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Tax Articles

Mortgage forgiveness not taxable

Congress has extended the tax exclusion for forgiven mortgage debt through 2012. There is a $2 million limit ($1 million for married individuals filing separately) on this tax exclusion, and the loan must have been used to buy or improve your principal residence. Under previous law, forgiven debt would be considered taxable income by the…

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Unlawful internet gambling enforcement act – final rule

The Act prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. Such transactions are termed “restricted transactions.” The Act generally defines “unlawful Internet gambling” as placing, receiving, or otherwise knowingly transmitting a bet or…

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The Amero

The Amero is not (as of yet anyhow) a valid currency to pay your US tax obligations with. IT is at this point a “currency” that is believed by many to one day replace the greenback – US Dollar – when the value of the US Dollar declines to insignificance. It is not (again as…

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IRS Soft notice

The IRS is testing a pilot program in which it will mail a new notice to about 31,000 taxpayers who may be under reporting income on tax returns. The IRS designed the so-called soft notice to encourage taxpayers to self-correct tax returns and to increase voluntary compliance among an estimated 15 million potential cases of…

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Debit Cards for Social Security Benefits

The debit cards are targeted to the 4 million Social Security recipients who have no bank accounts. Social Security recipients electing to sign up for the debit program will receive a Master-Card debit card, which will be reloaded each month with benefit payments and secured with a personal identification number. The cards can be used…

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