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If you bump up against certain income thresholds, your itemized deductions and personal exemptions start disappearing. The reduction does not apply to deductions for medical expenses, investment interest, nonbusiness casualty and theft losses, and gambling losses. Luckily, these thresholds are increased each year for inflation....

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...

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...

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 home buyers be married and filing...

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...

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. Under the disregarded entity rules, certain...

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 have timely filed and paid...

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 administration impact and those who...

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...

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