Tag Archive for: tax

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IRS releases preliminary 2015 tax data

March 11, 2017/in Tax Briefs/by Raffensperger Martin Finkenbiner RMF

According to IRS data for the 2015 tax year, taxpayers’ income increased compared with the 2014 tax year. The numbers show increases in many income items, including salary, wages, business income and dividends, no doubt reflecting an improving economic environment. The data also shows increased payments to Health Savings Accounts, a significant drop in the penalty for early retirement plan withdrawals and dramatic increases in Affordable Care Act-related penalties and surtaxes.

No deduction for donated aircraft without contemporaneous written acknowledgment

March 3, 2017/in Tax Briefs/by Raffensperger Martin Finkenbiner RMF

The U.S. Tax Court held that a taxpayer wasn’t entitled to a charitable deduction for his alleged gift of his interest in an aircraft. He didn’t claim the deduction on his original tax return but rather on an amended return filed nearly six years after the donation. And the documentation attached to his amended return 1) wasn’t a “contemporaneous written acknowledgment” as required by the tax code and 2) didn’t satisfy the statute’s strict substantiation requirements. (148 TC No. 5)

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IRS releases preliminary 2015 tax data

No deduction for donated aircraft without contemporaneous written acknowledgment

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