Tax Treatment of Contaminated Property
The Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) imposes liability for the investigation and cleanup of contaminated real property without regard to whether the landowner created or allowed the original contamination of the site.    In the 1990's EPA officials began to refer to sites suspected of More...

Restaurant Owners Must Withhold Payroll Taxes on Employee Tips
A tip or "gratuity" for tax purposes is defined as a non-compulsory, additional payment for services, usually to a waiter or waitress; the customer is free to set the amount. In contrast, a "service fee" is added to the bill by the management.   Tips are taxable income to the More...

Susceptibility of Property Owned as Tenants by the Entirety to Tax Liens
There are several forms of joint ownership of property, some of which provide that upon the death of one owner, the property automatically passes to the joint owner(s) (i.e., by right of survivorship). These types of joint ownership may thus function as substitute for a will or trust and serve More...

Tax Credit for Child and Dependent Care
Families have been subject to increasing economic pressure. Both spouses often feel the need to work to make ends meet. Both parents working outside the home may necessitate paying for child care. Congress has provided some relief from child care costs by implementing a federal income tax credit for child More...

Student Loans and Tax Breaks
In general, interest paid on personal loans is not deductible for federal income tax purposes, except for certain mortgage interest. In recognition of the burgeoning costs of higher education, a special deduction was instituted in 1998 allowing for a deduction on interest paid on student loans. The Student Loan More...