Installment sales are a useful tool in solving a number of problems such as business continuation, income tax deferral on transfer of appreciated assets and estate and gift tax management. As you probably know, an installment sale is a seller-financed, deferred-payment sale that allows a deferral of the taxable gain recognized by the seller.
Beginning in 2018, individual taxpayers do NOT get deductions for miscellaneous itemized deductions on Schedule A of form 1040. The Tax Cuts and Jobs Act of Dec. 22, 2017 eliminated those deductions for individuals.
Joy Ford owned and operated a small music venue where songwriters could have their songs performed. It was operated to help songwriters display their music to talent scouts, record producers and agents. The facility featured live country music on Friday and Saturday nights.
Joy Ford owned and operated a small music venue where songwriters could have their songs performed. It was operated to help songwriters display their music to talent scouts, record producers and agents. The facility featured live country music on Friday and Saturday nights.
The IRS has warned repeatedly of a massive, sophisticated telephone scam. IRS warned of this scheme last October, then Feb. 27, 2014 and again March 20, 2014. The scam is when victims are contacted by telephone and usually told they are entitled to big refunds or that they owe money that must be paid immediately to IRS.