Go to Top

Blog Archives

Tag Archives: Duly Noted

Duly Noted

Court Permits Deduction For Executive MBA. Taxpayers can deduct the cost of education that maintains or improves skills required in their current professions, but not those that qualify them for a new trade or business. The Internal Revenue Service disallowed deductions claimed by Alex Kopaigora for the Executive MBA program at Brigham Young University. Kopaigora commuted on weekends to the Provo, Utah, campus from Los Angeles, where he was a hotel accounting manager before losing his job partway through the program. The IRS claimed Kopaigora’s unemployment meant he could not qualify for the deductions, but the Tax Court disagreed.
Read More

Duly Noted

An Earlier Deadline For Information Returns. American businesses have been enlisted in the fight against fraudulent tax filings, and it will require them to be on their toes after the year-end holidays. Businesses now are required to send W-2 forms reporting employee earnings and Forms 1099 showing payments to nonemployee contractors to the Internal Revenue Service by January 31.
Read More

Duly Noted

A Partnership Is In The Eye Of The Beholder. If the beholder happens to be the Canada Revenue Agency (CRA), and the partnership is a limited liability partnership (LLP) or limited liability limited partnership (LLLP) from Delaware or Florida, the partnership is actually a corporation for Canadian tax purposes.
Read More