Jana M. Luttenegger

Jana M. Luttenegger

Davis Brown Law Firm

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Tax Law Blog: 2015 Retirement Plan Limits Announced

Every year, about this time, the IRS calculates the cost of living increases, and determines whether the change is enough to trigger an adjustment to the statutory limit/threshold for various areas, including retirement...more

10/24/2014 - 401k 403(b) Plans 457(b) Plans Cost-of-Living IRA IRS Retirement Plan

Tax Law Blog: Tax Court Ruling on Frequent Flyer Miles as Income

In early 2012, Citibank started issuing Form 1099-MISC to customers who were given "thank you points" in exchange for opening bank accounts. The points could be redeemed for an airline ticket, similar to frequent flyer miles....more

9/2/2014 - Airlines Citibank Tax Court Taxable Income

Delaware Grants Access to Social Media After Death

Delaware has become the first state to enact the Uniform Fiduciary Access to Digital Assets Act (the "Act") The Uniform Law Commission describes the act as a law "that will vest fiduciaries with at least the authority to...more

8/27/2014 - Estate Planning Popular Social Media Social Media Account Ownership

Change in One-Per-Year Rollover Rules on IRA

Typically a taxpayer does not have to include in gross income an amount distributed from an IRA if the funds are placed into another IRA within 60 days. This is often called a rollover. To avoid abuse of the exclusion, it...more

7/28/2014 - IRA IRA Rollovers IRS Proposed Regulation

Tax Law Blog: UPDATE: Form 1023 EZ Released for Small Nonprofits

It seems as soon as I blogged about the draft Form 1023-EZ, the IRS released the final form. So, this will serve as an update and follow-up to my June 30, 2014 post. on the Form 1023-EZ, the IRS has now released Form...more

7/2/2014 - Form 1023 EZ IRS Small Business

Tax Law Blog: New Simplified Application Form for Small Nonprofits

The IRS is releasing a new Form 1023-EZ, a simpler form of the regular Form 1023 used to apply for tax-exempt status as a 501(c)(3) organization. The form is available to small organizations, specifically those with less than...more

7/1/2014 - 501(c)(3) Churches Credit Counselors Form 1023 EZ Hospitals IRS Non-Profits Tax Exempt

IRS Releases Taxpayer Bill of Rights

On Tuesday, the IRS released what it calls the Taxpayer Bill of Rights, grouping together the rights that taxpayers have in the tax code. These rights have always existed, but now the IRS has put the rights together in a...more

6/12/2014 - Income Taxes IRS Taxpayers' Bill of Rights

Updated E-Filing Requirements for Tax Preparers

In the IRS's point of view, preventing fraud and abuse of the electronic filing system is the shared responsibility of both the IRS and authorized e-file providers. In an effort to stop the fraud, abuse, and resulting...more

5/15/2014 - E-Filing Fraud and Abuse IRS Tax Preparers

Deadline Approaching to Avoid Losing Tax Exempt Status

May 15 is a key deadline for many tax-exempt organizations. The Form 990 series returns are due on the 15th day of the 5th month after the end of the tax year. For most organizations that run on a calendar year, that...more

5/8/2014 - Filing Deadlines Form 990 IRS Non-Profits

Are You Curious How Your Tax Dollars Were Spent?

Your Federal Taxpayer Receipt is a tool launched by the White House that allows an individual taxpayer to see how his or her tax dollars were spent. On the website, simply insert the amount of social security tax, Medicare...more

4/23/2014 - Barack Obama Federal Taxes Transparency

DIY Will is a 'Cautionary Tale'

The Florida Supreme Court Case of Aldrich v. Basile may serve as a cautionary story that online pre-printed forms that allow a user to essentially fill in the blank may not address the specific needs of the individuals using...more

4/7/2014 - Estate Planning Forms Wills

FICA Taxes on Severance Payments

In certain situations, an employee whose job is eliminated may receive a lump sum severance payment from the employer. The payments vary greatly, often dependent on the length of employment and reason for the termination. The...more

4/1/2014 - FICA Taxes Quality Stores SCOTUS Severance Pay

Filing From Home, and Health Insurance Reporting on W-2s

According to an IRS release last week, the number of taxpayers electronically filing their own returns from home has increased compared to last year at this time by approximately 6%. Overall, the IRS has received about the...more

3/19/2014 - Health Insurance IRS Tax Returns W-2

Tax Law Blog: Taxing Olympic Winnings

You may or may not have known that Olympic medalists receive a cash prize for winning a medal (in addition to the physical medal, the notoriety, and the likelihood of endorsements). U.S. medalists receive $25,000 cash for a...more

2/24/2014 - Income Taxes Olympics Prizes

"Extensive Wait Times" Ahead with the IRS

Yesterday the IRS released a YouTube video from John Koskinen, the new commissioner, assuring taxpayers the IRS is dedicated to assisting taxpayers this filing season, and advising taxpayers the best methods to seek tax...more

2/12/2014 - IRS Tax Advice Tax Preparers TurboTax

Expired Housing-Related Tax Rules

A couple of tax breaks that affect many homeowners expired at the end of 2013, and have not yet been extended for tax year 2014. It is still possible they will be extended retroactive to January 1, 2014, and maybe that is why...more

2/6/2014 - Housing Market Property Tax

Taxing Bike Share Programs

A bike share program allows a customer to rent a bicycle at Point A, use it for a short amount of time, and then return it to one of many other spots in the same city. Most commonly these programs are in big cities such as...more

1/27/2014 - Bicycles Municipalities Public Transit

Tax Law Blog: Reinstating Tax-Exempt Organizations

Section 6033(j)(1) of the Internal Revenue Code automatically revokes the tax-exempt status of an organization for failure to file the required annual return (Form 990, Form 990-EZ, or Form 990-PF) for three consecutive...more

1/3/2014 - Exempt Organizations IRC Tax Exemptions

Who Is Your Company's "Responsible Party"?

When businesses apply for an EIN (employer identification number) with the IRS, the Form SS-4 Application (and the corresponding online application) asks for the name and SSN (if an individual) or EIN (if another entity) of...more

12/17/2013 - Small Business

2014 Mileage Rates

Notice 2013-80 provides the standard mileage rates that apply starting January 1, 2014. The good news is gas prices have been dropping, the not-so-good news is the standard mileage rate will be dropping also. The mileage...more

12/11/2013 - Mileage Reimbursement

IRS Change to Use-Or-Lose Rule for FSA Accounts

Typical Flexible Spending Arrangements (FSAs) (also commonly called flexible spending accounts) allowed employees to set aside money pre-tax to pay for medical expenses not covered by insurance, including deductibles, copays,...more

11/25/2013 - Carryover Basis Flexible Spending Accounts Healthcare IRS

Tax Law Blog: Electronic Signatures, What's Next?

While more and more transactions are eliminating paper and becoming completely electronic, I think we all assumed certain documents would still need to be signed on paper. For example, real estate documents, tax documents,...more

11/22/2013 - E-Filing Electronic Payment Transactions Signatures

Tax Law Blog: Interactive Form to Assist in Applying for 501(c)(3) Status

The IRS has started a "Stay Exempt" program for exempt organizations to assist in applying for and maintaining tax-exempt status. The website has tips and links to resources and online training videos in an effort to "ensure...more

11/5/2013 - 501(c)(3) Exempt Organizations IRS Tax Exemptions

Social Security Benefits to Increase in 2014

The Social Security Administration (SSA) announced on Wednesday that there will be a 1.5% cost of living adjustment for social security benefits starting with the December 2013 benefits, payable in January 2014. The purpose...more

10/31/2013 - COLA Social Security Adminstration Social Security Income

Estate Planning Awareness Week, Oct 20-26

This week (October 20-26), 2013 is the 5th annual National Estate Planning Awareness Week. I will admit I had not heard of such a week until today. Upon further research, it does not seem to be all that well-publicized since...more

10/25/2013 - Estate Planning

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