Governmant Retiree Credit

Certain government retirees who receive a government pension or annuity payment in 2009 may be eligible for the Government Retiree Credit. The American Recovery and Reinvestment Act of 2009 provides this one-time credit of $250 for certain federal and state

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Posted in Retirement, Tax Credit

IRS Global High Wealth Industry Group

The IRS last year launched the Global High Wealth Industry Group to centralize and focus IRS compliance expertise involving high wealth individuals and their related entities. They are rich. They must be witches! I know let's burn them at the

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Posted in IRS Appeal, IRS Audit, IRS Centralized Insolvency, IRS Collections, IRS Enforcement, IRS Examination, IRS Levy, IRS Lien, IRS Mediation, IRS Penalties, IRS Penalty and Interest Abatement

The NCAA, the IRS, and the ‘New Amateurism’

Virginia A. Fitt (J.D. 2010, Duke) has published Note, The NCAA's Lost Cause and the Legal Ease of Redefining Amateurism, 59 Duke L.J. 555 (2009). Here is the abstract: The recent resolution of the Andrew Oliver case may mark the

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Posted in Tax Guidance & Preparation, Taxable Income

Making Work Pay Tax Credit

Many working taxpayers are eligible for the Making Work Pay Tax Credit, a provision created by the American Recovery and Reinvestment Act in early 2009. Here are 10 things the IRS wants you to know about this tax credit to

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Posted in Tax Credit, Uncategorized

Everyone Can Use Free File

The IRS Free File service provides free federal income tax return preparation and electronic filing for all taxpayers. All you need is access to a computer and the Internet and you can prepare and e-file your federal tax return for

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Posted in Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief

Converting IRA to a Roth IRA

If you have been saving for retirement in a traditional IRA, you can convert some or all of your traditional IRA funds into a Roth IRA. Beginning in the year 2010, all restrictions on converting to a Roth IRA have

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Posted in Investment Income, IRA, Retirement

Martin Luther King and tax

In honor of Martin Luther King, Jr. Day: reports on how some southern officials tried to use state tax laws to stop King and the nascent civil rights movement: "In Alabama, ... Governor John Patterson in early 1960 directed state

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Posted in Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Taxable Income, Taxpayer Advocate

Buy Savings Bonds with your Federal Tax Refund

If you are receiving a federal tax refund from the Internal Revenue Service, you can choose to use that money to purchase U.S. savings bonds. You may use a portion of your refund to purchase up to $5,000 in U.S.

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Posted in Tax Guidance & Preparation, Tax Refund

Tax Credit for Higher Education Expenses

The American Recovery and Reinvestment Act was passed in early 2009 and created the American Opportunity Credit. This educational tax credit – which expanded the existing Hope credit – helps parents and students pay for college and college-related expenses. Here

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Posted in Education Expense, Tax Credit, Tax Guidance & Preparation

How to Obtain a Transcript of Your Past Tax Information

Taxpayers who need their past tax return information can obtain it from the IRS. There are two easy and convenient options for obtaining free copies of your federal tax return information β€” tax return transcripts and tax account transcripts. The

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Posted in IRS Transcript, Tax Guidance & Preparation, Tax Problems & Requests, Tax Relief, Taxpayer Advocate, Uncategorized
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