2017 Standard Mileage Rates…and other IRS stuff

Posted by on Dec 28, 2016 in Blog | 0 comments

IRS has announced that the standard rates for mileage for 2017 are 53.5 cents per mile for business use, 17 cents per mile for medical or moving expense, and 14 cents per mile for medical. In a separate announcement, they have stated they will begin processing 2016 tax returns on January 23, 2017. Many due dates are changing for forms and tax returns also. Here’s a link to a blog I wrote for the BBB with more...

Read More

Tax Court rules “cash for keys” payment is not ordinary income.

Posted by on Dec 7, 2016 in Blog | 0 comments

Cash for keys payments have become fairly common in cases of struggling homeowners facing foreclosure.  To avoid a lengthy and expensive foreclosure process, many lenders offer a cash incentive to homeowners to vacate the property quickly and to leave it in good condition.  Often these lenders issue a 1099-Misc to the homeowner showing that the payment is nonemployee compensation which would be taxed to the individuals as ordinary income...

Read More