Month: January 2011

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… Read More

A New Way to Protest Taxes

Witches of Romania Curse Government for New Tax Law “Everyone curses the tax man, but Romanian witches angry about having to pay up for the first time are planning to use cat excrement and dead dogs to cast spells on the president and government. Also among Romania’s newest taxpayers are fortune tellers — but they… Read More

When to File your 2010 Income Tax Return

taxpayer’s have until April 18, 2011 to file 2010 Form 1040s. That’s a few extra days. April 15 falls on a Friday and its Emancipation Day in the District of Columbia. Pennsylvania Form PA-40 is due on April 15. Officially, tax season begins on January 14, 2011. That’s when IRS e-file opens to accept electronically… Read More

Charitable Contributions from Your IRA

With the passage of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Act), Congress retroactively reinstated the ability of taxpayers to make direct qualified charitable distributions (QCDs) from an IRA, in amounts up to $100,000, by IRA owners who are at least age 70½ years of age. You have… Read More

Estate Planning Opportunities After the 2010 Tax Relief Act

We finally have tax legislation that answers the question of what will happen to the estate tax. The “Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010” (“2010 Tax Relief Act” or “Act”) was signed into law on December 17 by President Obama. (For a detailed description see They Call it a Tax… Read More