Philadelphia Acquisitions and Divestitures Attorneys Mendy & Beekman - Acquisitions and Divestitures, Bankruptcy, and Business Law Lawyers in Philadelphia Pennsylvania

Taxation

If a taxpayer who is not a securities dealer has invested in stocks, stock rights, or bonds that became worthless, he may be entitled to a tax break in the form of a deduction. The loss is only deductible in the year that the stock became worthless, and there is no deduction available for partially worthless stock. Congress has recognized that it is often difficult to determine exactly when a security became worthless. Thus, a taxpayer is permitted to file an amended return for the year in which the deduction should have been taken within the later of seven years from the date of the original return or two years from the date the tax was paid. If the taxpayer errs and takes the loss before the stock has become completely worthless, he can correct the error by amending the original return to eliminate the deduction and by claiming it in the proper year. More...

Disabled Access Credit

If you operate a small business, you may be entitled to take a nonrefundable income tax credit for expenditures incurred to make your business accessible to disabled individuals. The amount of the credit is limited to 50 percent of the amount of eligible access expenditures for a year that exceed $250 but that do not exceed $10,250. More...

Self-Employed Health Insurance Deduction

For the years 2003 and later, health insurance premiums for the self-employed are generally fully deductible. These premiums include payments made for medical, dental, and qualified long-term care insurance for the self-employed business person, his or her spouse, and dependents. More...

Administrative Law

Under the Freedom of Information Act (FOIA), the public is entitled to access agency records unless they are protected from disclosure by one of the FOIA's exemptions or exclusions. The Internal Revenue Service complies with the FOIA by maintaining publicly available materials on the Internet, staffing the IRS Public Reading Room in Washington, D.C., and by responding to written requests for agency records not available in the Reading Room. More...

Community Property Rules

The issue of community property rights is usually only relevant when a married couple decides to file separate income tax returns. Joint filers have no need to distinguish between community and separate income because all income is reported on a single tax return. There are currently nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Under the laws of these states, one half of the income and property earned and acquired by spouses during their marriage is generally deemed to belong to each spouse, no matter in whose name the legal title is held. More...

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