Posts Tagged ‘tax news’

Tax Relief News: IRS Changes Rules to Protect Innocent Spouses

Thursday, July 28th, 2011

Effective immediately the IRS will be allowing tax relief to the innocent spouses of those with serious IRS tax problems and back taxes. The new rules will help protect partners, especially those from abusive relationships, by granting relief to those who could have been deemed liable for a spouse’s tax problems. The Wall Street Journal’s Laura Saunders explains how the new rules differ from the original rule of a 2
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FBAR Filing Deadline around the Corner

Monday, June 27th, 2011

The FBAR… anyone familiar with that term?  I would assume that most people aren’t, so let me explain. The FBAR is an acronym for the Report of Foreign Bank and Financial Accounts and is actually a form known as the TD F 90-22.1, a pdf directly downloadable from the IRS for your filing convenience.  Kelly Phillips Erb, aka: Tax Girl,  wrote an article for Forbes online explaining the important
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IRS Amps up Audits on Wealthy Americans

Saturday, June 11th, 2011

As we all know by now, the IRS has increased its level of scrutiny of tax payers and audits are increasing. Lara Saunders (Wall Street Journal) wrote an article called Rich Are Targeted in IRS Audit Offensive addressing how the wealthy are being audited at a rate double or triple what was seen in the previous decade.
According to Saunder’s article the wealthiest Americans are being targeted increasingly by the IRS
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Tax Help News: It’s Time to Repay Your 2008 Home Buyers Credit

Thursday, February 17th, 2011

Tax laws are always changing and it can be a full time job keeping up to date with the laws, not to mention making sure you understand them thoroughly. If you took advantage of the 2008 home buyers tax credit you may be surprised to be reminded that you’re due to start paying back your credit starting with your 2010 return.
A recent article on MSN by Allison Linn titled “Uncle
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Business Tax Audits on the Rise Plus 2011 Tax Changes That Could Cost Your Business over $6,000

Wednesday, June 2nd, 2010

The IRS is at it again. The stealthy and highly aggressive agency has added two new 1099 tax forms for businesses, requiring extra caution and countless more hours in reporting and preparing your tax returns. This means all business, no matter how small, will be affected. Whether big or small, it is essential to be aware of these new tax extensions NOW– or you could find yourself in BIG trouble
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Tax News for Businesses: New 2010 Payroll Tax Exemption & Payroll Tax Problems Relief

Wednesday, May 26th, 2010

Payroll tax is a topic that usually invokes a growl from small and large business owners alike – failure to keep up with payroll tax payments, as I’ve stated before, can be the “kiss of death” for many businesses. Having unpaid employment taxes/payroll taxes quickly results in IRS payroll tax penalties and suddenly your business is shut down, boarded up by the IRS and that’s the end of that. However,
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Practical Resolutions for IRS Back Taxes and Tax Troubles: Tax Advice on the Big Biz Show

Monday, May 3rd, 2010

I recently provided advice about how to successfully file tax returns and avoid potential IRS back taxes during my interview on the Big Biz Show. I discussed the penalties of filing late returns and urged people to seek extensions the proper way in order to avoid failure to file penalties such as fines up to $25,000 per year and/or sentences of one year in prison per each un-filed year.  Due
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Stop Tax Haven Abuse Bill: Preventing Offshore Tax Evasion Another Sign IRS Enforcement is on the Rise

Monday, March 9th, 2009

Last week, Sen. Carl Levin, chairman of the Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations, examined the recent deferred prosecution agreement between the Department of Justice and UBS AG Bank of Switzerland, as well as the DOJ’s ongoing attempts to force the bank to identify its U.S. customers with secret Swiss bank accounts.
Recently, a senior executive of a large Swiss bank was charged with conspiring with other
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How Does the New Economic Stimulus Law Affect Your Tax Bill?

Thursday, February 26th, 2009

The federal economic-stimulus packaged includes tax provisions focused on cutting marginal tax rates and expanding tax incentives.  While the new tax agenda increases taxes on upper-income Americans, it also includes plenty of tax cuts.

To fund deficit-reduction and other federal projects, the new stimulus law would increase a range of taxes – which falls in line with President Obama’s pledge to cut taxes for the middle class while allowing tax cuts
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