Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Tax Law’ Category

Your Taxpayer Bill of Rights

Every taxpayer has a set of fundamental rights and the IRS has an obligation to protect them. The Taxpayer Bill of Rights groups the taxpayer rights found in the tax code into 10 categories. Know these rights when interacting with the IRS. (more…)

Employee or Independent Contractor – Know the Rules

The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor. (more…)

Need to Sell Real Property? Try an Installment Sale

If your company owns real property, or you do so individually, you may not always be able to dispose of it as quickly as you’d like. One avenue for perhaps finding a buyer a little sooner is an installment sale. (more…)

NJ – Division’s claim for repayment of refund upheld

The Appellate Division of the New Jersey Superior Court upheld the Tax Court’s grant of summary judgment to the Division of Taxation (Division) in its claim for a refund of gross income (personal income) taxes erroneously made to beneficiaries of a New Jersey resident trust because a taxpayer, who was acting on behalf of the beneficiaries, failed to establish that the Division’s determination concerning the repayment of refund was incorrect. (more…)

Taxpayer protections: IRS oversight bills advance in Congress

identity theftResponding to growing concerns over the scope of tax-related identity theft, the House has approved legislation to give victims more information about the crime. The House also took up a bill expanding disclosure of taxpayer information in cases involving missing children and the Ways and Means Committee approved a bill impacting disclosures by exempt organizations. (more…)

2016 enhancements to certain tax incentives

Passage of the “Tax Extenders” undeniably provided one of the major headlines – and tax benefits – to come out of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law on December 18, 2015. Although these tax extenders (over 50 of them in all) were largely made retroactive to January 1, 2015, valuable enhancements to some of these tax benefits were not made retroactive. Rather, these enhancements were made effective only starting January 1, 2016. (more…)

How do I set up a like-kind exchange

Property SwapUnder Code Sec. 1031, a taxpayer can make a tax-free exchange of property held for productive use in a trade or business or for investment. The exchange must be made for other property that the taxpayer will continue to use in a trade or business or for investment. Ordinarily, the exchange is made directly with another taxpayer who holds like-kind property. For example, an investor in real estate may exchange a building with another person who also owns real estate for use in a trade or business or for investment. (more…)