Welcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs.  Please contact us if you have questions about any of the issues discussed.

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50% Disallowance Rule for Meals and Entertainment

Tax Calendar

Taxpayer Advocate's Report

IRS Reopens Offshore Voluntary Disclosure Program

Roth IRAs for Kids

Tax Ramifications of Owning a Second Home

Important Information

 

 

 

50% Disallowance Rule for Meals and Entertainment

When you pay for business meals and entertainment, keep in mind that generally only half of otherwise allowable meal and entertainment expenses are deductible on your federal tax return.

Tax Calendar

Important upcoming tax dates.

Taxpayer Advocate's Report

National Taxpayer Advocate Nina E. Olson has released her annual report to Congress, identifying the combination of the IRS's expanding workload and declining resources as the most serious problem facing taxpayers.

IRS Reopens Offshore Voluntary Disclosure Program

The IRS has reopened the Offshore Voluntary Disclosure Program (OVDP) to help taxpayers hiding offshore accounts get current with their taxes.

Roth IRAs for Kids

If you have a child who works, consider encouraging the child to use some of the earnings for Roth IRA contributions. All that is required to make a Roth IRA contribution is having some earned income for the year.

Tax Ramifications of Owning a Second Home

Many taxpayers own or plan to purchase a second home. If you are among these taxpayers, you may be viewing your second home either for personal pleasure or as an investment for tax benefits and appreciation.