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

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Posted in Debt, Foreclosure, Mortgage

Undocumented Aliens must obtain a Tax Payer Identification # and pay taxes

IF you are an undocumented alien in the United States and you have not registered with the IRS for a tax payer identification number and filed personal income taxes you are in violation of the law and risk deportation. You

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Posted in ITIN

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

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Posted in Gamble

Are you a first time home buyer … or not

A first-time homebuyer is an individual who has not had an ownership interest in a principal residence for three years prior to the purchase of the principal residence to which the $7,500.00 2008 tax credit would apply. Should first time

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Posted in 1031 Exchange

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 -

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Posted in Cash

Disregarded Entities Required to Pay Own Employment Taxes

Beginning with wages paid in 2009, final regulations require "disregarded entities" to pay their own employment taxes and file their own tax reports. A new employer identification number (EIN) will be needed if the disregarded entity does not have one.

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Posted in Employment Tax

IRS Conducts Backgroud checks when POA filed

IRS to Begin Background Checks When POA is FiledThe Office of Professional Responsibility (OPR) has announced that tax practitioners who file Form 2848, Power of Attorney, will automatically undergo a background check. The background check is to ensure that they

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Posted in IRS Enforcement

Identity Theft – impact on personal taxes

The IRS has created a special unit if you or your clients believe you are the victim of identity theft. The hotline provides assistance for individuals who believe they may be a victim of identity theft with no known tax

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Posted in Theft Loss

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

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Posted in IRS Audit

Moving Expenses Related to a New Job May Be Tax Deductible

How far you moved and the amount of time you spend on the job will have a major impact on whether you qualify for the tax break. Moves that are only short hops and jobs that are short-term or part-time

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Posted in Moving Expenses
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