There are a number of tax breaks afforded to those in the military. This includes collection holds on unpaid taxes owed by members of the military to laws that exempt certain income from tax altogether. The exemption from paying tax on military pay for injuries is an example. The recent Valentine v. Commissioner, T.C. Memo.……
Tag: Employee Benefits
Retired Pilot Taxed on Flights Employer Provided to Relatives
A fringe benefit is a perk provided to an employee. These benefits can make many forms. It may include a company car, company meals, or even insurance. These benefits may or may not be taxable for the employee. The Mihalik v. Commissioner, T.C. Memo. 2022-36, case provides an opportunity to consider these rules. The Mihalik……
Is a Gift to a Former Employee Taxable?
Our gift tax rules impose a tax on certain transfers. This gift tax is required given our income tax rules. Absent a gift tax, taxpayers could simply sidestep income taxes by making non-taxable gifts to everyone rather than paying for goods and services. So what happens when a business makes a gift? Does the recipient……