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Income Taxation Archives

Treasury Ruling: Same Sex Marriage Recognized for All Federal Tax Purposes

Last Thursday, August 29, 2013, the Treasury Department issued Revenue Ruling 2013-17 which provides that for all federal tax purposes, the terms "spouse," "husband and wife," "husband," and "wife" include an individual married to a person of the same sex if the individuals are lawfully married in a state (or foreign country) whose laws authorize the marriage of two individuals of the same sex. The ruling states: "Although states have different rules of marriage recognition, uniform nationwide rules are essential for efficient and fair tax administration."

Moving for a New Job? What Expenses are Deductible?

Can you get an income tax deduction for your moving expenses? It depends. If you moved your home due to a change in your job or business location, or because you started a new job or business, you may be able to deduct your moving expenses. The move must be because of a job. It doesn't matter if it's a new job, the same job or your first job.

Uncle Sam says, "Hire your kids."

When your children are too old for day care and too young to leave at home to their own devices, hiring them to work for you seems like a good idea. Congress, in shaping public policy through tax laws, seems to think so too. There are tax breaks for the child who works for mom and/or dad, as well as for the parent(s) who employ their children.

New Cost Basis Reporting Rules Effective January 1, 2011

Under new IRS regulations, beginning with the 2011 tax year, financial institutions must report to the IRS on clients' Forms 1099-B (Proceeds from Broker and Barter Exchange Transactions) not only gross proceeds of sales but also the adjusted cost basis for stock sold and whether the related gain or loss is long-term or short-term. The new cost basis reporting regulations implement key provisions of the Emergency Economic Stabilization Act of 2008 that apply to institutions that issue IRS Form 1099-B.

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Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

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