While the list of investors allegedly defrauded by Bernie Madoff’s $50 billion scheme continues to grow, experienced tax professionals are advising victims to take advantage of tax benefits that can help them recover their financial losses.
According to tax expert Michael Rozbruch, taxpayers affected by one of Wall Street’s biggest Ponzi schemes can claim an “ordinary” [...]

CGT is payable, in full, on the sale of your PPR if it is not in the name of an individual who lives there. So, if the property is held in the name of a company, trust or anyone else, such as your parents, you will not enjoy a CGT exemption.
SALE OF LAND
Assuming a profit [...]

With just one month to go before the new year, investors still have time to make tax-smart trading decisions that could help them in the upcoming tax season, according to the experts at GainsKeeper(R) and Capital Changes, both parts of Wolters Kluwer Financial Services.
While year-end is typically a time when individuals look at ways to [...]

WASHINGTON The Internal Revenue Service today announced cost of living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2008.

Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. It also requires that the Commissioner annually adjust these limits for cost of living increases.

Many of the pension plan limitations will change for 2008 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, for others, the limitation will remain unchanged. For example, the limitation under Section 402(g)(1) on the exclusion for elective deferrals described in Section 402(g)(3) remains unchanged at $15,500. This limitation affects elective deferrals to Section 401(k) plans and to the Federal Government

In order to educate taxpayers about their filing obligations, this fact sheet, the twelfth in a series, provides information with regard to capital gains reporting. Incorrect reporting of capital gains accounts for part of an estimated $345 billion per year in unpaid taxes, according to Internal Revenue Service estimates.

Almost everything you own and use for personal purposes, pleasure, business or investment is a capital asset, including: