Entries by IslerNW

Navigating the Aftermath: Understanding Disaster Loss Tax Provisions for Homeowners Affected by Disasters

Article Highlights: Understanding Qualified Disaster Losses Claiming a Qualified Disaster Loss Election to Claim Loss on Prior Year Amended Return Net Operating Loss Deduction Insurance Coverage and Reimbursement Taxation of FEMA Assistance Payments When Disaster Losses Might Result in a Gain Involuntary Conversions Debris Removal and Demolition Expenses Filing Extensions Using Retirement Funds for Recovery […]

February 27, 2025 by
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Untangling the Tax Maze: Who Claims the Kids After Divorce?

Article Highlights: Custodial Parent Joint Custody Issues Conflicts Between Family Court and the Tax Code Tiebreaker Rules Impact on Dependent Care Credit Child Tax Credit Impact on Earned Income Tax Credit (EITC) Education Credits Form 8332: Impact and Revocation Claiming Medical Expenses Head of Household Filing Status When parents go through a separation or divorce, […]

February 25, 2025 by

Unlocking Wealth: How Exchanges Can Transform Your Real Estate Investments

Article Highlights: The Basics of Section 1031 Exchanges Key Requirements Limitations Imposed by the Tax Cuts and Jobs Act State Considerations The Role of a Qualified Intermediary Types of 1031 Exchanges Boot in 1031 Exchanges Time Limits and Identification Rules When 1031 Exchanges Are Appropriate When 1031 Exchanges Are Not Appropriate Blog: Section 1031 of […]

February 20, 2025 by
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Uncertain About the Reporting Deadlines for BOI?

Article Highlights: Corporate Transparency Act Beneficial Ownership Information Events Leaving Beneficial Ownership Information Reporting in Doubt History of Events Current Status Back in 2021 Congress passed the Corporate Transparency Act (CTA) which included the Beneficial Ownership Information (BOI) reporting requirements for certain companies beginning in 2024. Companies in business before 2024 had a reporting deadline […]

February 18, 2025 by
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The EV Tax Debate: Should Electric Vehicle Owners Pay More to Use the Roads?

As electric vehicle (EV) adoption accelerates across the U.S., states are grappling with a major funding dilemma: how to replace the billions of dollars traditionally generated by gasoline taxes, which have long funded infrastructure and road maintenance. Since EVs don’t use gasoline, their owners don’t contribute to these taxes, leading states to explore alternative revenue […]

February 11, 2025 by
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How Living in a Community Property State Impacts Married Couples’ Taxes

Article Highlights:  Community Property Laws Community Property States Domicile and Its Importance Treatment of Community Property Community vs. Separate Property When Community Property Ends Special Rule for Spouses Living Apart Effect of Prenuptial and Postnuptial Agreements Relief from Community Property Law Effect on Certain Tax Issues Additional Medicare Tax Non-Resident Alien Spouse Gifts of Community […]

February 6, 2025 by
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Navigating the Complex Tax Maze for Student-Athletes

Article Highlights: Scholarships Grants and Financial Aid Income from NIL (Name, Image, and Likeness) NCAA Eligibility and Tax Considerations Part-Time Jobs Student’s Standard Deduction Education Credit Student Loan Interest Deduction State Tax Considerations Planning and Compliance The world of college athletics has undergone significant changes in recent years, particularly with the introduction of Name, Image, […]

February 3, 2025 by
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Federal EV Tax Credits: Should They Stay or Go?

The debate over federal tax credits for electric vehicles (EVs) is as electrified as the cars themselves. These credits, designed to incentivize the adoption of EVs, have sparked contrasting opinions about their effectiveness, fairness, and future. Advocates argue they are essential for achieving sustainability goals, while critics question their cost and equitable impact. The Biden […]

January 31, 2025 by

Unveiling the Hidden Costs: How Non-Compliance in Foreign Asset Reporting Could Lead to Substantial Penalties

Article Highlights  The Report of Foreign Bank and Financial Accounts Statement of Specified Foreign Financial Assets Foreign Rental Property Foreign Pensions Reporting Receipt of Foreign Gifts or Bequests Reporting Ownership or Transactions with Foreign Trusts Annual Information Return for Foreign Trust with U.S. Owner Ownership or Voting Power in Foreign Corporation Tax on Non-Resident Alien […]

January 29, 2025 by