Recent Posts




Final Regulations on Sourcing Income in U.S. Territories and Possessions

The IRS has issued final regulations providing rules for determining whether income is either (1) derived from sources within a U.S. possession or territory, or (2) effectively connected with the conduct of a trade or business within a possession or territory (territory ECI). These regulations were effective as of April 9, 2008. In general, under these regulations, the rules for sourcing income in U.S. territories and possessions and determining territory ECI are similar to those for determining whether income is from sources within the U.S. or effectively connected with a trade or business within the U.S. However, the tax consequences of classifying income as being from sources within a ter

Medical Expense Deduction for Convention Costs and Weight-loss Programs

Medical Expense Deduction for Convention Costs Anyone with a chronic illness or anyone who has a child with a chronic illness knows the frustration of trying to find answers that are many times beyond the knowledge of the physician treating their illness. The encouraging news is that the current fast pace of medical research means there are new answers--sometimes on a daily basis. Today, it is common for chronically ill individuals and members of their families to attend medical conferences to keep themselves apprised of the latest treatment options for their illness. The IRS will allow a taxpayer with a chronically ill dependent a medical expense deduction for a fee paid to attend a medical