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Tax News
TaxACT And Paylocity Forge Tax Time Alliance2nd Story Software®, Inc., developers of America's most trusted, value-priced tax preparation software, announces its alliance with Paylocity Corporation, America's leading independent provider of payroll and integrated human resource solutions for small and mid-size companies. The association between these two companies enables the employees of Paylocity clients the ability to download tax data found on their electronic W-2 form directly into TaxACT Deluxe over-the-Web. TaxACT Deluxe's Fast-Forms feature is a simple point-and-click interface, which permits users to select Paylocity as their payroll provider and (after providing authentication information) begin downloading their W-2 information directly into TaxACT Deluxe. Meanwhile, TaxACT Deluxe's on-screen messaging keeps its users informed about the download process.
Direct Rollover To Roth IRAA distribution from a qualified employer plan, 403(b) plan, or governmental 457 plan can be rolled over to a Roth IRA, provided you qualify under the taxable conversion rules. Under these rules, you qualify for 2009 only if your modified adjusted gross income is $100,000 or less and, if married, you file jointly. A qualified rollover to a Roth IRA is a taxable distribution except to the extent it is allocable to after-tax contributions.
Transfers To Third PartiesIf you transfer property to a third party on behalf of your spouse or former spouse where the transfer is required by a divorce or separation instrument, or if you have your spouse or former spouse written request or consent for the transfer, the transfer is tax free to you under Section 1041. The transfer is treated as if made to your spouse or former spouse, who then retransfers the property to the third party. A written request or consent must specifically state that the tax-free exchange rules of Code Section 1041 are intended, and you must receive it before filing the tax return for the year of the transfer. As discussed in the Examples on this page, a divorce-related stock redemption may qualify for Section 1041 treatment as a transfer n behalf of the other spouse.
Consider Taxable TransferBefore making a property transfer to a closely held corporation, consult an accountant or an attorney on the tax consequences. There may be instances when you have potential losses or you desire the corporation to take a stepped-up basis that would make tax-free treatment undesirable.
Tax Articles
Your Taxpayer's Bill of Rights
1. All IRS employees are required to explain and protect your rights as a taxpayer throughout your contact with the IRS. Consequently, the IRS will not disclose to anyone the information you give them,...
Which Income Tax Form Should I Use?
As an American taxpayer you must use one of three forms to file your return: Form 1040EZ, Form 1040A, or Form 1040. Form 1040EZ is the simplest form to use. However, you can only use Form 1040EZ...
Claiming Educational Expenses on Your Return
Generally, employees must complete Form 2106, Employee Business Expenses or Form 2106-EZ, Unreimbursed Employee Business Expenses, when job-related educational expenses are involved. Educational expenses...
Federal Taxes on Your Lottery Winnings
Many lottery winners are astonished when they find out that lottery winnings are paid out over yearly installments of 20 or 25 years. They are even more astounded when they realize that the Internal...
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