Currently Not Collectible IRS transaction code 530

Currently Not Collectible means that a taxpayer has no ability to pay his or her tax debts. The IRS can declare a taxpayer "currently not collectible," after the IRS receives evidence that a taxpayer has no ability to pay. Such

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An International Tax Guide for Professors Taking Non-U.S. Sabbaticals

Michelle Dhanda (J.D. 2010, Suffolk) has published, International Taxation: A Guide for Academics Abroad, 32 Suffolk Transnat'l L. Rev. 701 (2009). Here is part of the Introduction: Academics are one group who consistently travel to other nations, and their tax

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Online Tool Helps Exempt Organizations Complete Form 990

The IRS has created an online tool on its website for exempt organizations that uses a hypothetical case study to illustrate how Form 990 should be filled out. The website also has a video series that walks you through key

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Undocumented Residents of the USA – tax requirements – IRS Publication 519

A distinction must be made between the immigration laws of the United States and the tax laws of the United States. Although immigration laws of the United States refer to aliens as immigrants, nonimmigrants, and undocumented (illegal) aliens, tax laws

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Education assistance excluded from income

You may exclude certain educational assistance benefits from your income. That means that you won’t have to pay any tax on them. However, it also means that you can’t use any of the tax-free education expenses as the basis for

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Scholarships and Fellowships

A scholarship is generally an amount paid or allowed to, or for the benefit of, a student at an educational institution to aid in the pursuit of studies. The student may be either an undergraduate or a graduate. A fellowship

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529 Education savings plans expanded

Tax-free college savings plans and prepaid tuition programs can be used to buy computer equipment and services for an eligible student during 2009 and 2010. These 529 plans — qualified tuition programs authorized under section 529 of the Internal Revenue

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Business Deduction for Work-Related Education

If you are an employee and can itemize your deductions, you may be able to claim a deduction for the expenses you pay for your work-related education. Your deduction will be the amount by which your qualifying work-related education expenses

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Qualified Education expenses

For purposes of the student loan interest deduction, these expenses are the total costs of attending an eligible educational institution, including graduate school. They include amounts paid for the following items: Tuition and fees. Room and board. Books, supplies and

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Tuition and Fees deduction

You may be able to deduct qualified education expenses paid during the year for yourself, your spouse or your dependent. You cannot claim this deduction if your filing status is married filing separately or if another person can claim an

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