If you own a foreign bank account, brokerage account, mutual fund, unit trust, or other financial account, then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if The person […]
Category Archives: IRS – Information
HR 2419: To provide for the continuation of agricultural programs through fiscal year 2012, and for other purposes. Highlights: -Prohibits persons with adjusted gross non-farm income of over $500,000 or adjusted gross farm income of over $750,000 from receiving certain types of subsidies (Sec. 1604). -Requires the Secretary of Agriculture to spend $991 million during […]
Simplifying the deduction for small businesses with an office in the home is one of SBA’s Office of Advocacy 2008 Top 10 Rules for Review and Reform. The Top 10 are drawn from over 80 rules nominated by small business owners and representatives as part of the SBA’s Regulatory Review and Reform initiative. Submitted by […]
Courtesy of Spidell Publishing Inc. Spidell’s Flash E-mail #2008-11 The U.S. Supreme Court has issued a ruling permitting states to exempt interest on their own bonds from taxation, while taxing residents for interest on bonds issued by other states. (Dept. of Revenue of Kentucky v. Davis (May 19, 2008) _ US _, Case No. 06-666) […]
Today TaxMama hears from Lincoln in Texas, who tell us.https://www.datafactories.org/wp-content/languages/new/homework-help-cpm.html “I am paying $150 a month on 2006 taxes. Is there a way to see how much I still owe? I have tried to find an online resource to do this, but I can’t find anything. ”
Courtesy of IRS This year Hurricane Preparedness Week is May 25 – 31, 2008. Educational activities held throughout the week can be viewed at the Hurricane Preparedness Web site. The goal of Hurricane Preparedness Week is to provide the public with information about hurricane hazards, and to provide knowledge that can be used to take […]
Courtesy of IRS – FS-2008-20, April 2008 WASHINGTON—Internal Revenue Service research indicates that understated business income contributes significantly to the tax gap, with the majority understated by small businesses. To assist small business and self-employed taxpayers better understand their reporting obligations, this fact sheet addresses the issue of income and how to determine gross income. […]
Today TaxMama hears from Cheryl in Pennsylvania, who wants to know “Is there gonna be another tax rebate check sent out in 2008, for the year 2001?buy symbicort canada http://healthinschools.org/wp-content/languages/new/canada/symbicort.html no prescription Because I did not receive any in 2001. And I worked and filed my income tax return.”
Today TaxMama hears from Laura in Arizona, who tells us “I did my daughter’s taxes this year through Turbo Tax.https://pavg.net/wp-content/languages/new/xifaxan.html We had the AZ State refund deposited into her account and the Federal refund deposited into mine.https://pavg.net/wp-content/languages/new/premarin.html Is that the reason that she hasn’t received her direct deposit rebate check yet? Will it be a […]
Interestingly enough, this information came from an Internet information newsletter, not a tax newsletter. In brief: NY State hit Amazon.com for sales taxes even though Amazon does not have a physical location in the state. Amazon is suing, claiming the New York law is unconstitutional based on a 1992 U.S. Supreme Court ruling that claims […]
Courtesy of IRS – IR-2008-70 WASHINGTON — As millions of Americans begin receiving their economic stimulus payments, the Internal Revenue Service released a list of the most-frequently-asked questions –– and answers –– that people now are asking. “Many people have questions about the stimulus payments, and the IRS has the answers available on the IRS.gov […]
Courtesy of NAEA – www.naea.org Rep. Xavier Becerra (D-CA) last week introduced H.R. 5716, the Taxpayer Bill of Rights Act of 2008, in the House of Representatives. The bill includes NAEA’s key legislative initiative—regulation of paid return preparers. The House Ways and Means Committee last Wednesday approved 23–17 the Taxpayer Assistance and Simplification Act of […]