IRS Commissioner Outlines Programs Targeting International Taxpayers
In Notice IR-2010-122 (December 9, 2010) IRS Commissioner Doug Schulman addressed IRS intentions to focus on tax evasion as it relates to international taxes in the forthcoming year. (more…)
Read Full Post | Make a Comment ( None so far )The 20 Most Important Things to Know About An IRS Garnishment or Tax Levy
What Is a Tax Levy?
The Internal Revenue Service (IRS) has broad powers available to collect taxes owed that are not paid. When demands for collection fail, the most commonly used power is a tax levy. A tax levy means the IRS can confiscate and sell property necessary to satisfy a tax debt. The IRS can levy your bank accounts, retirement accounts and any other assets you may own including your car, your boat and real estate. The IRS may even levy your wages or any other income you are receiving to protect the government’s collection interests. (more…)
Read Full Post | Make a Comment ( 1 so far )Tax Consequences of Cancellation of Debt, Foreclosures, Repossessions and Abandoments
Just when you thought it couldn’t get any worse. Now you find out there are tax consequences related to your foreclosure or pending foreclosure on the property or properties you own.
Not so fast! In many cases there are debt relief provisions that may possibly exclude you from taxes associated with giving up, abandoning or the foreclosure on property you own. More than ever, its important that you understand your rights and underlying tax laws that may relate real estate losses you may have. The tax laws are fairly complex and will usually require professional help from a licensed CPA or experienced tax preparer.
Read Full Post | Make a Comment ( None so far )Three New IRS Tax Reporting Rules Will Help to Identify Tax Cheats
Three new reporting requirements will significantly change the landscape as we know it for the identification and examination of federal tax reporting errors and omissions. (more…)
Read Full Post | Make a Comment ( None so far )Documenting the First-Time Homebuyer Credit
To help stimulate the economy and the market for home sales, in 2008 Congress enacted a refundable tax credit for first-time homebuyers. IRC §36, First-time Homebuyer Credit provided eligible individuals with a maximum credit of $7,500 (more…)
Read Full Post | Make a Comment ( 5 so far )Auditors Crack Down on ‘Independent Contractors’
(CNNMoney.com) — If your business uses independent contractors, get ready for new scrutiny. Hoping to boost tax revenue, the IRS and many state governments are cracking down on how companies classify their workers. (more…)
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