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New Tax Due Dates For The Upcoming 2017 Season.

There are several changes in due dates for federal tax returns, which will be effective for the 2017 filing season or the 2016 tax year. These modifications allow flow-through entities like Partnerships, LLCs and S Corporations to provide Schedule K-1s in March, one month before individual tax return due date.…

Capital Asset Record Keeping Requirements

During tax season, many of our clients ask about what records they should keep for capital gains and losses. Before the 2011 tax year, it was enough for a taxpayer to report summary totals rather than the details of every capital asset transaction. Taxpayers previously could report capital gains and…

Final Rule: Overtime Regulations

KIM & ASSOCIATES PA·TUESDAY, JUNE 7, 2016 On May 18, 2016, President Obama announced the Department of Labor’s final rule updating the overtime regulations. The final rule will automatically extend overtime pay protections to over 4 million workers within the first year of implementation. Key Provisions of the Final Rule:…

Claiming the Personal Exemption for the Child of Divorced or Separated Parents

KIM & ASSOCIATES PA·WEDNESDAY, MARCH 9, 2016 As a taxpayer, you are generally entitled to a personal exemption of any of your children for whom you provide more than 50% of the support during the tax year. However, if you and the child's other parent are divorced or separated, different…

Deductibility of Moving Expenses

KIM & ASSOCIATES PA·WEDNESDAY, FEBRUARY 24, 2016 In General The Internal Revenue Code [ §217] allows individuals to deduct reasonable moving expenses paid or incurred during the taxable year in connection with the commencement of work at a new principal place of work. Moving expenses incurred that are not paid…

Deductibility of Personal Bad Debts

The tax laws permit you to deduct a debt that becomes worthless. Nonbusiness debts are treated as short-term capital losses, and restrictions apply to their deductibility. The issue of whether a bad debt is deductible requires a thorough examination of the particular facts and circumstances of each case. In order…

Deduction of Legal Fees for Divorce Representation

We are often asked whether legal fees for divorce representation are deductible on a tax return. The answer is: it depends. Most of the legal fees for divorce representation will not be deductible because they are treated as nondeductible personal expenses. Your divorce is a matter that arises out of…

Deducting Start-Up Expenses

Expenses incurred in starting a business are treated as capital expenses and are a part of your basis in the business. As a result, you generally cannot recover these expenses until you sell or close the business. However, under a special provision, you are deemed to elect to deduct up…

General Rules for Business Expense Deductions

We are often asked whether certain payments are deductible as trade or business expenses. In this article, we will attempt to briefly summarize the guidelines for determining the deductibility of business expenses. Once you have reviewed your expenses in light of this analysis, we suggest that you set up a…

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