federal tax

Deducting Travel Costs Related to Volunteer Work

When not spending these hot summer days at the pool, golf course, or the air conditioned great indoors, many people take time out of their summer schedules to volunteer with a local charity. Volunteering often involves traveling to and from … read more

Partnership Agreements: Why You Should Read the Fine Print

In the course of forming a partnership or limited liability company (LLC), you may have heard about the importance of having a written partnership agreement that establishes guidelines for the allocation of partnership interests, profits and losses. You fill in … read more

New Sales Tax Exemption for Manufacturing Businesses Available in August

Senate Bill 1413 will go into effect on August 1st, exempting certain manufacturing and smelting businesses from paying sales tax on their natural gas and electricity utility bills. The exemption applies to both state and county sales taxes, and is … read more

Inherited IRAs Don’t Receive Bankruptcy Code Protection

A unanimous Supreme Court decision in the Clark v. Rameker case has held that inherited IRAs do not qualify for a bankruptcy exemption, i.e., inherited IRAs are not protected from creditors of the beneficiary in bankruptcy. The Court ruled that … read more

Mid-Year Tax Planning Tips

Summer is the perfect time to begin your year-end tax planning so that you have time to identify the strategy (or strategies) that work for you and implement them well before year end. Try to avoid the new 3.8% net … read more

Simpler Offshore Voluntary Disclosure Program Helps U.S. Taxpayers

The 2012 Offshore Voluntary Disclosure Program (OVDP) has recently undergone some changes that will make it simpler for U.S. taxpayers to come into compliance with the tax law regarding their foreign income and assets. The streamlined procedures will be available … read more

Proposed Simplification of Education Tax Breaks: The Good and the Bad

With the cost of education climbing and more students graduating with record student loan debt, many college students and families unintentionally miss out on education tax breaks because of the complexity of tax-based student aid. In 2013, families with college … read more

Unused ITINs to Expire after Five Years

The IRS announced on Monday, June 30 that unused Individual Taxpayer Identification Numbers (ITINs) will expire if they have not been used on a federal income tax return for five consecutive years. ITINs are issued to United States taxpayers who … read more

The Decision: Part 2 – State Tax Impact and NBA Free Agency

While most of us are disappointed that the United States soccer team was bounced from the FIFA World Cup, attention in the sports media will now focus on basketball and NBA free agency. And the attention will focus on LeBron … read more

Millions of Amended Tax Returns Expected to be Filed

The IRS recently released some statistics regarding the 2014 Filing Season. Included in this release was a projection of the number of amended returns that the IRS expects to be filed during 2014. Believe it or not, they expect more … read more


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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