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IRS Applies Sections 121, 1031 To The Destruction Of A Principal Residence (Forbes) - Section 121 of the Code allows an individual to exclude up to $250,000 of gain upon the sale of a home that was owned and used as the individualâs âprincipal residenceâ for two of the five years preceding the sale. ADVERTISEMENT Share our news via Twitter and Facebook, on your personalized news page. MORE HEADLINES Art of Accounting: Accountantsâ Delinquent Tax Filing (Accounting Today) - Accounting firm owners and partners who did not get their own tax returns in on time face losing their licenses, being expelled from their professional societies, losing their livelihoods and possibly being imprisoned. How Flexible Spending Arrangements Work for Tax-Free Medical Expenses (CPA Practice Advisor) - With health care open season now under way at many workplaces, the Internal Revenue Service is reminding workers they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans. Should Workers Be Allowed to Nap at Work? (BBC Business) - The US government says sleeping in the office is a no-no. But experts say it's time they reconsider, writes Jonathan Berr. The US government has decided to get tough on naps. How to save money and scan your photos digitally using your phone and Google PhotoScan (PC World) - Google's free app can turn your prints into digital images in seconds, and all for free. Taxation Accounting/Audit |  TOP 5 MOST READ
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