Lottery Winnings and Gift Taxes

If records were kept about such things, Tonda Lynn, a waitress at a pancake house, may have received the largest tip in history when a customer gave her a lottery ticket that turned out to be worth $10 million. As … Continue reading

The IRS is Here to Help

To help struggling taxpayers who owe back taxes, the Internal Revenue Service (IRS) recently unveiled a series of new steps to help people get a “fresh start,” to use the phrase invoked by the IRS Commissioner, with their tax liabilities. … Continue reading

New Federal Tax Law Enacted

On December 17, 2010, the president signed into law an $858 billion federal tax package. The main elements of the legislation are a two year extension of the reductions of income, capital gains, and dividend taxes enacted during the Bush … Continue reading

Tax Credits for Historic Preservation

For over 30 years, the federal government has been using tax incentives to help preserve historic buildings. Originally, federal law allowed accelerated depreciation on rehabilitated buildings, but subsequent changes have made preservation and revitalization efforts even more attractive to taxpayers. … Continue reading

Like Kind Exchanges

Normally, capital gains are recognized and taxable upon the sale of property. The Tax Code provides an exception to this rule for certain exchanges of property. If all requirements are met, any gain from the exchange is not taxed, and … Continue reading