The straight line

In a highly anticipated decision, the U.S. Supreme Court has ruled that certain residents of Maryland are double-taxed on income earned in other states because the state doesn’t provide a full credit for the taxes paid on that income. Accordingly, the state’s tax structure violates interstate commerce law and was found to be unconstitutional. The high...

It can be difficult in the current job market for young people and recent college graduates to find full time and summer jobs. Business owners with children in this situation may be able to provide them with valuable experience and income while generating tax and financial savings for themselves. As a business owner, you may be...

There can be negative tax consequences when purported loan payments are recast as corporate distributions to shareholders. In some cases, the courts have ruled that withdrawals from two closely held corporations were constructive corporate distributions rather than loan proceeds and repayments. As such, the withdrawals triggered taxable dividends and capital gains for the shareholders. Corporate Distribution Basics...

IRS regulations specifically allow you to use the federal income tax home-sale gain exclusion privilege to shelter profit from selling vacant land adjacent to your house — even if the land sale occurs in one or more transactions that are completely separate from the sale of your house. Although this sounds too good to be true, it...

Being a good corporate citizen is an effective way to stand out in the eyes of your customers, employees and investors. But how do you prove your commitment to corporate responsibility to skeptical stakeholders? B Lab, a not-for-profit organization, awards its prestigious “B Corp” certification to businesses that meet its rigorous standards of social and environmental...

Gambling remains an ever-popular U.S. pastime. But it’s more than just fun and games — gambling can also have serious tax implications. Here are the most important issues involving the federal tax treatment of an amateur gambler’s winnings, losses and gambling-related expenses, along with information on a recent favorable development from the IRS. Report Winnings in...