Source: http://thorgoodlaw.com/author/admin/
Timestamp: 2017-02-22 10:46:29
Document Index: 139993526

Matched Legal Cases: ['§509', '§509', '§ 71', '§ 215', '§ 71', '§ 71', 'art 5', 'art 5', 'art 4', 'art 4', '§162', 'art 3', 'art 3']

admin | FREE Yourself from IRS Problems
How Much Is My 2016 Shared Responsibility Payment?Published February 20, 2017 | By admin	The Affordable Care Act of 2010 introduced the shared responsibility payment on non-exempt American citizens who do not meet certain healthcare insurance minimum coverage requirements. The IRS will not consider a return complete and accurate if the taxpayer does not report health care coverage for the year, an exemption or a payment.
Have qualifying health care coverage for every month of 2016 (including for dependents);
Qualify for an exemption from the requirement to have health care coverage; or
Make a “shared responsibility payment.”
This shared responsibility payment increases annually, and for the 2016 tax year, is the greater of:
This is a preview of How Much Is My 2016 Shared Responsibility Payment?. Read the full post (353 words, 1 image, estimated 1:25 mins reading time)	Posted in Affordable Care Act | Tagged exemption, shared responsibility payment, The Affordable Care Act of 2010 | Leave a comment	An Introduction To The Most Confusing Parts Of The Income Tax CodePublished February 17, 2017 | By admin	The Internal Revenue Code and its accompanying regulations are voluminous. Of course, many of these rules affect the ordinary individual American taxpayer. There may be no more daunting component of federal law than the Tax Code and the volumes of regulations that detail it. Many provisions are confusing, to say the least, and may require certain additional paperwork such as a long worksheet or form.
It’s no surprise that a substantial number of provisions of the Tax Code have a history of high taxpayer error and fraud. When you add to the equation the fact that law, especially tax law, is constantly evolving, a taxpayer’s confusion related to the interpretation of tax regulations may be significant and require the assistance of an experienced tax professional.
This is a preview of An Introduction To The Most Confusing Parts Of The Income Tax Code. Read the full post (502 words, 1 image, estimated 2:00 mins reading time)	Posted in Internal Revenue Code | Tagged 26 U.S.C. §509(a), alternative minimum tax, earned income tax credits, education tax incentives, green tax credits, homebuyer tax credits, I.R.C. §509(a), passive activity loss rules, retirement accounts, social security benefits | Leave a comment	Tax Consequences Of Child Support Payments For Payors And RecipientsPublished February 15, 2017 | By admin	Individuals must consider the tax consequences of obligations related to child support in divorce proceedings. The fact that child support payments are not deductible and the receipt of child support is not taxable sometimes creates spousal bitterness and discord in a divorce case. In this situation, the prevalent issue is the conflict between the payor’s desire to characterize his or her payment as an income tax deductible payment of alimony, while the payee-spouse wishes to treat the payment as a tax-free receipt of child support.
This is a preview of Tax Consequences Of Child Support Payments For Payors And Recipients. Read the full post (356 words, 1 image, estimated 1:25 mins reading time)	Posted in Child Support | Tagged child support, fixed payment, I.R.C. § 71(c) | Leave a comment	Tax Consequences Of Alimony Payments For Payors And RecipientsPublished February 13, 2017 | By admin	Individuals must consider the tax consequences of obligations related to spousal support or maintenance, also known as alimony, in divorce proceedings. Many soon to be ex-spouses often fail to realize that there are tax consequences for these types of payments, which may cause further economic hardship and even emotional stress.
Spousal support typically refers to the money a legally married spouse pays to the other spouse while they are still married. Spousal support may last as long as the marriage continues. Spousal maintenance consists of payments an ex-spouse pays to his or her ex-spouse after the dissolution of the marriage. The amount and duration of spousal maintenance are defined in the divorce decree. Some states refer to spousal maintenance as alimony. It often is used as a generic term to describe both types of support and will be used as such in this blog.
This is a preview of Tax Consequences Of Alimony Payments For Payors And Recipients. Read the full post (692 words, 1 image, estimated 2:46 mins reading time)	Posted in Alimony deduction | Tagged above-the-line deduction, alimony, I.R.C. § 215(b), I.R.C. § 71(b), I.R.C. § 71(e), miscellaneous itemized deduction, spousal maintenance, spousal support | Leave a comment	IRS To Use Private Debts CollectorsPublished February 10, 2017 | By admin	In the spring of 2017, the IRS will begin outsourcing the collection of not all, but some, overdue federal tax debts to private contractors. In early December of 2015, President Obama signed into law the Fixing America’s Surface Transportation Act, or “FAST Act.” The FAST Act provides funding for transportation project over the next ten years. Of course, any bill related to highways is likely to include provisions requiring the IRS to use private debt collection companies, which this bill, in fact, includes.
This is a preview of IRS To Use Private Debts Collectors. Read the full post (390 words, 1 image, estimated 1:34 mins reading time)	Posted in Collection Activities, Internal Revenue Service, Private Tax Debt Collection | Tagged (FAST Act), Fixing America’s Surface Transportation Act, income tax, Tax News | Leave a comment	Law Gives Tax Breaks To Olympians and ParalympiansPublished February 8, 2017 | By admin	As fall of 2016 commenced, many Olympic and Paralympic athletes received good news as President Obama signed a bill which allowed these athletes an exemption from income taxes. The Joint Committee on Taxation’s cost analysis estimated that the bill would cost the government $3 million in lost tax revenue over the next 10 years, which is hardly significant. The bill is retroactive so that it applies to medals won during the Rio Olympics.
Many Americans took home gold, silver, and bronze medals from the Summer Olympics in Rio de Janeiro as 121 medals were won by American athletes. Members of the U.S. Olympic team were paid $25,000 for each gold medal, $15,000 for each silver medal and $10,000 for each bronze medal.
This is a preview of Law Gives Tax Breaks To Olympians and Paralympians. Read the full post (502 words, 1 image, estimated 2:00 mins reading time)	Posted in FAST Act | Tagged President Obama | Leave a comment	Unpaid Loans – Tax Consequences To Lenders And BorrowersPublished February 6, 2017 | By admin	One redeemable quality about humans is that we tend to be more willing to loan money than borrowing it. No one really likes to borrow money, but if a friend is in need, many of us help as much as our financial means allow. When this occurs, it is important to understand that there are income tax consequences for both lenders and borrowers when interest is earned, paid or forgiven on a loan. This blog will address the tax consequences of unpaid loans.
This is a preview of Unpaid Loans – Tax Consequences To Lenders And Borrowers. Read the full post (460 words, 1 image, estimated 1:50 mins reading time)	Posted in Capital Gains, Capital Losses, Debt Cancellation, Debt Forgiveness, Long-Term Capital Gain | Tagged capital gain, loan forgiveness | Leave a comment	Tax Treatment of Business Entities Part 5: S CorporationsPublished February 3, 2017 | By admin	Startup business owners must consider the legal and tax considerations associated with selecting a particular type of business structure. This is the fifth part of a series of blogs on the tax treatment of business entities. This final segment will address the tax treatment of S corporations.
S corporations are entities that elect to pass corporate income, losses, deductions, and credits through to their shareholders who report any flow-through income and losses on their personal tax returns and taxed at individual income tax rates, similar to a partnership. Thus, S corporations avoid double taxation on corporate income, unlike C corporations. However, S corporations are responsible for tax on some capital gains and passive income at the corporate level. The rules for Subchapter S corporations are found in Subchapter S of Chapter 1 of the Internal Revenue Code.
This is a preview of Tax Treatment of Business Entities Part 5: S Corporations. Read the full post (482 words, 1 image, estimated 1:56 mins reading time)	Posted in Capital Gains, Capital Losses, Corporate Tax, Taxable Gain, Taxable Income | Tagged capital gains, Double taxation, passive income, S corporation | Leave a comment	Tax Treatment of Business Entities Part 4: C CorporationsPublished February 1, 2017 | By admin	Startup business owners must consider the legal and tax considerations associated with selecting a particular type of business structure. This is the fourth part of a series of blogs on the tax treatment of business entities. This blog will address the tax treatment of corporations, often referred to for tax purposes as C corporations.
This is a preview of Tax Treatment of Business Entities Part 4: C Corporations. Read the full post (479 words, 1 image, estimated 1:55 mins reading time)	Posted in Corporate Tax, IRC Section 162, Ordinary and Necessary Expenses | Tagged C corporation, I.R.C. §162, ordinary and necessary business expenses | Leave a comment	Tax Treatment of Business Entities Part 3: PartnershipPublished January 30, 2017 | By admin	Startup business owners must consider the legal and tax considerations associated with selecting a particular type of business structure. This is the third part of a series of blogs on the tax treatment of business entities. This blog will address the tax treatment of partnerships.
A partnership is an association of two or more persons who carry on a trade or business. Each partner shares in the profits and losses of the business enterprise, while contributing money, property, labor or skill to its operation.
This is a preview of Tax Treatment of Business Entities Part 3: Partnership. Read the full post (353 words, 1 image, estimated 1:25 mins reading time)	Posted in Business Expenses, Partnership Tax, Taxable Income | Tagged flow-through taxation, partnership, pass-through taxation | Leave a comment	← Older posts