rev. Proc. 2011-26 now permits Bonus Depreciation on QRP and QRIP provided they possess a “dual personality” property whereby they also meet the guidelines of QLIP property. MS Consultants is exclusively qualified to investigate your property for eligibility of these potential tax savings. We can further increase your deductions with a Cost Segregation Study also. Year expenditures through the use of all relevant opportunities The Study will maximize deductions on current. Many of these new rules will be discussed in detail inside our seminar entitled Combining PROPERTY Cost Segregation Studies with Energy Incentives on June 6 in Waltham. We desire to see you there! By June 30 or simply want some good tax knowledge If you have a CPE requirement to fulfill, be sure to look at the BTI calendar. I shall be posting future newsletters on Tuesdays.

Service dogs can be trained to assist people with flexibility disabilities by retrieving fell items, opening and closing doors, and operating light switches. CAN I deduct travel expenses for medical appointments? Certain expenditures are deductible as an itemized deduction and categorized as medical expenditures. 50 per night. 2. Taxi rides to doctors’ offices. 3. Actual fuel prices of transport, or you might use a standard mileage rate of 20 cents per mile in 2007 plus tolls, and car parking costs. What diseases is music therapy used for? How do you declare mileage donated to a non-income? Charitable contributions are deductible on Schedule A (Itemized Deductions).