Browsed by
Month: September 2015

DEDUCTIBLE JOB HUNTING EXPENSES

DEDUCTIBLE JOB HUNTING EXPENSES

In this difficult economy, don’t forget that many “job hunting” expenses may be deductible, assuming you’re looking for new work in the same line of business in which you’re presently employed.  Some deductible items are: Resume production costs Travel expenses Placement agency fees IRS has some good publications with more info:  Pubs 529, 463 and 4128.    

How Much Would a Small Interest Rate Hike Affect Your Total Mortgage Costs?

How Much Would a Small Interest Rate Hike Affect Your Total Mortgage Costs?

The world is watching and waiting to see whether the U.S. Federal Reserve will raise interest rates this month, or at least by the end of 2015. A rise in the “federal funds rate” will translate pretty quickly into higher mortgage interest rates, affecting any prospective homebuyer who can’t simply pony up a few hundred thousand dollars in cash. (The fed isn’t the only driver of mortgage interest rates, but it’s a factor in the mix.) Given that nearly a…

Read More Read More

DOJ’s New “Stingray” Policy Offers Protections, Limitations

DOJ’s New “Stingray” Policy Offers Protections, Limitations

Last year, the U.S. Supreme Court decided that police officers generally need warrants to search the cellphones of people they arrest. Earlier this summer, a federal court disagreed with some of its counterparts by holding that the government must typically get a warrant to inspect someone’s past cellphone location information. Now, in the latest example of the law scrambling to keep up with mobile phone technology, the Department of Justice (DOJ) has announced a policy on cell tracking devices. The policy,…

Read More Read More

IMPROPER GIFT TAX RETURN DISCLOSURE CARRIES RISK

IMPROPER GIFT TAX RETURN DISCLOSURE CARRIES RISK

Recent word from IRS Field attorneys suggests that improper disclosures on a gift tax return equates to an indefinite period of limitations, rather than the usual three years.  Failure of a taxpayer to properly disclose gifts (transfer of interests in two partnerships) to his daughter, including the identity of one of the partnerships, and failure to provide an adequate description of the valuation methodology tripped up the taxpayer in question. A transfer will be considered adequately disclosed only when: The…

Read More Read More