Casualty Losses

Dear Tax Payer, With the most recent spring flooding throughout the Midwest and other parts of the country, I thought it timely to include an article on the deductibility of casualty losses on your personal tax return, if applicable.  Hopefully your basement was dry like mine, but in case you were not so lucky, the…

Tax Increases Under the President’s FY 2014 Budget Proposal — Who Would Pay More?

A new study by the nonpartisan Tax Policy Center (TPC) has found that many households would pay higher taxes under the President’s budget proposal, but that the lion’s share of the increased tax burden would fall on the wealthiest Americans—in particular, on the top 1% of earners. This article examines the specific proposals that would…

IRS Reaffirms Guidelines for Internet Fundraising by Tax-Exempt Organizations

In a recently released Information Letter, IRS has reaffirmed that no prohibition exists against a Code Sec. 501(c)(3) organization using an Internet fundraising platform to raise funds and that such wouldn’t impair its future qualification as a tax-exempt charity. IRS noted that website or e-mail solicitations should comply with the same rules that apply to…