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Criteria for Claiming a Worthless Security Income Tax Deduction

A Claim That is Not Just for Corporations Many taxpayers are familiar with the Internal Revenue Code Section 165 worthless stock deduction. Taxpayers often call on valuation analysts to analyze and document the worthlessness of the stock of a corporate subsidiary or of some other common stock equity interest. The Section 165 loss deduction also applies to the worthlessness of a partnership interest, limited ...

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Roth IRA Second Thoughts? Recharacterize a Roth Conversion

Because of stock market volatility, taxpayers may want to convert to Roth individual retirement accounts.  Taxpayers, after converting to the Roth, have until October 15 to undo it, as long as the conversion is set up correctly, says Robert Keebler, partner, Keebler & Associates LLP, in The Ultimate Estate Planner Blog. Image courtesy of Stuart Miles/ ...

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State Case Law Updates—Deloitte

Income/Franchise Changes in Wisconsin,  Sales & Use Exclusion in California, Nevada Supreme Court Upholds Margin Tax Initiative Deloitte State Tax Matters has a new set of updates on state tax law developments and changes. Deloitte's February 8th Issue includes additional detail on some of the cases cited and excerpted below. For more information, visit Deloitte's full State Tax Matters archive here. ...

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