The American Recovery and Reinvestment Act of 2009 provides that certain expenditures made by the taxpayer for energy-efficient building property are eligible for the nonbusiness energy property credit. The term "energy-efficient building property" includes a biomass fuel stove that burns biomass fuel to heat a...
IRS Publication 4128 Tax Impact of Job Loss was released in August of 2009. The publication explains the job loss tax issues connected to severance pay, unemployment compensation, pension plans, IRAs, expenses for a job search, and possible moving costs. It also discusses self-employment issues for the newly...
How to discharge income tax debt through bankruptcy? This is one of the most common questions my team and I receive. Incredibly most purported 'bankruptcy attorneys' simply do not understand how to handle IRS debt in bankruptcy and most (it seems lately) tend to distill this...
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 evidence is usually obtained from...
An International Tax Guide for Professors Taking Non-U.S. Sabbaticals Michelle Dhanda (J.D. 2010, Suffolk) 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...
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 reporting issues common to most...
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 of the United States refer...
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 any other deduction or credit,...
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 is generally an amount paid...
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 Code — have, in recent...