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Author: Jeffrey A. Quinn

Jeffrey A. Quinn of Ashley Quinn, CPAs and Consultants, Ltd. is a Certified Public Accountant in both Nevada and California, with more than 40 years of experience in providing professional accounting and tax services. Jeff is also a co-author of Nolo's Tax Savvy for Small Business. A member of both the California Society of Certified Public Accountants and the American Institute of Certified Public Accountants, Jeff holds a M.S. in Taxation from Golden Gate University, and a B.S. in Accounting from the University of San Francisco. Ashley Quinn, CPAs & Consultants, Ltd. is a Nevada-based specialty firm of Certified Public Accountants and Consultants serving individuals, families, and businesses in a multi-state environment.
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.    

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…

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BEWARE IMPENDING STATUTE EXPIRATION

BEWARE IMPENDING STATUTE EXPIRATION

Folks who may still be pondering what they did in their 2011 Federal income tax return, and whether it was right or not, or maybe even questionable, though now looking like there’s room for interpretation in their favor, had better get on the ball. The statute of limitations on the 2011 tax year (for folks who extended their returns that year until October 15, 2012) will expire come this October 15, 2015.  So if you think you may need or…

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NO CAPITAL LOSS DEDUCTION AGAINST ANNUITY INCOME

NO CAPITAL LOSS DEDUCTION AGAINST ANNUITY INCOME

In the recent Tobias decision, the Tax Court rejected a couple’s argument that they could offset the income they would otherwise have recognized on an annuity distribution by the capital loss they incurred when they sold securities in order to purchase the annuity in the first place. In order to buy the annuity in 2003, the taxpayers sold securities for which they incurred a taxable loss of $158,000. Then in 2010, after the annuity contract had accrued substantial income, the…

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NINTH CIRCUIT LIBERALIZES MORTGAGE INTEREST LIMITS FOR UNMARRIEDS

NINTH CIRCUIT LIBERALIZES MORTGAGE INTEREST LIMITS FOR UNMARRIEDS

The Ninth Circuit recently reversed the Tax Court, concluding that the Code Section 163(h) limitations ($1 million of acquisition indebtedness and $100,000 of home equity indebtedness) should be applied on a per individual basis, and not on a per residence basis. As such, unmarried co-owners are subject to a maximum of $2.2 million in limitations, rather than $1.1 million. See Voss v. Comm.