On February 23, 2012, the Internal Revenue Service released a revised Form 941 enabling employers to properly report the newly-extended payroll tax cut benefitting nearly 160 million workers. Continue reading
On January 9, 2012, the IRS announced the reopening of its Offshore Voluntary Disclosure Initiative (OVDI) for taxpayers to disclose their previously unreported foreign financial accounts and assets. The announcement comes on the heels of the IRS revealing they have collected more than $4.4 billion from the two previous disclosure programs. The initiative was reopened following continued strong interest from Continue reading
The Internal Revenue Service has recently released on its website a draft version of the 2011 Instructions to Form 8938, Statement of Specified Foreign Financial Assets. This is a new reporting requirement for certain individuals to report the ownership of “specified foreign assets” if they exceed a threshold amount. Continue reading
We have all heard the saying, “If it sounds too good to be true, it probably is.” The Internal Revenue Service is now using this saying to encourage taxpayers to guard against being misled by unscrupulous individuals trying to persuade them to file false claims for tax credits or rebates. They have also listed Continue reading
A lot of people are finding themselves in financial difficulty because of the current economic downturn. What should you do if you find that you can’t pay your tax bills? Continue reading
With the downturn in the economy, more and more taxpayers are finding themselves owing the government large amounts of back taxes. As a result, there has been an increase in so called “Tax Relief Experts” to assist these taxpayers in reducing their debt. These “experts”, often seen on late night television or heard on the radio, will claim they can settle your debt for “pennies on the dollar”. Continue reading
Beginning January 1, 2011, the U.S. Department of Treasury is eliminating paper Form 8109 federal tax deposit coupon. All deposits for payroll taxes, corporate income taxes and estimates must be made electronically. These deposits must be paid by Continue reading
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A new revenue ruling 2010-25 concludes that acquisition indebtedness incurred by a taxpayer to buy, build, or substantially improve a qualified residence can also qualify as home equity indebtedness under Code Sec. 163(h)(3)(C) to the extent it exceeds $1 million. As a result, a taxpayer can deduct up to $1.1 million of the debt securing the purchase of his principal residence. Continue reading
