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Tax Deductions

  • IRS Finalizes Same-Sex Marriage Recognition Regulations

    Posted on September 1, 2016, Authored by Mary Ellen Schill, Filed under Tax Deductions

    It took almost eleven months, and minimal comments from the public, but the IRS has now finalized its October 2015 regulations which recognized same-sex marriages as lawful marriages for purposes of the tax code.  More information on that found here Recognition of Same-Sex Marriage Officially the Tax Law of the Land.  No need to go through your Cod…   

  • IRS Issues Changes to Gas Reimbursement in 2015

    Posted on December 10, 2014, Authored by Mary Ellen Schill, Filed under Tax Deductions

    Attorney Mary Ellen Schill recently authored an update detailing the changes.  2015 Standard Mileage Rates    

  • It is Now EZier for Charities to File for Tax Exempt Status

    Posted on July 2, 2014, Authored by Melissa S. Kampmann, Filed under Tax Deductions

    On July 1, 2014, the IRS introduced the new Form 1023-EZ which is a shorter application form to help smaller charities apply for tax exempt status. The standard Form 1023 is a 26 page form that charities must complete in order to obtain tax exempt, or 501(c)(3), status with the IRS. The standard form can be confusing for some individuals to complet…   

  • No More Marijuana Taxes!

    Posted on June 25, 2014, Authored by Amy E. Ebeling, Filed under Tax Deductions

    I can't help but write a puff piece about the recent lawsuit filed in a Denver District Court earlier this week. In the lawsuit, the attorney is asking the court to block marijuana taxes in Colorado, claiming the state's tax system violates the Fifth Amendment, which protects people from self-incrimination. The attorney argues that when marijuana g…   

  • Wausau and Other Wisconsin Taxpayers Beware of Tax Jail Scam

    Posted on June 19, 2014, Authored by Amy E. Ebeling, Filed under Tax Deductions

    I received a telephone call from a prospective client yesterday. Let's call her Suzie. Suzie called me asking for guidance on how to handle a phone call she received from the IRS. The caller stated on Suzie's voicemail that Suzie had 2 hours to return the call and resolve her tax issues or the police would be at her door to throw her in jail. As yo…   

  • Royal Flush! FBARs Due June 30th

    Posted on June 18, 2014, Authored by Amy E. Ebeling, Filed under Tax Deductions

    This is your reminder that your Foreign Bank and Financial Accounts Reports (FBARs) are due on June 30th. If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account exceeding certain thresholds, you must repo…   

  • Taxpayers Have Rights???

    Posted on June 11, 2014, Authored by Amy E. Ebeling, Filed under Tax Deductions

    Taxpayer Bill of Rights - On Tuesday, the Internal Revenue Service (IRS) unveiled the new and improved "Taxpayers' Bill of Rights." Unbeknownst to most taxpayers, the Internal Revenue Code actually sets forth rights of taxpayers (who knew!). The IRS touts that the new Bill of Rights will make it easier for taxpayers to understand their rights when …   

  • Get Your 2015 Health Savings Account Limits Here!

    Posted on June 10, 2014, Authored by Mary Ellen Schill, Filed under Tax Deductions

    Sorry to be a little late to the Ruder Ware tax blog party, but I have arrived bringing a nice housewarming present. Let's just say I'm re-gifting an earlier article I posted on our website back in April. Health savings accounts (HSAs) are tax creatures too, and those who love tax law like our Tax Deductions followers will definitely be interested …   

  • Who needs a Tax Extenders Bill? It's only June!

    Posted on June 5, 2014, Authored by Amy E. Ebeling, Filed under Tax Deductions

    Over the past few years, we have all become accustomed to tax deductions, credits, and reduced rates expiring. We have also become accustomed to our elected officials debating until the very last minute about whether to extend sunsetting tax provisions. I am eager to report that 2014 will be no different - a senate bill to renew $85 billion in vari…   

  • Could Religious Leaders Be Taxed on Their Housing?

    Posted on May 30, 2014, Authored by Melissa S. Kampmann, Filed under Tax Deductions

    On November 22, 2013, the federal district court for the Western District of Wisconsin struck down Internal Revenue Code Section 107(2) which exempts from income tax any compensation that is received by a "minister of the gospel" which is considered a housing allowance. The Freedom From Religion Foundation filed suit against the government on the a…   

  • Punt Blocked - Former Green Bay Packers Kicker Found Guilty of Defrauding the IRS with Two Las Vegas Businessmen

    Posted on May 29, 2014, Authored by Amy E. Ebeling, Filed under Tax Deductions

    A federal jury in Las Vegas found a former NFL punter, Joseph Prokop, and two Las Vegas businessmen guilty of defrauding the IRS and aiding in the preparation of false tax returns. The three men used two Nevada companies named the "National Audit Defense Network" and "Oryan Management and Financial Services" to promote and sell a product they calle…   

  • Revisit Your Choice of Entity - Is Pass-Through Taxation Right For You?

    Posted on May 16, 2014, Authored by Amy E. Ebeling, Filed under Tax Deductions

    Did you pay more tax on the income generated by your business or investments in 2013 than in years past? With the 2013 tax year in the books, we are getting our first look at the impacts of the American Taxpayer Relief Act of 2012 and the 3.8% net investment income tax enacted by the Affordable Care Act. With the filing of their 2013 returns, many …   

  • Wisconsin Extends Net Operating Loss Carryforwards to 20 Years and Allows Additional Credits Against Alternative Minimum Tax

    Posted on March 15, 2014, Authored by Amy E. Ebeling, Filed under Tax Deductions

    Recently enacted Wisconsin legislation contained a number of significant changes to our state's corporation franchise and income tax laws that may affect your business's tax liability. For instance, among other important changes, net business loss, carry forwards under the corporation franchise, and income taxes were extended from 15 years to 20 ye…   

  • 2014 Inflation Adjustments - You May Gift $14,000 Tax-Free (Grandma, are you reading this?)

    Posted on January 2, 2014, Authored by Amy E. Ebeling, Filed under Tax Deductions

    The Internal Revenue Service announced in October 2013 the annual inflation adjustments for a variety of tax provisions including tax rates, standard deductions, limitations for itemized deductions, and exclusion amounts. Fortunately for children and grandchildren alike, a taxpayer may gift $14,000.00 per year per person without paying any taxes. A…   

  • Final Regulations on the 3.8% Net Investment Tax

    Posted on November 26, 2013, Authored by Amy E. Ebeling, Filed under Tax Deductions

    The IRS issued final regulations on the 3.8% Net Investment Income Tax on November 26, 2013. The 3.8% Net Investment Income Tax was enacted as part of the Health Care and Education Reconciliation Act of 2010 and the Patient Protection and Affordable Care Act. The Net Investment Tax affects individuals, estates and trusts, beginning January 1, 201…   

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