TriCor Tax & Accounting, LLC

03/19/2012

The Internal Revenue Service announced the launch of a new online lookup tool, Exempt Organizations Select Check, that will allow taxpayers to find out whether an organization is eligible to receive tax-deductible contributions or has had its tax exemption revoked.

03/15/2012

03/13/2012

Many taxpayers in the current economy have had trouble paying mortgages, car notes and other debts. Some are forced to abandon property, go through foreclosures or have property repossessed. While such measures may alleviate the financial burden on these taxpayers, the tax consequences often are ove...

02/07/2012

So far this only relates to miles received for opening an account but seems like something we need to keep an eye on since the search is on for additional tax revenues.

The issue of whether frequent-flyer miles can be taxed has been muddied by a statement by the Internal Revenue Service that awarding miles for opening a financial account can create a “taxable situation.”

01/28/2012

As cellphones become more like computers, they are attracting hackers who can listen to calls or steal information. But there are ways to bolster a phone’s defenses.

01/25/2012

The IRS issued final regulations removing the requirement that damages received from a legal suit, action or settlement for personal physical injury or sickness must be based on “tort or tort type rights” in order for the taxpayer to exclude them from income.

01/13/2012

FYI

Now may be a good time to review the criteria for claiming a deduction for the business use of part of a person’s residence.