Tax Treatment of a Room Rental

Article Highlights: Vacation Home Rental Rules Order of Deductions Loss Limitations Expense Prorating With the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Questions that are often raised regarding room rentals include: Is the income taxable? If so, how is it reported? […]

Tax Reform Muted the AMT: Holders of Incentive Stock Options, Take Note

Article Highlights: Alternative Minimum Tax Deterrent to Tax Shelters Tax Reform Changes Tax Deductions and Preferences Incentive Stock Options Tax Planning Opportunity Although Congress, as part of the recent tax reform, promised to do away with the alternative minimum tax (AMT), it only did so for C corporations; as a result, the AMT still applies […]

Court of Appeals Rules for Clergy

Article Highlights: Internal Revenue Code Section 107 Court Ruling Employee Status Self-employed Status Parsonage Allowance Self-employment Tax Exemption from Self-employment Tax If you read our previous article related to a Wisconsin District Court ruling, you will recall that the judge in that case had ruled that Sec. 107(2) of the Internal Revenue Code was unconstitutional. Section 107 […]

Employees’ Fringe Benefits after Tax Reform

Article Highlights: Qualified Parking Transit Passes Bicycle Commuting Commuting Moving Deduction Achievement Awards Group Term Life Insurance Dependent Care Benefits Qualified Educational Assistance Programs Tax reform made a lot of changes, some of which impacted employees’ fringe benefits. This article reviews the most frequently encountered fringe benefits, including those that were and were not impacted […]