Tag Archives: Disaster/Accident

IRS Commissioner Shulman to Review Innocent Spouse Rules

Courtesy of NAEA IRS Commissioner Shulman sent two identical letters to Senate Finance Committee Chairman Max Baucus (D-MT) and Congressman Pete Stark (D-CA) in response to the April 18 Senate and House letters sent to the commissioner expressing concern on the two-year limit on the innocent spouse rules. In the April 18 letters to IRS, […]

Seven Facts about Injured Spouse Relief

Courtesy of IRS If you file a joint return and all or part of your refund is applied against your spouses’ past-due federal tax, state income tax, child or spousal support or federal nontax debt, such as a student loan, you may be entitled to injured spouse relief. Here are seven facts the IRS wants […]

IRS Provides Relief for Homeowners with Corrosive Drywall

WASHINGTON — The Internal Revenue Service today issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. Revenue Procedure 2010-36 enables affected taxpayers to treat damages from corrosive drywall as a casualty loss and provides a ”safe harbor” formula […]

IRS Special Assistance Day for Gulf Oil Spill Victims

WASHINGTON –– The Internal Revenue Service announced the locations of Taxpayer Assistance Centers in seven Gulf Coast cities that will be open this Saturday, July 17 to provide help to taxpayers impacted by the BP oil spill.

Tax Relief in Disaster Situations

IRS has provided information about extended deadlines and disasters related to storms and flooding. So far, we do not see anything about relief for the economic effects of the Gulf area oil spill.   Recent Tax Relief  

Cost of Tech Support

 Remember it takes a college degree to fly a plane, but only a high school diploma to fix one. This is very reassuring to those who fly. After every flight, UPS pilots fill out a form, called a ‘gripe sheet,’ which tells mechanics about problems with the aircraft. The mechanics correct the problems, document their […]

No Profit in Waiting For God

  After a major storm, a flood had overtaken the town. As the flood waters were rising, a man was on the stoop of his house and another man in a row boat came by. The man in the row boat told the man on the stoop to get in and he’d save him. The […]

Ten Facts About Claiming Donations Made to Haiti

If you are donating to charities providing earthquake relief in Haiti, you may be able to claim those donations on your 2009 tax return. Here are 10 important facts the Internal Revenue Service wants you to know about this special provision. A new law allows you to claim donations for Haitian relief on your 2009 […]

Earthquake Insurance

Today TaxMama reads an article from Al Tompkins at Poynter.org who ponders “Is earthquake insurance worth the cost?”

Torn Down by Accident

Today TaxMama hears from Sandra in Texas, with this unusual situation. “I owned two rental properties; but one was accidentally torn down by the city. It had damage due to hurricane Ike. Can I take the value of this property off my taxes? Can I take it as a loss?”

How to Stay Safe in the World Today

Avoid riding in automobiles because they are responsible for 20% of all fatal accidents. Do not stay at home because 17% of all accidents occur in the home. (that’s 37 % already) Avoid walking on streets or sidewalks because 14% percent of all accidents occur to pedestrians.(now that’s 51%) Avoid traveling by air, trains or […]

California Wildfire Tax Relief

Today TaxMama hears from Teri in California with this question. “Do you know if there is authority for relief from the 10% penalty on early distribution of IRAs due to the California wildfires?”