Joe Kristan at the Tax Update Blog reminds small business owners that current Section 179 and bonus depreciation limits expire on December 31: The last tax bill of 2011, the 2-month payroll tax cut extension, has no provision to extend the 2011 tax treatment for fixed assets. As things now stand, 100-percent bonus depreciation and the $500,000 Section 179 deduction limit [...]
Two Californians who called themselves "professional astrologers" have been barred from setting up trusts for clients. The U.S. District Court ruling comes after the pair were accused of promoting tax fraud. They had their clients sign an "oath of privacy" that prohibited the clients from disclosing information to the IRS. Joe Kristan at the Tax Update [...]
The trial of Tom Wheeler, the former director of the Iowa Film Office, ended yesterday with Wheeler being found guilty on a charge of misconduct in office. Wheeler's trial involved the film tax credit that was available for filmmakers making movies in Iowa. The credit had little oversight or control. Joe Kristan at the Tax Update [...]
Joe Kristan from the Tax Update Blog has an article at IowaBiz.com about the rules surrounding the home-office deduction. You can find the article here.
An S-Corporation that tried to deduct the purchase of an airplane lost in Tax Court yesterday because the plane never had a pilot and thus the airplane was never placed in service. Joe Kristan at the Tax Update Blog has more.