by Leif Jensen | Jun 14, 2011 | General |
The IRS is reaching out to assist unemployed workers. The new IRS Publication 4128 covers the basics on common tax issues, such as retirement plan payouts, unemployment compensation, severance pay and deducting job hunting expenses. But there is a problem tapping an...
by Leif Jensen | Jun 14, 2011 | General |
WASHINGTON – A federal court has permanently barred a Chicago tax preparer from preparing any additional federal tax returns for others, the Justice Department announced. The civil injunction order, to which consented without admitting the allegations against...
by Leif Jensen | Jun 14, 2011 | General |
“The Dirty Dozen represents the worst of the worst tax scams,” IRS Commissioner Doug Shulman said. “Don’t fall prey to these tax scams. They may look tempting, but these fraudulent deals end up hurting people who participate in them.” The IRS works with the Justice...
by Leif Jensen | Jun 14, 2011 | General |
According to the Tax Court, a student loan settlement leads to taxable income. After his college graduation, a taxpayer fell behind on his student loan. After trying to collect, the lender let him pay off the debt at a $28,000 discount. This amount is discharge of...
by Leif Jensen | Jun 14, 2011 | General |
The hammer has fallen and the IRS has revoked the tax-exempt status of 275,000 charities that didn’t file their tax returns for three consecutive years. A list of these unfortunate organizations are published on the IRS website. Small groups with annual gross...
by Leif Jensen | Jun 14, 2011 | General |
An independent contractor who is reclassified as an employee runs into difficulties. The contributions he made to his SEP account are declared nondeductible and has been hit with a penalty, by the Tax Court. As an employee, he cannot contribute to a SEP (he would be...
