Mark to market securities transactions IRS Revenue Proceedure 99-17

This revenue procedure provides the exclusive procedure for dealers in commodities and traders in securities or commodities to make an election to use the mark-to-market method of accounting under § 475(e) or (f) of the Internal Revenue Code. BACKGROUND Section

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Posted in Accounting Method, Mark to Market

Traders in Securities – IRS Topic 429

This tax topic explains whether an individual who buys and sells securities qualifies as a "trader in securities," for tax purposes and how traders must report the income and expenses resulting from the trading business. In order to better understand

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Posted in Accounting Method, Mark to Market

Standard or Itemized Deductions

Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lowest tax. Whether to itemize deductions on your tax return depends

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Posted in Accounting Method, Deductible Expense, Tax Deductible Expenses, Tax Guidance & Preparation

IRS outlines steps to assist unemployed taxpayers

Video Owe Taxes But Can't Pay? English Unemployment Compensation: English Spanish Job Search Expenses: English Spanish ASL For these and other videos: YouTube/IRSVideos WASHINGTON — The Internal Revenue Service today announced several additional steps it is taking this tax season

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Posted in Appeals & Audit Resolution, Audit Reconsideration, Intent To Levy, Intent To Lien, IRS Appeal, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

Additional Standard Deduction for Real Estate Taxes

The IRS wants taxpayers who pay state or local real estate taxes but don’t qualify to itemize their tax deductions, to know that they may qualify for an increased standard deduction. This is the last year that the higher standard

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Posted in Paying Taxes, Rental Real Estate, Tax Guidance & Preparation

Taxpayer beware – mail your own tax check in

TAX PREPARER PLEADS GUILTY TO FRAUD AND TAX EVASION NEWS RELEASE SUMMARY - March 8, 2010 United States Attorney Karen Hewitt announced that today tax return preparer David Canales pled guilty before United States District Court Judge Thomas J. Whelan

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Posted in Tax Court, Tax Fraud, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Relief

Child and Dependent Care Credit

Did you pay someone to care for a child, spouse, or dependent last year? If so, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Below are the top 10 things

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Posted in Child Tax, Children, Dependent, Tax Credit

Child Tax Credit Facts

The Child Tax Credit is a valuable credit that can significantly reduce your tax liability. Here are 10 important facts from the IRS about this credit and how it may benefit your family. Amount - With the Child Tax Credit,

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Mortgage Debt Forgivness

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you

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Posted in Debt, Mortgage

Federal Payment Levy Program FPLP

In July 2000, the IRS, in conjunction with the Department of the Treasury, Financial Management Service (FMS), started the Federal Payment Levy Program (FPLP) which is authorized by Internal Revenue Code Section 6331 (h), as prescribed by the Taxpayer Relief

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Posted in IRS Levy, IRS Lien, Paying Taxes
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