by Leif Jensen | Jun 24, 2011 | General |
51% of households owed no federal income tax for 2009! According to a study by the nonpartisan Joint Tax Commission. In fact, about 30% of all households got back a check for their full income tax bill and more due to refundable tax credits…the earned income credit,...
by Leif Jensen | Jun 23, 2011 | General |
Not paying income taxes shown on filed returns won’t preclude bankruptcy relief. Unpaid taxes can still be discharged in bankruptcy, according to an Appeals Court: in the case of a doctor who timely filed returns showing the proper amount of tax due but didn’t send in...
by Leif Jensen | Jun 23, 2011 | General |
The IRS has issued information on disclosure of uncertain tax positions: The agency isn’t planning on extending the regime to pass-through entities, an IRS official says. So partnerships, limited liability companies and S corporations don’t have to worry about filing...
by Leif Jensen | Jun 23, 2011 | General |
Owners of unreported foreign accounts can get a disclosure extension, according to the IRS. Under the agency’s most recent voluntary disclosure program, taxpayers generally have until Aug. 31 to fess up about their offshore accounts to qualify for lesser penalties...
by Leif Jensen | Jun 14, 2011 | General |
I had lunch the other day with a couple of bankers. It was a lively discussion and one of the topics was the benefits of investing in a traditional IRA or a 401K plan verses a Roth IRA or just non qualified savings. We were discussing the current and future tax...
by Leif Jensen | Jun 14, 2011 | General |
The IRS is issuing new rules are coming for preparers of returns with the earned income credit. Preparers are going to have to file a due diligence checklist along with the returns,according to a key IRS official. The checklist will detail the procedures the preparer...
