Arizona tax

The Capital Gains Look-Through Rule at a Glance

Taxpayers love utilizing the lower capital gains tax rates when they can. Not widely known, however, is the Capital Gains Look-Through Rule (IRS Reg 1.1(h)-1). This rule says that certain types of gain from the sale or exchange of an … read more

Can Spouses Help each Other Lower Their Self Employment Tax?

Can an accountant who loses money and his wife, a realtor who makes money, combine their businesses in order to lower their self-employment tax? No. A recent case in the Tax Court involved such an issue. Donald Fitch, a self-employed … read more

Temporary Regulations Provide Guidance on Form 5471

Effective December 31, 2013, the IRS issued temporary regulations providing guidance on the reporting by U.S. officers, directors, and shareholders of foreign corporations. Generally, this information is required to be reported on Form 5471, Information Return of U.S. Persons with … read more

New Like-Kind Exchange Reporting Required for California (IRC 1031)

As the economy improves, taxpayers use Internal Revenue Code (IRC) Section 1031 to postpone paying tax on their property sales by exchanging their property for other qualified property. This allows the taxpayer to defer the gain recognition until the replacement … read more

Survey Suggests Taxpayers are Overconfident in Their Tax Prep Skills

Even as the tax code becomes increasingly complex, more and more Americans are preparing their own tax returns. A recent survey conducted by BMO Harris Financial Advisors found that nearly 48% of Americans prepare their own tax returns. Eighty-three percent … read more

Timing Rules for SEPs and SIMPLE-IRAs Part II

For the most part, SEPs (Simplified Employee Pensions) and SIMPLE (Savings Incentive Match Plan for Employees)-IRAs live up to their billing as easy ways to set aside tax-favored retirement funds for employees and employers. However, contribution rules for these plans … read more

Timing Rules for SEPs and SIMPLE-IRAs Part I

For the most part, SEPs (Simplified Employee Pensions) and SIMPLE (Savings Incentive Match Plan for Employees)-IRAs live up to their billing as easy ways to set aside tax-favored retirement funds for employees and employers. However, contribution rules for these plans … read more

Are You an Identity Theft Victim?

The amount of identity theft cases continues to increase each year and could even affect your tax return and/or refund. Identity thieves will use another individual’s social security number in order to file a false tax return to claim a … read more

Supreme Court Decides Severance Pay is Subject to FICA Tax

In a unanimous decision (with Justice Kagan recused), the Supreme Court, reversing the Sixth Circuit Court of Appeals, has held that severance payments that were made to involuntarily terminated employees and that weren’t tied to the receipt of State unemployment … read more

Mamma Mia! Who Can Deduct That?

I couldn’t help click on a headline the other day “Abba Wore Flashy Clothing as a Tax Deduction”. The article discussed the Swedish pop group Abba’s on stage outfits. In a new book published to mark the 40th anniversary of … read more

Welcome


There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne, LLP we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.


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