Taxes

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  PRO-TAX

• Earned Income Credit

  30 Jan 2010 | 6:00 am

  The Earned Income Tax Credit (EITC) is designed for working taxpayers with lower incomes. The credit was originally enacted in 1975, and over the years has grown to be one of the principal anti-poverty programs in the federal budget.   For tax year 2009, taxpayers may be able to claim up to $5,657 in EITC credit. However, one in four taxpayers eligible for the credit fail to claim it. Taxpayers who have earned income but are not required to file miss out on this credit.Things you need to know…Your filing status cannot be Married Filing Separate (MFS).You (and your spouse and children)…

• New Tax Break for Contributions to Haiti Earthquake Relief

  25 Jan 2010 | 1:13 pm

  Congress passed a new tax relief law allowing taxpayers who contribute in 2010 to charities providing earthquake relief in Haiti to take a tax deduction for the contribution on their 2009 tax return instead of their 2010 return.  This affords them an immediate tax benefit, rather than having to wait until next year.  The following requirements apply:Only cash contributions made to these charities after January 11, 2010, and before March 1, 2010, are eligible.  A cash contribution is considered to be a text message, cash, check, credit card or debit card charge.  The…

• State Return Filing Due Dates

  15 Jan 2010 | 6:00 am

  Okay, so everyone knows that you have to file your Federal Income Taxes by April 15.  What about state returns? Here’s something interesting… Almost every state that is close to Virginia has to file by April 15 as well.  EXCEPT Virginia and Delaware!  Virginia and Delaware have filing due dates of May 1 and April 30, respectively.  But, Alabama, Kentucky, Maryland, North Carolina, Pennsylvania, Tennessee and West Virginia all have filing due dates of April 15. You’d be surprised at how many people e-file their Federal return and decide they’ll wait to…

• Where's My Refund?

  1 Jan 2010 | 12:00 am

  You have dutifully filed your tax return and now you have entered the void; that place where you really want your refund, have not received it and have no idea when to expect it. You need some hope that your hard earned money is really on its way and you want to know when it might arrive! Have no fear, the IRS has implemented a painless resource to assist you in discovering what is happening with your money! Where’s My Refund? or Donde esta mi reembolso? Are interactive tools available on the IRS.gov website, that gives you online access to your refund information 24 hours a day, 7 days…

• Are you Getting More Pay (Or A Smaller Refund) With The "Making Work Pay" Tax Credit?

  15 Dec 2009 | 6:00 am

  If you’re like most wage earners last Spring you probably started receiving a larger paycheck (but may not have noticed it) as a result of changes made to the federal income tax withholding tables for the “Making Work Pay” tax credit.  As with any change to the American income tax system, there are some problems with the “Making Work Pay” that could affect you now or when you file your 2009 taxes.   One problem is that some people may find the changes built into the withholding tables result in less tax being withheld than…

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  Don't Mess With Taxes

• Stick it to the tax man

  skbell1

  9 Feb 2010 | 11:21 am

  Folks tend to get creative at tax time. Usually, though, the innovation involves entries on Form 1040 and associated schedules. But one crafty woman has come up with another way we can stick it to the tax man. Erin, who's known as sewsewsuckurtoe on Etsy, has created the Tax Man pin cushion you see there to the right. She says that the idea came to her "at tax time when I was busy sewing voodoo doll pin cushions and took a break to write those wonderful checks that needed to be mailed in before April 15th." Now while the inspiration for the tax man sewing accessory arrived…

• The week's first giveaway goes to ...

  skbell1

  8 Feb 2010 | 4:31 pm

  Ashok! Congratulations on being our 11th winner of a CCH CompleteTax online tax software access code Sorry for being so late today. It's been a Monday all over! We're heading into the homestretch of this first round of tax-related contests. Four more CCH access codes will be handed out this week. If you want a chance to get one of them, all you have to do is enter. Details on how to do so are in Tax software giveaway time! Full disclosure:Just so everyone knows, I'm not getting anything from CCH except 15 tax preparation online access codes that I'll pass along over the…

• Taking taxes directly from bank accounts

  skbell1

  8 Feb 2010 | 12:35 pm

  Tax departments are somewhat analogous to Blanche Dubois. But rather than kindness, they depend upon the compliance of strangers taxpayers. Missouri's governor, however, thinks it's time for his state to rethink its policy of waiting for voluntary payments. Gov. Jay Nixon wants state revenue officials to be able to seize delinquent taxes directly from people's bank accounts. Whoa there cowboy. You are definitely going to have to show me that this is a good idea. OK, Nixon isn't talking about Missouri tax collectors diving into every taxpayer's bank account. Rather,…

• Talking taxes: Adjusting your withholding

  skbell1

  8 Feb 2010 | 6:32 am

  Every year I swear I'm going to do some podcasts here on the ol' blog. Then tax season arrives and I get swamped. Thank goodness for Flexo and Tom. In addition to being podcasters extraordinaire at Consumerism Commentary, this tax season they're recording spots for TurboTax's blog Tax Break. So I was jazzed when Flexo and Tom invited me to be part of the program. It's always fun to literally talk taxes. Even better, they edited our conversation so that I sound really cool discussing why and how to adjust your payroll withholding. Thanks guys!Related posts: New year,…

• Were you a Super Bowl bet winner?

  skbell1

  7 Feb 2010 | 7:02 pm

  Congratulations to the Saints for their win in Super Bowl XLIV. Now to the big tax question. Were you also a winner when it came to a bet on who would take home the Lombardi Trophy?If you did pocket a few (or more) extra bucks thanks to the efforts of Drew Brees, Reggie Bush and teammates, be sure to share with Uncle Sam. Remember, gambling winnings are taxable income.I'm sure, however, that all those ecstatic New Orleans fans who put their hearts and money on their team won't be complaining too much.Prop bet P.S.: Well, I would have lost big on the Kim Kardashian TV shots prop bet…

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  Our Taxing Times

• Reap What You Sow

  Trish McIntire

  6 Feb 2010 | 12:27 pm

  Choosing a tax preparer is a big topic this time of the year. The IRS has a great list and most tax bloggers have their lists. (My list was a little different and covered what a taxpayer should expect from a good preparer.) But I am finishing up a very busy week and next week looks to be almost as crazy and I thought I would share a few suggestions on how to develop a good working relationship with the preparer you choose. And why you want to create a good relationship.   Find out the policy about appointments and drop-off returns and follow the policy. I prefer appointments. I’ll…

• Turbo Tax - Use Responsibly

  Trish McIntire

  30 Jan 2010 | 8:54 am

  I am sure that Turbo Tax is a good program. Same for Tax Cut (or whatever they are calling it now). BUT...Garbage in - Garbage out!Just because you can get the program to do what you want it to does not mean it is right. I am hearing reports that the IRS is looking at self-prepared returns where commercial software has been used. It is catching honest mistakes but they are also finding examples of people manipulating their answers to the software's questions to get the result they want. If you answer a series of questions and the answer is no, chances are you didn't get it wrong. The…

• Shame on You Jackson Hewitt

  Trish McIntire

  25 Jan 2010 | 7:59 am

  I understand that Jackson Hewitt is backed into a corner. At least half of their offices can't offer RALs because Santa Barbara Bank & Trust couldn't get their program past the regulators and JH couldn't find an alternative, but they need to be careful on how they spin the story. According to colleagues, clients are saying they are being told that "No one can do RALs," "RALs have been stopped," and "Obama stopped RALs". (RAL=refund anticipation loan)I don't know what the powers that be at JH are telling their franchisees and staffs to say but…

• Warning

  Trish McIntire

  22 Jan 2010 | 3:20 pm

  I have and will have things to write about the next several weeks. But it's tax season and I'm a slow writer. So I ask your forgiveness in advance for sloppy and grammatically challenged posts. I will be writing between clients and other distractions. The last post saw two returns and a phone call before I could finish it. I'm sure I will miss some great topics to discuss or pick them up after they have stopped being news worthy. Thanks all!

• Paper Filing Fee

  Trish McIntire

  22 Jan 2010 | 1:52 pm

  The Kansas Department of Revenue (KDOR) is proposing to legislators a $25 fee to process returns which are not electronically filed. As most states, Kansas is dealing with some real financial issues and that effects all state departments and KDOR is no exception. One path to saving money is to increase e-filing of tax returns. Kansas has been very active in e-filing and it is currently possible to e-file most everything the state processes. However there are still holdouts. E-filing mandates went into place last year and there were 215 preparers who didn't e-file at all. They were…

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  Tax-News.Com Live Tax Headlines

• Tax-News.com: EU Wants EAC Countries To Sign Delayed EPA

  9 Feb 2010 | 3:47 pm

  Tax-News.com: The European Union is requesting that the five member countries of the East African Community formalize their trade relations by signing the Economic Partnership Agreement, which was originally initialled in 2007.

• Tax-News.com: Romania Given More Time To Tackle Deficit

  9 Feb 2010 | 3:27 pm

  Tax-News.com: Due to a more-severe-than-expected recession in Romania during 2009, the European Commission - as part of its excessive deficit procedure - has recommended that the country’s deadline for bringing its budget deficit to within the Maastricht Criterion of 3% of GDP, is extended to 2012.

• Tax-News.com: Purchase Of Bank Data Disc Divides German States

  9 Feb 2010 | 3:19 pm

  Tax-News.com: The heated debate in Germany regarding the purchase of bank data discs has intensified, as Baden-Württemberg and Bayern have become the next federal states to be offered separate information on alleged tax evaders.

• Tax-News.com: France Unveils Carbon Tax Consultation Document

  9 Feb 2010 | 3:15 pm

  Tax-News.com: The French government has launched a consultation on its revised carbon tax plans, and has unveiled details of two options for introducing the levy on industrial sectors already subject to the European emissions quota system.

• Tax-News.com: CAI Comments On Irish Finance Bill

  9 Feb 2010 | 3:11 pm

  Tax-News.com: Chartered Accountants Ireland has welcomed provisions in this year’s Finance Bill that will enhance Ireland’s attractiveness to international investors, and also empower the Revenue Commissioners with greater powers to collect taxes and enforce Ireland’s tax laws.

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  taxgirl

• Bucks County Chiropractor Charged With Lying to the IRS, Arson

  Kelly

  9 Feb 2010 | 11:44 am

  The Philadelphia Inquirer is reporting that Jonathan P. Wiktorchik, a Bucks County chiropractor, has been charged with lying to the IRS and arson yesterday in a March 2008 fire. The fire destroyed his office and neighboring businesses. At the time of the fire, Wiktorchik implicated a gang. He said that he was attacked by Spanish-speaking gang members shouting “Viva trece!” which means, “Long live thirteen!” Wiktorchik had previously pleaded guilty to insurance fraud and lost his chiropractic license. In that instance, Wiktorchik was charged in 2007 with submitting…

• Tax Benefits for the Disabled

  Kelly

  9 Feb 2010 | 7:23 am

  I’ve been getting a lot of questions from disabled taxpayers about whether any special tax breaks exist for them in 2009. The answer is yes – and no. As I stated in a prior post, there was some economic relief for disabled Americans in 2009 in the form of the Economic Recovery Payment (ERP) – but it was not through the IRS. It was in the form of additional checks mailed out by the Social Security Administration, Railroad Retirement Board and the Veterans Administration. If you were eligible for a check, it will not affect your 2009 tax return unless you are also working and…

• Ask the taxgirl: Disabled benefits in 2009

  Kelly

  8 Feb 2010 | 3:00 pm

  Taxpayer asks: I heard that I can get more money back from my taxes this year because I am disabled. Is this true? I am on fixed income and it would help me. Taxgirl says: I think what you’re referring to is the one time payment for retirees and disabled persons as part of Obama’s stimulus package for 2009, called the American Recovery and Reinvestment Act of 2009. It’s also referred to as the Economic Recovery Payment (ERP). If you were eligible, you should have received a check for $250 sometime in 2009 directly from the Social Security Administration, Veterans…

• Bipartisan Efforts to Reduce Unemployment In the Works

  Kelly

  8 Feb 2010 | 1:30 pm

  If there’s one thing that both parties in Congress can agree on, it’s that any hope for economic recovery is going to hinge on getting unemployment under control. At the end of 2009, one out of every ten Americans able to work wasn’t working. Fortunately, there’s some good news. Last month, the national unemployment rate dropped to 9.7%, the lowest since August. In addition, the manufacturing sector added jobs for the first time in three years. It’s certainly encouraging but likely not enough to signify a recovery. That’s why Democrats and Republicans are…

• Tax Literacy Project to Debut Soon

  Kelly

  8 Feb 2010 | 10:08 am

  Over the weekend, I had the opportunity to chat with Marjorie Kornhauser, a professor at the Sandra Day O’Connor School of Law at Arizona State University about her Tax Literacy Project. It’s an ambitious project, for sure. Her plan is to make tax law more accessible (!) to the general public through a series of interactive sites, games and more. I share her enthusiasm for the notion that everyone should understand what they’re paying and the mechanisms behind our tax law and policy. The Tax Literacy Project focuses on federal income tax but much of the content will also…

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  About.com Tax Planning: U.S.

• Reviewing AMT Calculations

  7 Feb 2010 | 2:55 pm

  Most tax software programs will skip over the calculations for the alternative minimum tax if this does not apply to you. While this is fine for preparing your tax return, you might want to take a look at the calculations to help you plan ahead for 2010. That's because the AMT exemption amounts are scheduled to drop significantly in 2010, thus causing additional amounts of tax owed for more people. You can force your software to print out Form 6251, and what you are looking for is Line 30. Replace the 2009 figures there with the expected 2010 figures, do the rest of the math on Line 31 to 36,…

• Comparing the Standard Deduction to Itemized Deductions

  3 Feb 2010 | 5:10 am

  For 2009 tax returns, people can take a standard deduction plus additional deductions for property taxes, sales tax on purchasing a new car, or additional amounts if the person is elderly or blind. This new "expanded" standard deduction can add new ways to optimize your tax return, especially if your itemized deductions are only slightly more than your standard deduction. Download the new Schedule L to see if it might work better for you than the longer Schedule A. When it comes to optimizing between the "expanded" standard deduction and itemized deductions, you will want to look at two…

• New York No Longer Sending Out Form 1099-G

  25 Jan 2010 | 7:36 am

  The state of New York is no longer mailing out Form 1099-G to report how much of a state income tax refund a person received. Not mailing out this document will save the state "approximately $700,000," according to an email notification sent by the Department of Taxation and Finance. Form 1099-G reports how much of a refund a person received last year from their state government. State income tax refunds are usually taxable income for people who itemized their deductions in the previous year. Taxpayers and accountants alike often rely on these 1099-G forms. New York does provide the ability…

• Congress Approves Retroactive Charity Deduction for Haitian Earthquake Relief

  21 Jan 2010 | 11:56 am

  Individuals and businesses will be allowed to take a deduction for donations given to charities providing relief to the victims of the earthquake in Haiti, if President Obama signs into law HR 4462, Haiti Charitable Deduction Bill. The House passed the bill on January 20, 2010; the Senate approved the bill on January 21. The bill now goes to Obama for signature. Obama signed the bill into law on January 22, 2010. You can read the full text of the actual bill (don't worry it's only two pages long). Taxpayers are able to deduct on their 2009 tax returns donations given to charities providing…

• IRS Commissioner Admits the Tax Codes are "Complex"

  20 Jan 2010 | 12:41 pm

  An interesting remark from the Commissioner of the Internal Revenue Service. In an interview with C-SPAN, Douglas Shulman admitted that he does not prepare his own tax return and instead hires a tax professional. When asked why, "Shulman smiled and said, 'Uh, I've used one for years. I find it convenient and I find the tax code complex, so I use a preparer'" (as reported by the Wall Street Journal). You can watch the full video of the Commissioner's interview on C-SPAN. This particular remark is found in the 10-minute mark.IRS Commissioner Admits the Tax Codes are "Complex" originally…

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  Tax Policy Center: The Numbers

• High-Income Surcharge on Earnings and Investment Income

  31 Jan 2010 | 9:00 pm

  2013 distribution tables for a surcharge on earnings plus investment income exceeding $200,000 ($250,000 for married couples filing a joint return). This set of estimates consists of the following related tables: (T10-0030) 0.9 Percent Surcharge on Earnings and Investment Income in Excess of $200,000 ($250,000 Married), Distribution of Federal Tax Change by Cash Income Level, 2013 (T10-0031) 0.9 Percent Surcharge on Earnings and Investment Income in Excess of $200,000 ($250,000 Married), Distribution of Federal Tax Change by Cash Income Percentile, 2013

• Distribution of Tax Burdens and Effective Tax Rates

  28 Jan 2010 | 9:00 pm

  Distribution tables showing the mean and median of individual income, payroll, and all federal tax burdens and effective tax rates. This set of estimates consists of the following related tables: (T10-0024) Distribution of Federal Tax Burden, 2010, Baseline: Current Law with AMT Patch. (T10-0025) Distribution of Individual Income Tax Burden, 2010, Baseline: Current Law with AMT Patch (T10-0026) Distribution of Individual Income and Payroll Tax Burden, 2010, Baseline: Current Law with AMT Patch (T10-0027) Distribution of Effective Federal Tax Rate, 2010, Baseline: Current Law with AMT Patch…

• Expanding the Child and Dependent Care Tax Credit (CDCTC)

  24 Jan 2010 | 9:00 pm

  Options for expanding the CDCTC including the Administration's State of the Union 2010 proposal. Tables show the revenue and distributional effect, as well as the impact on the number of recipients and the average credit they receive. This set of estimates consists of the following related tables: (T10-0010) Expand Child and Dependent Care Tax Credit (CDCTC), Impact on Individual Income Tax Revenue ($ billions), 2011-20 (T10-0011) Child and Dependent Care Tax Credit: Extend EGTRRA Provisions and Allow Against AMT, Distribution of Federal Tax Change by Cash Income Level, 2011…

• Child Tax Credit Reforms

  11 Jan 2010 | 9:00 pm

  Distribution tables for changing the refundability threshold and a table of the impact on number of eligible children under various reforms. This set of estimates consists of the following related tables: (T10-0005) Extend EGTRRA Child Tax Credit Changes and the $3,000 Refundability Threshold, Baseline: Current Law, Distribution of Federal Tax Change by Cash Income Level, 2011 (T10-0006) Extend EGTRRA Child Tax Credit Changes and the $3,000 Refundability Threshold, Baseline: Current Law, Distribution of Federal Tax Change by Cash Income Percentile, 2011 (T10-0007) Extend the $3,000…

• Reduce Child Tax Credit Threshold to $0

  15 Dec 2009 | 9:00 pm

  Distribution tables for reducing the Child Tax Credit refundability threshold to $0 This set of estimates consists of the following related tables: (T09-0493) Reduce Child Tax Credit Refundability Threshold to $0, Distribution of Federal Tax Change by Cash Income Level, 2010 (T09-0494) Reduce Child Tax Credit Refundability Threshold to $0, Distribution of Federal Tax Change by Cash Income Percentile, 2010

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  NYT > Property Taxes

• Depth of School Cuts Depends on Who Gets Them

  22 Jan 2010 | 9:00 pm

  The state’s wealthiest districts have money in reserve, budget officials say, and the poorer ones face smaller reductions in aid.

• Beverly Hills Schools to Cut Nonresidents

  20 Dec 2009 | 9:00 pm

  Nonresidents used to be a financial boon, but California’s budget crisis is changing the way schools are financed.

• Berlin Real Estate Holding Firm

  3 Dec 2009 | 9:00 pm

  Berlin was once the bargain basement of European capitals when it came to residential real estate but the gap is shrinking.

• California to Use Deflation in Assessing Property Taxes

  1 Dec 2009 | 9:00 pm

  For the first time in more than 30 years, property tax bills will reflect negative price inflation, reducing most homeowners’ tax bills come January.

• Financial Decisions to Make as You Divorce

  13 Nov 2009 | 9:00 pm

  Divorcing couples often don’t think of all the financial problems that can arrive after the split. Here’s a list of issues to discuss before the paperwork is final.

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  THE WANDERING TAX PRO

• THE TWELVE DAYS OF TAX SEASON!

  1 Feb 2010 | 2:00 am

  Now it is time for what you have been waiting a year for - the February 1st tradition here at THE WANDERING TAX PRO of posting “The Twelve Days of Tax Season” -On the first day of tax season my client gave to me a Closing Statement for the purchase of a home..On the second day of tax season my client gave to me 2 W-2 forms.On the third day of tax season my client gave to me 3 mortgage statements..On the fourth day of tax season my client gave to me 4 Salvation Army receipts..On the fifth day of tax season my client gave to me 5 Form K-1s..On the sixth day of tax season my client gave to…

• JUST ONE MORE THING . . .

  31 Jan 2010 | 6:10 am

  He said, Columbo-like.Just so you know, I will not be responding to, or even reading, emails from non-clients regarding my blogs during the tax season – whether they be comments on posts or appropriate, or inappropriate, tax questions. If you have a question that you need answered in order to complete your tax return DON’T ASK ME.All emails will be “inventoried” unread in a “pending” file and reviewed after April 15th.Thanks!

• SO LONG, FAREWELL, AUF WIEDERSEHEN, GOOD NIGHT!

  31 Jan 2010 | 2:00 am

  Joy to the world - tax season’s here.I’ll soon be flush with cash!Let every client be organized,and give me all I need, and give me all I need,and give me all I need to prepare their returns!.My 39th tax season will officially begin tomorrow - the floodgates will soon be open!.As is my custom, due to the demands of the filing season I will be taking my annual “tax season hiatus” from posting to THE WANDERING TAX PRO and the NJ TAX PRACTICE BLOG and INTERNET GUIDE TO IRS SCHEDULE E. Between now and April 15th I barely have time to relieve myself let alone blog! However, in order to…

• OUTRAGEOUS!

  30 Jan 2010 | 5:50 am

  Does anyone else find it a bit outrageous that H+R Block, as per their ads, charges $68.00 to prepare a Form 1040EZ, truly the simplest of all tax returns, and the corresponding basic state tax return? And God knows how much else for a usurious Refund Anticipation Loan (RAL)!An H+R employee spends at most 15 minutes entering the necessary information into the computer. In this situation the “preparer” is truly a data entry clerk and not a real "tax preparer".The 1040EZ is so EZ you don’t have to be much smarter than a 5th grader to be able to complete it.Hey, as I have always said –…

• WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’

  30 Jan 2010 | 2:00 am

  This is the last BUZZ until after the end of the tax filing season! You can continue to get daily tax tips from my column at MAINSTREET.COM.* Did you catch Kay Bell’s “Tax Twitter Tuesday - 1.26.10” at DON’T MESS WITH TAXES? The first T3 of 2010!* Kudos to Joe Kristan for his comments in “We're Government, We Can Do This, Don't You Try It!” at the ROTH AND COMPANY TAX UPDATE BLOG.* Professor Nellen continues the cry “AMT Must Go” over at 2ist CENTURY TAXATION.“Clearly the individual AMT is out of control. When the AMT was broadened by the Tax Reform Act of 1986, it was not…

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  NEW JERSEY TAX PRACTICE BLOG

• STUFF AND SUCH

  8 Feb 2010 | 3:39 am

  + The Spring 2010 issue of NEW JERSEY TAXING TIMES, the newsletter of the NJ chapter of NATP, is now available. Click here to download. It includes an article by me on Schedule C and the NJ-1040.+ The DFBs! Here is the word from the NJ Division of Taxation –“While tax booklets and forms were mailed to every New Jersey household that filed paper returns last year, among the actions taken by the Division was to print significantly smaller quantities of the 2009 State income tax return booklets for general distribution. In addition, to better manage our limited supplies, we did not send…

• SO LONG, FAREWELL, AUF WIEDERSEHEN, GOOD NIGHT!

  29 Jan 2010 | 2:00 am

  .Thought I would end posting for a while (due to tax season hiatus) with this email comment from a reader.“THANK YOU!I am not a tax professional. I came across your site while searching a question about FLI.I have always rated any pleasure that I could find in trying to understand taxes as something between eating Haggis and emergency root canal surgery. (Not to unfairly disparage root canal surgery).Your blog was a pleasure to find. It is interesting and encouraging to me, not because of specific information, but because your frank and sane assessments of a range of information and issues…

• IRS TAX FORUM UPDATE

  26 Jan 2010 | 4:51 am

  The hotel information for the 2010 IRS Nationwide Tax Forums is now available at www.irstaxforum.com.No surprises here. While I have not had any problems with the actual facilities used by the Forums in the past, other than that some rooms were overcrowded and that not having tables made it somewhat inconvenient to take notes, I must say that the IRS seems to pick the most expensive hotel, and often the most inconveniently located for local attendees, it can find to host the event. They apparently have little concern for the tax professional community.The least expensive hotel rate is, as one…

• THE IRS ANSWERS QUESTIONS ON TAX PREPARER REGULATION

  23 Jan 2010 | 6:55 am

  The IRS has posted a page on “Proposed New Requirements for Tax Return Preparers: Frequently Asked Questions” at its website.Here are some of the Q+As that interested me -“What is the best estimate for when the new regulations will be implemented?Sept. 1, 2010, is the current target date for an on-line registration system and Jan. 1, 2011, is the current target date for requiring all paid signing preparers to be registered and to use a Preparer Tax Identification Number (PTIN). Final determination of these dates is dependent on many factors and will be widely publicized as soon as…

• NJ TREATMENT OF 2010 ROTH CONVERSION

  18 Jan 2010 | 3:06 pm

  The NJ Division of Taxation has just released the word that New Jersey “conforms to the Federal Tax Increase Prevention and Reconciliation Act of 2005 provision regarding the Federal Income Tax reporting of a distribution from an IRA which the taxpayer converts into a Roth IRA in 2010. If a taxpayer chooses to defer the income resulting from a Roth IRA for Federal purposes to 2011 and 2012, the same deferral will be honored for New Jersey gross income tax purposes. However, if a taxpayer chooses to report the entire income resulting from a Roth IRA conversion in 2010, the taxpayer will also…

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  Start Making Sense

• Paul Ryan's "shadow budget" for the House Republicans

  9 Feb 2010 | 9:19 am

  Perhaps I should address Paul Ryan's shadow budget, proposed on behalf of the House Republicans (although in public they are keeping as far away from it as they can).To see the details, check out the first 4 pages of this CBO letter scoring it.Key features, with my reaction to them, are as follows:1)REDUCE BENEFITS FOR PEOPLE BORN IN 1956 OR LATER - Hey, unfair, I just missed being grandfathered here. More seriously, while I don't see why older people shouldn't also share in cuts if they can afford it (unless they take their haircuts elsewhere), clearly that would be a political nonstarter.I…

• More events at NYU Law School

  6 Feb 2010 | 5:16 pm

  On Thursday at the Tax Policy Colloquium, Michael Devereux presented his paper, Taxation of Outbound Direct Investment. He, my co-convenor Mihir Desai, and I all agree that, if you think about tax policy going forward on a fresh start basis, exemption is the most rational system for outbound investment by resident corporations, reflecting (in Michael's and my way of thinking about it, more than Mihir's) the point that newly becoming a U.S. corporation for tax purposes verges on being an election. But I suggested that the "transition" issue - i.e., the existence of resident U.S. corporations…

• Newly posted paper

  4 Feb 2010 | 6:28 pm

  I've just posted on SSRN my new paper, occasionally discussed here, called "The Case Against Foreign Tax Credits."Here is the link.Abstract is as follows:In international tax policy debate, it is usually assumed that, if one chooses not to exempt residents’ foreign source income, the preferred system would offer foreign tax credits. This assumption is mistaken, given the bad incentives created by the credits’ marginal reimbursement rate (MRR) of 100 percent and the unpersuasiveness of common rationales for granting them, such as those based on aversion to “double taxation” or support…

• UNC Tax Conference last week

  3 Feb 2010 | 10:10 am

  One but not both of these photos is from the UNC Tax Conference last week. I prefer the rogue, which was distributed to the group by another conference attendee, not just for artistic and sentimental reasons, but also because the actual photo makes me look too short. I was down a step from people near me, creating the false impression that I have shrunk to perhaps about 5'3".

• My e-mail interview with a Polish news magazine

  3 Feb 2010 | 6:53 am

  Here are their questions and my answers, the latter composed more or less at the limit of my typing speed. My answers are shown here in italics:1. USA has to deal with budget problems, so does Germany, Greece, Poland, France, Japan, Russia, etc… it seems the public finance is now the main interest of world’s politicians and economist. You probably know of various solution proposed by different countries (including USA, of course). How do you perceive them? Most of them are based on simple ideas of public spending cuts or more borrowing or tax cuts/increasing…In the long run, all…

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  MauledAgain

• Back to the Internet Taxation Future

  James Edward Maule

  8 Feb 2010 | 5:01 am

  Several days ago, I received an email containing the text of an article by Eleanor Roberts, Main St. Needs Tax Loophole Closed. It was suggested that I take a look at the information on a web site that supports the same points that were made in the article, and makes even more errors in analysis, such as quoting politicians who conflate the sales tax and the use tax.According to Ms Roberts, Massachusetts, admittedly in dire need of tax revenue, is collecting less tax than it otherwise could reach because “online-only businesses do not have to collect sales tax.” Several questions came to…

• Repeals, Expirations, and Reinstatements: A Taxing But Critical Difference

  James Edward Maule

  5 Feb 2010 | 5:01 am

  Words are precision instruments, but too often, even in the hands of professionals such as lawyers and journalists, they get used as though they are blunt instruments. In the hands of politicians, lobbyists, and special interest groups, words get transformed into sound bites, twisted assertions, and outright lies. An unfortunate, but telling, example has moved into the spotlight on account of what can be found in the President’s proposed budget.In his proposed fiscal 2011 budget, the President proposes to let certain provisions enacted in 2001 and set to expire in 2010 by terms of the 2001…

• Caveat Emptor, Law Students Seeking Outlines

  James Edward Maule

  3 Feb 2010 | 5:01 am

  The title of this post isn’t designed to demonstrate any sort of proficiency in Latin but to alert law students to the dangers of relying on outlines received from other students. The risks posed by using passed-down outlines have been threatening law students for almost as long as there have been law schools, but digital technology coupled with the internet has multiplied the risk by orders of magnitude. Ten or fifteen years ago, students could get their hands on outlines for courses taught in the law school they were attending. In almost every instance the outline was from a previous…

• Tax Incentives Can Do Only So Much

  James Edward Maule

  1 Feb 2010 | 5:01 am

  Last Wednesday, in his State of the Union address, the President put forth several specific suggestions for changes in the tax law:I'm also proposing a new small business tax credit – one that will go to over one million small businesses who hire new workers or raise wages. While we're at it, let's also eliminate all capital gains taxes on small business investment, and provide a tax incentive for all large businesses and all small businesses to invest in new plants and equipment. . . . . And to encourage these and other businesses to stay within our borders, it is time to finally slash the…

• Freezing Real Property Tax Reassessments: A Nice Idea

  James Edward Maule

  29 Jan 2010 | 5:01 am

  As expected, the continuing story of problems with the Philadelphia real property tax assessment system has turned the page to a new chapter. Although the primary focus in recent months has been on the proposal to replace the Bureau of Revision of Taxes (BRT) and the attempts to get the politics out of the process, the underlying issue is the disproportionate, unrealistic, irrational, anger-generating, and often inexplicable array of real property assessments that have been in place in the city for years. Even when the BRT changed its system, major discrepancies remained. On top of that are…

• 
  AccountingWEB.com - News

• Resnick Druckman Group expands through mergers

  9 Feb 2010 | 6:08 am

  With the goal of expanding the accounting and consulting firm while maintaining its strong presence in New York City, The Resnick Druckman Group LLC last month announced mergers with Sigmund Balaban & Co. and Gilbert, Wolff and Co. read more

• Sleeter Group publishes new Consultant's Reference Guide for 2010

  8 Feb 2010 | 11:54 am

  Accountants who support QuickBooks often run into complicated and difficult issues with their clients’ QuickBooks files.  For years, The Sleeter Group’s extensive QuickBooks Consultant's Reference Guide has been the industry standard for consultant-level reference material.  The 2010 edition has just been released.  read more

• Tax Court allows deduction for sex-change operation

  8 Feb 2010 | 8:12 am

  The U.S. Tax Court in Boston ruled in favor of a plaintiff who claimed approximately $5,000 in medical deductions for expenses relating to her sex-change operation. The court ruled last week that the treatment she received stemmed from a disease and was not classified as cosmetic, thereby making the medical care tax deductible, according to court documents.  read more

• Recession takes aim at Cupid this year

  5 Feb 2010 | 12:30 pm

  Apparently not even Cupid is immune to the effects of the recession. Couples will spend 5.8 percenet less on tokens of love this Valentine’s Day. They are expected to spend an average of $63.34 on their significant other, compared with $67.22 last year.  read more

• Auditing Standard No. 7: PCAOB strengthens requirements for engagement quality review

  3 Feb 2010 | 10:05 pm

  Last week, the Securities and Exchange Commission (SEC) approved a new standard proposed by the Public Company Accounting Oversight Board (PCAOB), Auditing Standard No. 7, Engagement Quality Review (AS 7). As a result, accounting firms performing audits and interim reviews of financial information for public companies should plan to commit more resources, including partner time, to engagement quality reviews for fiscal years beginning on or after December 15, 2009.  read more

• 
  Tax Q&A

• Can my tax return be withheld to pay off a student loan without notice several years ago?

  Kathy Howell, IRS Tax Senior Tax Consultant, Community Blogger

  5 Feb 2010 | 3:04 pm

  Question from Jesse February 9, 2010 at 10:01am Kathy, Can my tax return be withheld to pay off a student loan without notice several years ago? Answer: Jesse - That is really not a federal tax question.  You can check the...

• How can I get my tax refund from being offset for back child support?

  Kathy Howell, IRS Tax Senior Tax Consultant, Community Blogger

  5 Feb 2010 | 3:04 pm

  Question from alvin February 9, 2010 at 9:36am Kathy, I have two children that i pay child support on.i owe back child support I have a new dependent that i have full custody of. If i claim that dependent...

• Our incomes are the same except one of us has two jobs. I get a refund my friend owes - why?

  Kathy Howell, IRS Tax Senior Tax Consultant, Community Blogger

  2 Feb 2010 | 2:34 pm

  Question from Cameron February 1, 2010 at 5:14pm Kathy, I did my taxes through turbo tax. I am 25. I work one job, and made around 9000 in a year. I claimed "1" on my forms. I am receiving...

• I had no income other than a student grant and unemployment compensation for 2009. Do I qualify for Earned Income Tax Credit?

  Kathy Howell, IRS Tax Senior Tax Consultant, Community Blogger

  2 Feb 2010 | 1:53 pm

  Question from John February 1, 2010 at 2:53pm Kathy, I'm 30,have 8 and 6 year old children, single and have shared custody with other parent. We were never married. I had no income other than a student grant and...

• I live in Wash St and recvd unemployment compensation from Oregon during 2009. Is this reportable income for my Federal Tax return for 2009 filing?

  Kathy Howell, IRS Tax Senior Tax Consultant, Community Blogger

  2 Feb 2010 | 1:41 pm

  Question from John February 1, 2010 at 2:38pm Kathy, I live in Wash St and recvd unemployment compensation from Oregon St during 2009. Is this reportable income for my Federal Tax return for 2009 filing? Answer: John - Good...

• 
  The Fair Tax Blog

• Global Taxation…

  Morphh

  21 Jan 2010 | 6:15 am

  Let’s count the taxation ways - Sales taxes, School taxes, Property taxes, Village taxes, County taxes, State taxes, Federal taxes, fee taxes, etc.  I think there is a song for this. And now Global taxation… The U.N.’s World Health Organization is Eyeing Global Tax on Banking, Internet Activity, etc… The World Health Organization (WHO) is considering a plan to ask governments to impose a global consumer tax on such things as Internet activity or everyday financial transactions like paying bills online. Such a scheme could raise “tens of billions of dollars” on behalf of…

• 16 Jan 2010 | 9:25 am

  Morphh

  16 Jan 2010 | 9:25 am

  Ken Hoagland of FairTax.org has released this interesting news: The FairTax National Victory Campaign is about to take a huge step forward! Michael Reagan, the late Ronald Reagan’s eldest son, has just agreed to serve as the Honorary Chairman of the FairTax National Victory Campaign! Dedicated to keeping alive the legacy of his father’s influence on America, Mike strongly believes that his father would have been a strong advocate for the FairTax had it existed then. He will be doing everything he can to bring the FairTax to passage now. It makes perfect sense considering President…

• Minnesota Introduces World’s First Carbon Tariff

  Morphh

  6 Jan 2010 | 2:16 pm

  The first carbon tax to reduce the greenhouse gases from imports comes not between two nations, but between two states. Minnesota has passed a measure to stop carbon at its border with North Dakota. To encourage the switch to clean, renewable energy, Minnesota plans to add a carbon fee of between $4 and $34 per ton of carbon dioxide emissions to the cost of coal-fired electricity, to begin in 2012 ... Minnesota has been generally pushing for cleaner power within its borders, but the utility companies that operate in MN have, over the past decades, sited a lot of coal power plants on the…

• FairTax: The Movie

  Morphh

  11 Nov 2009 | 7:34 am

  From the mailbag... Justin Cates writes: A year or two ago, Neal Boortz mentioned a cool idea for a movie to truly explain how the FairTax would work in reality and change the lives of everyday people. The premise was to portray a character in the real world living under the FairTax, with no concept of an income tax. The protagonist, a politician, would come into the story pushing forth the idea of an income tax, and based on the premises laid out in the beginning of the movie, it would show how ludicrous an income tax system really is. Fast-forward to now, I live in Atlanta and am a student…

• Embedded income tax costs

  Morphh

  7 Nov 2009 | 5:50 am

  Hank posted a request for a new thread to discuss the embedded income tax costs.  He wrote “The upcoming Fairtax campaign will likely draw from the recent article on the AFFT website that I have reproduced below. I think you might want to create a new thread and either call it “embedded taxes” or “the Fairtax impact on retail prices”? There are several errors and inconsistent conclusions in the piece that need discussing, imho.” Embedded income tax costs eliminated with FairTax Roger Buchholtz, MI FairTax Director, recently wrote to us asking that we focus…

• 
  TaxProf Blog

• Schenk Presents Salience and Tax Design Today at Michigan

  Paul Caron

  9 Feb 2010 | 12:15 pm

  Deborah H. Schenk (NYU) presents Salience and Tax Design at Michigan today as part of its Tax Policy Workshop Series coordinated by Reuven S. Avi-Yonah. Here is the abstract: This paper develops an argument for taking into account the salience of taxes as a fiscal policy tool at the federal...

• Dennis Rodman and the Basic Tax Class

  Paul Caron

  9 Feb 2010 | 11:30 am

  Yesterday in the basic tax class here at Cincinnati, I taught §104(a)(2) (and the wonders of the Murphy case). This film clip of former Piston bad boy Dennis Rodman kicking a courtside photographer sparked a good discussion of the tax treatment of the photographer's damage recovery in Amos v. Commissioner,...

• Fleischer Presents Regulatory Arbitrage Today at Toronto

  Paul Caron

  9 Feb 2010 | 11:15 am

  Victor Fleischer (Colorado) presents Regulatory Arbitrage at the University of Toronto today as part of the James Hausman Tax Law and Policy Workshop Series. Here is the abstract: Most of us share a vague intuition that the rich, sophisticated, well-advised, and politically connected somehow game the system to avoid regulatory...

• 44th Annual Heckerling Institute on Estate Planning

  Paul Caron

  9 Feb 2010 | 10:59 am

  Tax Prof speakers at the recently concluded 44th Annual Heckerling Institute on Estate Planning: Christopher R. Hoyt (Missouri-Kansas City), How to Do Your Roth IRA Conversion in 2010 and Current Issues in Charitable Planning Jeffrey N. Pennell (Emory), Recent Estate Planning Developments Randall W. Roth (Hawai'i), Fiduciaries and Their Lawyers:...

• Isenbergh: The Future of Taxation

  Paul Caron

  9 Feb 2010 | 10:00 am

  Joseph Isenbergh (Chicago) has posted The Future of Taxation on SSRN. Here is the abstract: Almost all public discussion of tax policy fails to take into account the difference between the real tax -- public spending as a percentage of GDP -- and the current (or nominal) tax, which is...

• 
  Texas State & Local Tax Law Blog

• The Combs v. Chevron opinion is out, and it's big news for the Texas state tax world

  Alan E. Sherman

  5 Feb 2010 | 1:30 pm

  Today’s sales tax opinion from the Texas Third Court of Appeals in Austin, Combs v. Chevron USA, Inc., No. 03-07-00127-CV, is big news for its treatment of both substantive tax law and tax procedure. The substantive issue was whether temporary scaffolding supplied by a third party to a refinery undergoing maintenance was a nontaxable service or the taxable rental of tangible personal property. The procedural question was whether a court can consider a refund issue that was presented to the Texas Comptroller of Public Accounts for the first time in a motion for rehearing after an…

• Too much product modification could cost a seller its favorable tax rate

  Alan E. Sherman

  29 Jan 2010 | 4:00 am

  As mentioned in a previous post captioned “Amended Comptroller rules solve the rental income flow-through problem and make other changes,” the Texas Comptroller of Public Accounts recently amended several administrative rules applicable to the revised franchise tax, or “Margin Tax.” One of the amended regulations, Rule 3.584 (“Margin: Reports and Payments”), includes a change that would double the tax rate – from 0.5% to 1% – for any wholesaler or retailer that earns more than half of its revenue from selling products that it or an affiliate…

• Predicting some Texas tax developments in 2010

  Alan E. Sherman

  4 Jan 2010 | 4:00 am

  Now that the New Year has begun, it’s time to look into our crystal ball and make some predictions about Texas tax developments during 2010. A few developments expected from the Comptroller of Public Accounts, the state Courts and the Legislature are summarized below. Future posts will cover them in more detail when – and if – they actually occur. The Comptroller. During 2009, the agency circulated many draft administrative rules for comment by practitioners and other interested parties. A few of the drafts later moved to the formal rulemaking proposal stage, such as one…

• Amended Comptroller rules solve the rental income flow-through problem and make other changes

  Alan E. Sherman

  30 Dec 2009 | 4:00 am

  The Texas Comptroller of Public Accounts has adopted, effective December 31, 2009, amended versions of eight administrative rules affecting the revised franchise tax or “Margin Tax.” As explained below, the big news is how the Comptroller decided to amend (or not amend) Rule 3.582 (“Margin: Passive Entities”), codified at 34 Texas Administrative Code (“TAC”) §3.582. As explained in a previous post on this site captioned “Rental income flowing through a partnership can be “passive” for 2008 and 2009,” the Comptroller had…

• Attention Texas appliance shoppers: a rebate could be coming your way

  Alan E. Sherman

  29 Dec 2009 | 4:00 am

  [UPDATE (December 29, 2009): The State has begun the process of selecting an administrator for the rebate program described in the post. On December 28th, the Comptroller’s office issued the agency’s Request for Proposals (RFP) “targeted toward businesses that can act as implementation contractors” for the Appliance Rebate Program. Businesses interested in becoming such a contractor should follow the link (current as of December 29, 2009) to the “Energy Efficiency Appliance Rebate Program for Stimulus Grant Program” page on the Comptroller’s web site,…

• 
  Roth & Company, P.C.

• If this is a crime, they won't be able to build enough jails

  Joe Kristan

  9 Feb 2010 | 6:26 am

  It's now a crime to be a bungling bureaucrat? At least that's the way it looks from the first indictments...

• The 1986 Massacre of the Innocents

  Joe Kristan

  9 Feb 2010 | 6:16 am

  Future archaelogists will puzzle over the apparent loss of millions of children in 1986. About seven million dependents claimed on...

• Ever since Fort Sumter, they've been looking for ideas

  Joe Kristan

  9 Feb 2010 | 6:00 am

  Russ Fox reports: ...from South Carolina comes the word that anyone who wants to overthrow the United States Government must...

• Spending run through a tax return is still spending

  Joe Kristan

  8 Feb 2010 | 7:00 am

  The state issues a report saying that it can't show that a single one of Iowa's economic development tax credits...

• More client service than the law allows

  Joe Kristan

  8 Feb 2010 | 5:11 am

  You can sell your skills to your clients, but you can't sell them deductions: For no legitimate business purpose, Loeser's...

• 
  Rubin on Tax

• RUBIN ON TAX ON YOUR IPHONE

  Charles Rubin

  7 Feb 2010 | 1:56 pm

  A number of readers have indicated they would like to be able to read Rubin on Tax while waiting in lines, such as at the grocery store. Okay, maybe not many. Maybe not any. Nonetheless, if you have an iPhone and would like to be able to read your dose of Rubin on Tax whenever and wherever you want, now you can do so. To get the app (its free), on your iphone or in the App Store search for ‘rubinontax’ (no spaces) and it should then be available for download and installation. If you like it, don’t be afraid to leave a favorable comment for the app – if you don’t…well, I’m sure…

• WHEN WILL DISCLOSURE OF “AMOUNTS” ON A RETURN CONSTITUTE REASONABLE DISCLOSURE FOR AVOIDING PENALTIES?

  Charles Rubin

  6 Feb 2010 | 11:00 am

  Taxpayers can avoid the Code §6662 penalty for substantial underpayment of income tax by adequately disclosing amounts on the income tax return. A recent Revenue Procedure provides details as to when the inclusion of “amounts” on a return constitutes adequate disclosure for this purpose. These rules will also apply for purposes of avoiding preparer penalties. The following summarizes the requirement of disclosure for “amounts” to meet the adequate disclosure requirements: A.  The money amounts entered on the forms must be verifiable. A number is verifiable if, on audit, the…

• WHEN WATER IS AS THICK AS BLOOD [FLORIDA]

  Charles Rubin

  4 Feb 2010 | 1:20 pm

  We all know the expression “blood is thicker than water.” Presumably, that is what a trust settlor had in mind when she made a class gift to her grandchildren, and included language that such grandchildren would only include “descendants by blood.” The settlor’s son married his wife in 1966. Six months after the marriage, the son and his wife had a child. The birth certificate listed the settlor’s grandchild as the son’s child. The son and his wife divorced in 1971, and signed a marital agreement that provided that the settlor’s grandchild was a child of the marriage. In 1999,…

• IRS ADVISES THAT §2511(c) MEANS WHAT IT SAYS

  Charles Rubin

  2 Feb 2010 | 3:29 pm

  Starting this year, Code §2511(c) takes effect. This provision provides that notwithstanding any other provision of §2511, and, except as provided in regulations, a transfer in trust shall be treated as a transfer of property by gift, unless the trust is treated as a wholly owned grantor trust. Some practitioners have suggested that this provision means that a gift to a wholly owned grantor trust will NOT be treated as a gift under the Code, even if it otherwise would be treated as a gift. This reading does not appear to be correct, and the IRS has now issued a Notice confirming that. So…

• ESTATE TAX IMPONDERABLES

  Charles Rubin

  30 Jan 2010 | 8:29 am

  I had the pleasure of attending and speaking at the 2010 University Of Miami Heckerling Institute on Estate Planning in Orlando this past week. A lot of the focus was on the inapplicability of federal estate taxes in 2010, and the return of those taxes in 2011 at the rates and credits applicable in 2001. Two interesting questions were raised relating to the return of the 2001 tax rates and credits - questions for which no one had a good answer. These questions arise from a curious provision of the 2001 tax act. This tax act provided for increased unified credit and generation skipping tax…

• 
  Tax Problem Attorney Blog

• UBS Offshore Account Owner Wins Case Against Internal Revenue Service (IRS)

  Dennis N. Brager

  22 Jan 2010 | 7:35 pm

  The owner of a UBS tax fraud was the failure to submit IRS Form W-9, and this by itself was not sufficient to establish Swiss Tax Treaty. The Swiss Government has indicated that it will respond to the decision on Jan. 27th. This leaves the question of how will other UBS Swiss bank accounts at other banks will be impacted. Those individuals who have already made offshore financial accounts who already entered the tax fraud or the like, doesn’t mean that there might be other facts in your case which would constitute FBAR (Foreign Bank Account Report) cases stated last year that the IRS…

• Taxpayer Advocate Reports Tax Liens as Serious Tax Problem

  Dennis N. Brager

  20 Jan 2010 | 10:22 am

  The Internal Revenue’s (IRS ) Taxpayer Advocate’s 2009 Report to Congress listed as the second most serious tax lawyers who deal with IRS tax lien prior to making full payment of a delinquent tax liability. The Taxpayer Advocate’s Report details how the IRS files tax lien does not protect the IRS, and only exacerbates the taxpayer’s inability to pay. The Report also points out that the Internal Revenue Manual puts obstacles in the path of their employees who decide not to file a tax lien. One would only hope that the IRS tax Collection Division takes serious note of the criticisms by…

• California Income Tax Evasion Charged

  Dennis N. Brager

  20 Jan 2010 | 10:13 am

  The California Franchise Tax Board (FTB) has arrested an individual for felony income tax fraud case. One is that Leech was apparently not the owner of the corporation; nevertheless because he was the CEO and CFO the FTB pointed out that he had a duty to file the income tax returns, and was charged with tax fraud case. Another interesting point is that the criminal tax problem with the California Franchise Tax Board, the Internal Revenue Service, or another California tax agency call the

• IRS Issues Fact Sheet on Filing Foreign Bank Account Reports (FBARs)

  Dennis N. Brager

  13 Jan 2010 | 11:03 am

  The IRS has issued a fact sheet on filing FBAR fact sheet adds nothing to the sum of our knowledge on foreign financial account, including a bank account, brokerage account, mutual fund or other type of financial account, you may be required to report the account yearly to the Department of the Treasury. Under the Bank Secrecy Act, each United States person must file a foreign financial accounts exceeds $10,000 at any time during the calendar year. Hardly earth shattering. On the other hand these IRS fact sheets are generally intended to provide basic information to individuals unfamiliar…

• Swiss Court Finds Certain UBS Disclosures of Offshore Accounts Illegal

  Dennis N. Brager

  13 Jan 2010 | 10:24 am

  The Swiss Federal Administrative Court ruled that the order to UBS by the Swiss Financial Market Supervisory Authority (FINMA) to turn over the names of 250 United States UBS customers accused of committing tax evasion was illegal. The decision may be appealed to the Swiss Supreme Court. You will remember that early last year UBS turned over the names of 250 of its U.S. customers with Foreign Bank Account Reports (FBARs). Several of those persons already have pled guilty to criminal tax charges. If the decision is upheld many U.S. persons will no doubt argue that any prosecution of them on…

• 
  IRS Tax Problem Solver Blog - IRS Help

• The Case of Nonfilers wanting to File

  Darrin Mish

  8 Feb 2010 | 8:16 pm

  There is a misconception that everyone needs to file their tax returns, no matter how much they earn simply to be accountable. The truth is, according to the tax code, millions of individuals every year do not need to file any tax returns. But with the government's stimulus benefits given to taxpayers, everyone wants to file hoping to get some share of this benefit. Just who is a nonfiler? According to the IRS, a person who does not earn more than $3,000 from any number of sources does not need to file an annual tax return. This is also the amount you will have to make to be eligible for…

• Tax Levy? No Problem

  Darrin Mish

  8 Feb 2010 | 8:16 pm

  Did you know the government has the authority to freeze your bank accounts under certain circumstances? If you owe the IRS for a prolonged period of time despite their best efforts to retrieve what is their due, they may slap you with a tax levy. But the government can only freeze your money for 21 days and the freeze only applies to the money that is in your account at the time the levy is issued. Any deposits thereafter are not frozen. It would take a second levy to freeze deposits made after the initial levy. Here are a few things you can do to avoid ever having a levy put on your…

• How to Beat an IRS Levy

  Darrin Mish

  8 Feb 2010 | 8:16 pm

  An IRS levy is a wage garnishment on your salary that authorizes the IRS to deduct a substantial percentage of your wages to pay your tax debt. This happens as a last resort where the IRS will attempt to recoup the tax you owe them by taking upwards of 70-80 percent of what you make every month. Needless to say, this amount of garnishment leaves you hardly enough to survive. But the purpose of such a move by the IRS is not to impoverish you; it is to get you to call them so that a more practical solution can be worked out. Most of the time, those who get subjected to IRS levies are…

• What do You Do with an IRS Levy?

  Darrin Mish

  8 Feb 2010 | 8:16 pm

  Just what is an IRS levy? You would usually be subject to an IRS levy only when all efforts by the IRS to collect taxes from you have failed. Thus, an IRS levy is the last straw when it comes to collecting back taxes. It is a tool that will freeze your assets so that the IRS can remove as much money from your bank accounts as they need to pay off your tax debt. Although it is the final means of retrieving taxes from you, an IRS levy can still be reversed. The first thing to do would be to contact the IRS and discuss with them a payment plan. Accepting a payment plan will immediately lift the…

• Understanding Reasonable Cause for IRS Audits

  Darrin Mish

  8 Feb 2010 | 8:16 pm

  No one enjoys being the subject of an IRS audit. In order to keep on the right side of the IRS, it is important to know how to avoid being subjected to such an audit. So how do you determine what is deemed as a reasonable cause for an IRS audit? The fact is that there are certain things that will cause a red flag more times than not. One too many red flags and you are in hot soup. Here are just a few things that usually constitute reasonable cause for IRS audits. In most cases, red flags are caused by deductions on your tax returns. Depending on what type of job you hold, you may make any…

• 
  California Tax Attorney Blog

• The IRS And YouTube

  8 Feb 2010 | 3:36 am

  There exists an official YouTube channel of the Internal Revenue Service. It features videos produced by the IRS on various tax administration topics. Information is available about all kinds of topics, including the the appeals examination process, appeals collection process, tax tips, record keeping, choosing a tax preparer, how to track your tax refund, how to check your tax withholding and the homeowner credit claim.

• The Best And Most Wealth Friendly States For Trusts

  2 Feb 2010 | 3:43 am

  A post on January 23, 2010 in Wills, Trusts & Estates Prof Blog provides a chart listing the best states for trusts. The ranking factors considered are (1) state income tax in the state, (2) directed trust statute, (3) asset protection trust availability, (4) dynasty trust ability, and (5) the number of trust companies in the state. The top four states include Alaska, Delaware, Nevada and South Dakota. The next best include three states: Florida, New Hampshire and Wyoming. Finally, the last group of states include: Colorado, Idaho, Ohio, Utah and Wisconsin.

• Dying In California Without A Will Or Heirs

  28 Jan 2010 | 3:56 am

  A recent article published in the Los Angeles Times addresses “Selling What the Dead Leave Behind”. If you die in Los Angeles County without a will or heirs, your belongings will probably end up in a warehouse in the City of Industry. There, the walls are stacked with hundreds of wooden crates. County employees and private auctioneers divide the contents into lots and sell them at daylong auctions held on the second Saturday of the month, typically 10 times a year. Proceeds go back into the estate and often are used to cover burial expenses and other costs. Whatever is left goes to the…

• Getting A Transcript Of Your Tax Information

  25 Jan 2010 | 3:58 am

  Here are some things to know if you need copies of your federal tax return information from the IRS. There are2 options for obtaining free copies of your federal tax return information — tax account transcripts and tax return transcripts. A tax account transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data – including marital status, type of return filed, adjusted gross income and taxable income. A tax return transcript shows most line items from your tax return as it was originally filed, including any…

• California's Largest Tax Scofflaws

  21 Jan 2010 | 3:52 am

  California's Franchise Tax Board publishes an annual list of the state's largest tax debtors. Some of those on the list are people who habitually flout or violate the law. The amount of income tax due from taxpayers ranges from $9,940,513 to $100,000. Federal individual income taxes are probably unpaid as well - but the IRS does not publish the names of delinquent taxpayers. The FTB's list is here. If you owe California or the IRS over $25,000 in unpaid tax, call an experienced tax attorney for help resolving your tax problem. Call Mitchell A. Port at (310) 559-5259.

• 
  IRS - Hitman

• Tax Audit Tips: Documents You'll Need to Stay Ahead

  9 Feb 2010 | 6:39 am

  If the IRS doubts an expense you list on your tax returns, they'll ask for supporting documents. Many taxpayers e-mail me asking how they can get documentation for expenses for the IRS. Here's a quick refrence list:How to get Documents for Common Allowable Expenses:Rent/Mortgage: Show your monthly statement to the IRS. You can call your mortgage company or contact your land lord for this information.Electric, Water/Sewer, Gas: Call your respective providers to obtain the statements for these expenses.Prescriptions and Medical Equipment: Go to your pharmacy and ask for a print out.Health and…

• Everything About IRS Collection Statutes

  8 Feb 2010 | 6:40 am

  Free at Last: Ten long years have passed since the IRS first discovered your Tax Debt. Somehow, you've made it this far without being levied, bullied, and laid to rest. But now the IRS can't collect from you anymore! Right?Actually, They can.Contrary to popular belief, the IRS can continue to collect after ten years have elapsed on your tax debt.It Starts: The IRS ten-year statute of limitations period starts when the IRS officially determines you owe the debt. After ten years, your IRS case is closed and it becomes illegal for them to contact you regarding the debt. But there are several…

• Offer in Compromise Facts and Tips

  5 Feb 2010 | 8:55 am

  The Harsh Truth: The IRS wants the entire tax liability paid in full. After all, millions of Americans manage to do this every year, why shouldn’t you? The IRS will evaluate every single detail of your IRS case and situation before they even consider your offer. Here’s what you need to know before your submit an Offer in Compromise to the IRS.• You don’t qualify: If you have the ability to pay the Tax Debt in full or pay it in monthly payments with an Installment Agreement, you don’t qualify for an Offer in Compromise. Even with special hardship circumstances, like unemployment,…

• Extension of Time to File, Step by Step Guide

  3 Feb 2010 | 5:56 am

  There's still plenty of time to file your Taxes before the deadline in April, but if you feel like you won't make it in time, it's possible to file for an extension to file your taxes. Here's the step-by-step guide:Step One: Pull your head out the sand and get to work. There are more colorful ways to state this, but really, stop putting this off!Step Two: File Form 4868 Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. (Available at IRS.gov)Step Three: File this form by April 15, 2009. I’d recommend downloading the form and getting this out of the way…

• Tax Filing Frequently Asked Questions

  2 Feb 2010 | 6:19 am

  An IRS-Hitman Special: Tax time is around the corner. This is that special time of the year when my inbox get flooded with questions from worried taxpayers all across the Nation. It's time to give the people what they want, answers to their IRS Tax Filing questions!What are the legal qualifications for filing jointly?There's only one. The couple has to be legally married as of December 31 of that year.Are any special return notations required when your are filing jointly, but your spouse is deceased?Yes, there's a particular area of the paperwork you need to take note of. In the signature…

• 
  Talking Taxes

• Nevada GOP Gubernatorial Candidate: Scrap the Caps

  30 Jan 2010 | 9:54 am

  GOP gubernatorial candidate Mike Montandon is making his views on Nevada property tax reform known-- and so far they all seem quite sensible.As reported by the North Lake Tahoe Bonanza, Montandon thinks:(1) it's absurd that Nevada remains the only state that values real property for tax purposes based on depreciated value (which depends primarily on how old your house is) rather than market value;(2) the "tax caps" enacted a few years ago, which restrict the amount by which a property's tax liability can increase each year to 3 percent for residential properties, were (and remain) a bad…

• Can Louisiana Double Its Gas Tax?

  22 Dec 2009 | 6:44 pm

  In January, Louisiana lawmakers will be hearing a lot about exactly how big that state's transportation funding shortfall is, as a committee releases the findings of a long-term study of this problem. But House Transportation Committee Vice-Chairman Hollis Downs (R) gave a sneak preview yesterday. Louisiana needs $750 million per year in new revenue to address road and bridge needs, the vice-chairman of the House Transportation Committee said Monday. To put this in context, Louisiana raises a bit less than this annually from its entire gasoline tax right now. So if the money were all coming…

• Hawaii: A Budgetary Shell Game, or Just Train Robbery?

  22 Dec 2009 | 1:31 pm

  This week Hawaii Governor Linda Lingle released the outline of her budget proposal for next year. It's not a pretty picture: the two most prominent tax policy changes in the Lingle plan are a money grab from county governments and a money grab from... the future.It's true: following up on a similar threat last year, the state would simply stop allocating revenue from the "Transient Accomodations Tax," as the Hawaii hotel tax is known, to counties. The law says that just under half of all TAT revenues should be allocated to the counties. Under the Lingle plan, the state would simply not do…

• Study in House "Extenders" Bill Would Provide Valuable Info on Many Tax Breaks

  9 Dec 2009 | 1:50 pm

  Earlier today, the House of Representatives passed its most recent version of the "Tax Extenders" package (H.R. 4213). The "tax extenders" consist of about 50 temporary tax provisions that, as their name suggests, need to be extended every 1-2 years to prevent their expiration. While multiple theories exist as to why these provisions aren't simply made permanent, it is clear that relatively little thought has been given to their effectiveness in promoting the multitude of goals for which they've been supposedly been enacted. The House bill seeks to remedy this problem by requiring that the…

• Louisiana: Can Property Tax be Too Low?

  9 Dec 2009 | 6:05 am

  In Louisiana, the answer is probably "yes, they could."An excellent editorial in the Daily Advocate notes that the ten lowest-property-tax counties in America in 2006-2008 (for residential property) were all in Louisiana. The main reason for this is pretty straightforward: every owner-occupied home in Louisiana receives an exemption for the first $75,000 of home value. In practice, this amount covers something close to half of all properties in the state.The topic is being raised right now because there are active proposals to increase the homestead exemption. As the Advocate editorial…

• 
  Tax Law Forum

• Friday's Tax Quote - February 5, 2010

  Rob Teuber

  5 Feb 2010 | 7:02 am

  “There’s nothing wrong with the younger generation that becoming taxpayers won’t cure."- Dan Bennett

• So You Received A Letter From The IRS

  Rob Teuber

  1 Feb 2010 | 9:17 am

  If the Internal Revenue Service is posting videos on YouTube, it certainly means that we are now truly and forever locked into the digital age.  This being said, I like what it is that the IRS is doing with its video series.  They recently posted the video below to help people who have received a notice from the IRS.  I really believe that the IRS believes that they are helping.  This is why I like this video.The video is set in the context of a letter that asserts an additional tax debt.  So I will discuss it in this context.   The…

• Friday's Tax Quote - January 29, 2010

  Rob Teuber

  29 Jan 2010 | 6:55 am

  “Any intelligent thinking on taxes eventually reaches the ultimate purpose of life on this planet as each of us conceives it.”- Louis Eisenstein

• IRS Allows 2009 Deductions for Haiti Contributions.

  Rob Teuber

  26 Jan 2010 | 9:08 pm

  The IRS has released information about the deductibility of contributions made to help those devastated by the earthquake in Haiti.  In short, if you make a charitable contribution in support of Haiti relief efforts (by traditional means or by text message) before the end of February 2010, you can take a charitable contribution deduction on your 2009 tax return.  Details are provided in the video below.  More information can be found in the information from an IRS news release beneath the video and on http://www.irs.gov/.Ten Facts About Claiming Donations Made to Haiti If…

• Friday's Tax Quote - January 22, 2010

  Rob Teuber

  22 Jan 2010 | 6:50 am

  “Our tax code is so long it makes War and Peace seem breezy.”- Steven LaTourette

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  JD Supra Taxation

• “GENDER REASSIGNMENT THERAPY” CAN BE TAX DEDUCTIBLE --TAX COURT.

  Gregory Piche

  7 Feb 2010 | 4:18 am

  Contributor: Gregory Piche [View: Profile | Documents]

• Frivolous Tax Arguments? -Beware the Tax Man

  Brian Mahany

  6 Feb 2010 | 11:33 pm

  Contributor: Brian Mahany [View: Profile | Documents]

• Tax Provisions in President Obama's Budget Proposal; Expiring Tax Provisions

  Sheppard Mullin Richter & Hampton LLP

  6 Feb 2010 | 6:56 am

  Contributor: Sheppard Mullin Richter & Hampton LLP [View: Profile | Documents]

• Multifaceted incentive programs move Oregon to front of pack

  Lane Powell PC

  5 Feb 2010 | 9:29 am

  Contributor: Lane Powell PC [View: Profile | Documents]

• Federal Estate, GST and Gift Tax Law: Current Status And Possible Retroactive Legislation

  Duane Morris LLP

  5 Feb 2010 | 4:11 am

  Contributor: Duane Morris LLP [View: Profile | Documents]

• 
  AOL: Tax News

• 10 Most Common Tax Mistakes

  5 Feb 2010 | 7:37 am

  Personal finance experts Ken and Daria Dolan of Dolans.com share the 10 most common mistakes people make on their tax returns so that you can learn from them.

• 10 Most Overlooked Tax Deductions

  1 Feb 2010 | 8:29 am

  Personal finance experts Ken and Daria Dolan of Dolans.com are here to make sure you don’t miss out on these 10 commonly overlooked tax deductions. We all should pay our fair share … but let’s make sure you don’t pay one penny more!

• 2009 Year-End Tax Tips

  28 Jan 2010 | 12:02 pm

  There are plenty of "T" words keeping us busy this time of the year... Tinsel, Tailgating, Toys for Tots...and... Taxes! Personal finance experts Ken and Daria Dolan bring up the dreaded "T" word at this festive time of year for good reason. They promise that if you'll take just a few minutes before the ball drops to make some simple year-end money moves, you can minimize your taxes and have something to celebrate next April.

• Method Man Runs into the Tax Man

  6 Oct 2009 | 8:20 am

  Hip-hop star turned actor Method Man is looking at four years in prison on charges that he failed to file a return or pay New York state income taxes between 2004 and 2007.

• The Most Expensive Fence in the U.S.

  21 Sep 2009 | 8:11 am

  As my husband is training for the Border Patrol right now (the reason: steady job and good government benefits in a bad economy) and we'll be moving to West Texas at the end of the year, I took particular interest in this just-released report from the Government Accounting Office about the cost of border security. Its findings aren't just relevant to Border Patrol staff and their spouses, it should interest every taxpayer.

• 
  AOL: Tax Advice

• 10 Most Common Tax Mistakes

  5 Feb 2010 | 7:37 am

  Personal finance experts Ken and Daria Dolan of Dolans.com share the 10 most common mistakes people make on their tax returns so that you can learn from them.

• 10 Most Overlooked Tax Deductions

  1 Feb 2010 | 8:29 am

  Personal finance experts Ken and Daria Dolan of Dolans.com are here to make sure you don’t miss out on these 10 commonly overlooked tax deductions. We all should pay our fair share … but let’s make sure you don’t pay one penny more!

• 2009 Year-End Tax Tips

  28 Jan 2010 | 12:02 pm

  There are plenty of "T" words keeping us busy this time of the year... Tinsel, Tailgating, Toys for Tots...and... Taxes! Personal finance experts Ken and Daria Dolan bring up the dreaded "T" word at this festive time of year for good reason. They promise that if you'll take just a few minutes before the ball drops to make some simple year-end money moves, you can minimize your taxes and have something to celebrate next April.

• Tax Day Freebies - April 15

  15 Apr 2009 | 8:10 am

• Today's Tax Regrets Are Next Year's Smiles

  3 Apr 2009 | 11:10 am

  One of our bloggers owes Uncle Sam this year, thanks to his prolific writing, but he's learned a few things that will make his tax season a little brighter next year, and he wants to share them with you (and earn a few bucks while doing so!)

• 
  AOL: Tax Basics

• 10 Most Common Tax Mistakes

  5 Feb 2010 | 7:37 am

  Personal finance experts Ken and Daria Dolan of Dolans.com share the 10 most common mistakes people make on their tax returns so that you can learn from them.

• 2009 Year-End Tax Tips

  28 Jan 2010 | 12:02 pm

  There are plenty of "T" words keeping us busy this time of the year... Tinsel, Tailgating, Toys for Tots...and... Taxes! Personal finance experts Ken and Daria Dolan bring up the dreaded "T" word at this festive time of year for good reason. They promise that if you'll take just a few minutes before the ball drops to make some simple year-end money moves, you can minimize your taxes and have something to celebrate next April.

• Tax Day Freebies - April 15

  15 Apr 2009 | 8:10 am

• Today's Tax Regrets Are Next Year's Smiles

  3 Apr 2009 | 11:10 am

  One of our bloggers owes Uncle Sam this year, thanks to his prolific writing, but he's learned a few things that will make his tax season a little brighter next year, and he wants to share them with you (and earn a few bucks while doing so!)

• Back Taxes + Job Loss = Bad News

  3 Apr 2009 | 10:16 am

  If you owe back taxes, but don't have a job, Ken and Daria Dolan have some good news for you: There's help available. Here's what you need to do in order to keep the government from coming after you.

• 
  AOL: Tax Deduction

• 10 Most Overlooked Tax Deductions

  1 Feb 2010 | 8:29 am

  Personal finance experts Ken and Daria Dolan of Dolans.com are here to make sure you don’t miss out on these 10 commonly overlooked tax deductions. We all should pay our fair share … but let’s make sure you don’t pay one penny more!

• Tax Day Freebies - April 15

  15 Apr 2009 | 8:10 am

• Tax Quiz: Is It Deductible?

  28 Mar 2009 | 10:24 am

  Ever have sticker shock over the bottom line of your tax return and start to think about some "creative accounting", looking for deductions wherever you can find them? Before you get into trouble, test how well you know what is and isn't deductible.

• 10 Things the IRS Won't Tell You

  25 Mar 2009 | 10:07 am

  Tax preparation is more complicated this year than even, especially for people who have had drastic shifts in their financial situation, and that's all the more true because the IRS is keeping some secrets from you.

• Plan Ahead for Your 2010 Taxes

  13 Mar 2009 | 1:18 pm

  Tax Day for your 2008 return is just around the corner, but it's not to early to start thinking about all the new credits you'll be getting on your upcoming filings thanks to the stimulus bill. Here's your guide to planning ahead for 2010!

• 
  AOL: Online Taxes

• 2009 Year-End Tax Tips

  28 Jan 2010 | 12:02 pm

  There are plenty of "T" words keeping us busy this time of the year... Tinsel, Tailgating, Toys for Tots...and... Taxes! Personal finance experts Ken and Daria Dolan bring up the dreaded "T" word at this festive time of year for good reason. They promise that if you'll take just a few minutes before the ball drops to make some simple year-end money moves, you can minimize your taxes and have something to celebrate next April.

• Third of Older Boomers in Home Trouble

  2 Mar 2009 | 11:26 am

  A new study says that 30% of older Boomers owe more on their mortgages than their properties are worth. That spells bad news for a group that will be retiring soon if they haven't already.

• Filing a Tax Return Online

  16 Jan 2009 | 1:11 pm

  Income Tax Basics: Filing a Tax Return Online

• Can I Do My Taxes Myself?

  8 Aug 2008 | 11:02 am

  Whether someone can do their own taxes is an interesting question. The U.S. tax code gets more and more complicated with each passing year. Another year, another set of rules added to the previous set of rules. If you have a very simple and straightforward tax situation, then DIY taxes may be for you.

• E-Filing 2007 Taxes Begins

  30 Jul 2008 | 2:08 pm

• 
  Offer in Compromise Blog

• Maryland Offer in Compromise

  admin

  4 Feb 2010 | 1:39 pm

  The Internal Revenue Service (IRS) offers a variety of tax settlement options for Maryland taxpayers who would like to settle their IRS tax debt. Offer in Compromise is one these options and may allow Maryland taxpayers to settle their debt for a fraction of the total amount owed. Offer in Compromise or OIC allows Maryland taxpayers [...]

• Offer in Compromise for Alabama Taxpayers

  admin

  1 Feb 2010 | 8:01 am

  Offer in Compromise (OIC) is an agreement between the taxpayer and the Internal Revenue Service to negotiate and pay a tax liability for less than the total amount owed. The Internal Revenue Service will agree to an Offer in Compromise if a taxpayer meets certain criteria and is not in a position to pay their [...]

• Offer in Compromise For Idaho Taxpayers

  admin

  26 Jan 2010 | 6:35 am

  The IRS offers a variety of tax settlement options for Idaho taxpayers who are unable to pay IRS tax debt and Offer in Compromise is one of the most popular options.  Offer in Compromise or OIC allows an Idaho taxpayer to make an offer to the IRS to settle past IRS debt. If the IRS [...]

• Offer in Compromise in Connecticut

  admin

  25 Jan 2010 | 11:35 am

  The Internal Revenue Service has the authority from the federal government to collect taxes to fund government activity. Connecticut residents who owe federal tax liability may be able to negotiate with the Internal Revenue Service to settle their federal tax debt for less than the full amount owed. The Internal Revenue Service offers a variety of [...]

• Offer in Compromise For Pennsylvania Taxpayers

  admin

  22 Jan 2010 | 6:00 am

  Offer in Compromise or OIC is a popular IRS tax settlement option which Pennsylvania taxpayers can use to settle outstanding IRS tax debt. OIC allows taxpayers to propose a tax settlement amount to the IRS to settle federal tax debt. In some cases, the amount offered and accepted by the IRS may be a fraction [...]

• 
  The CEN-TA Group

• Dual citizen living in Canada buying home in US - Mortgage Interest as a deduction in Canada - failure to file T1135 TDF90-22.1

  Taxman

  7 Feb 2010 | 12:05 am

  Come out to next Thursday's  Canadian Mortgage Interest as a deduction seminar on February 11, 2010.  4 to 9 PM at the Langley events Centre at  78th  Avenue and 200th Street (just south of Walnut Grove off Highway one.) The Speakers are myself on how to make a Canadian Mortgage tax deductible, Ozzie Jurock on Real Estate Trends, Own Dolan on Canadian Estates, Martin Murenbeeld, economist and Fred Snyder on written Financial Plans.  Phone Fred's office at (604) 731-8900 to register free of charge.  Bring your financial advisor, bank manager or mortgage broker…

• MORTGAGE INTEREST AS A DEDUCTION IN CANADA - Free Seminar with Fred Snyder David Ingram Ozzie Jurock expert income tax help

  Taxman

  6 Feb 2010 | 10:20 pm

  Free Canadian Mortgage Interest as a deduction seminar on February 11, 2010.  5 PM at the Langley events Centre at  78th  Avenue and 200th Street (just south of Walnut Grove off Highway one.) The Speakers are myself on how to make a Canadian Mortgage tax deductible, Ozzie Jurock on Real Estate Trends, Own Dolan on Canadian Estates, Martin Murenbeeld, economist and Fred Snyder on written Financial Plans.  Phone Fred's office at (604) 731-8900 to register free of charge.  Bring you r financial advisor, bank manager or mortgage broker with you. xxxxxxxx wrote: Hi David,…

• Canadian Citizen working in US - expert income tax help Canadian-US-Global Income tax help - david ingram expert US CANADA cross

  Taxman

  1 Feb 2010 | 10:55 pm

  Hi David,   I really admire your knowledge on tax matters. I have few questions regarding Canada US taxes.    As a Canadian citizen I am working on TN visa in US. For the year 2009 I worked only in US. I had a Canadian home (primary residence in Canada) which I rented for 10 months in 2009 and finally sold it in December 09. I believe I will have to file my taxes in US as Resident alien and I will also have to file Taxes in Canada.    1.  Do I have to declare Canadian home rental income in US?   2. Do I have to file declare net gain for the home sale as…

• Moving to the US with a spouse telecommuting back to Canada - Canadian-US-Global expert Income tax help

  Taxman

  1 Feb 2010 | 1:54 pm

    Hi there,   My wife and I are contemplating moving to California from Canada, and I feel strongly that I can get a solid 'offer-letter-of-employment' based on my skills.   Currently, my wife works from home typing transcripts for two different Canadian companies that do not require her to go to any 'place of employment'...her place of employment is at home in front of her computer.   She does not want to give that up and I want to know...does she have to?   I suspect she would pay income tax to the Canadian government and do some sort of U.S. reporting.   Can…

• Canada Spoke to you on INGRAM Jan 13-Young Canadian Buying in California advice help advice help

  Taxman

  17 Jan 2010 | 10:57 pm

    Below is the result of your feedback form. It was submitted by XXXXXX on Thursday, January 14, 2010 at 12:25:58 --------------------------------------------------------------------------- My_question_is: Canadian-specific question: Hi David, I spoke to you on Jan 13th on your television show at www.david-ingram.com, and you asked me to send you an email. I appreciate your advice. I am a renter in XXXXXXXX who is not able to afford investing money in a home here as it is too expensive. I have a money to invest and am looking for a large gain that I could be involved with and would like…