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...
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...
