If you have a second home, maybe in McCall or Sun Valley, and occasionally rent it out on weekends, odds are you have a sales tax liability that you have not been complying with. According to Idaho statutes a vacation rental is really no different from a hotel. Any rental for which the rental period is less than 30 days is subject to sales tax (6%), tourism and convention tax (2%), and quite possibly local taxes.Read POST
As the calendar is drawing to a close in 2012 it marks an unprecedented period of uncertainty for tax professionals and our clients. A host of reduced tax rates, credits, deductions, and other incentives (collectively called the "Bush-era" tax cuts) are scheduled to expire after December 31, 2012 and over 50 tax extenders are up for renewal, either having expired at the end of 2011 or scheduled to expire after 2012.Read POST
In an attempt to close the $450 billion tax gap, which is the difference between what is collected and what would be collected if the tax system had 100% compliance, the IRS has initiated a number of different procedures. Among these procedures is a drastic increase in the volume of IRS notices that it sends to taxpayers. In 2009, the IRS issued more than 201 million taxpayer notices, up from 30 million in 2001.Read POST
This isn’t a problem that arises often. When it does, it typically happens to your child. They may have had several jobs during the summer and perhaps the employer didn’t get an accurate address. The business may have failed, which is not unusual in our current difficult economic environment. It can also happen to adults for a variety of reasons. The IRS recently published a “tax tip” dealing with this issue and we thought it was relevant and timely enough to pass it on!Read POST
Trusts often sound like something just for the wealthy but that is not true! Here are some useful facts about Living Trusts: A Living Trust is set up while you are still alive. It is a tool used to provide for an orderly transfer of your assets to your heirs with minimal fuss. A trust can save money. In Idaho, upon death, the county courts oversee the distribution of your assets to your heirs.Read POST
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