Tag Archives: Tax resistance

IRS Reminds Parents of Ten Tax Benefits

Your kids can be helpful at tax time. That doesn’t mean they’ll sort your tax receipts or refill your coffee, but those charming children may help you qualify for some valuable tax benefits. Here are 10 things the IRS wants parents to consider when filing their taxes this year.

IRS Releases New Tax Gap Estimates; Compliance Rates Remain Statistically Unchanged From Previous Study

Courtesy of IRS. WASHINGTON — The Internal Revenue Service today released a new set of tax gap estimates for tax year 2006. The tax gap is defined as the amount of tax liability faced by taxpayers that is not paid on time.  The new tax gap estimate represents the first full update of the report […]

Old Ohio Taxes

Today TaxMama hears from Jimmy in the TaxQuips Forum with a distressing problem. “I received a notice from the State of Ohio Tax Bureau that I owe a large sum of taxes for 2004 and 2005. My taxes are taken directly out of my paycheck by my employer and I know that I paid my […]

Sold Daughter’s Home

Today TaxMama hears from Pam in the TaxQuips Forum with this problem. “My husband and I bought a house for $59.000 five years ago. Our daughter lived in the house, rent-free. Her name was on the title. We sold the house this spring for $48.000. We were issued a 1099 in our name (not our […]

Information for U.S. Citizens or Dual Citizens Residing Outside the U.S.

FS-2011-13, December 2011 The IRS is aware that some taxpayers who are dual citizens of the United States and a foreign country may have failed to timely file United States federal income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs), despite being required to do so.  Some of those taxpayers are now […]

Repeal of 3% Withholding Provision is Unanimous! Why?

HR 674 was passed by the House this week and sent to President Obama for signature. The AICPA is happy with this law. In a press release, Edward Karl, vice president of taxation for the American Institute of Certified Public Accountants said, “The AICPA commends Congress for recognizing that it makes sense to repeal the […]

Greatland Offers Tips to Navigate 2011 Tax Changes

Courtesy of Greatland Corp Avoid penalties, improve compliance and know the important changes for the 2011 year-end   Grand Rapids, Mich., Oct. 25, 2011 – Every year brings with it new changes related to W-2 and 1099 forms and reporting requirements. Due to the government’s increasing focus on the proverbial “tax gap,” it’s more important than […]

IRPAC Issues Annual Report for 2011

[TaxMama Note: In fact, a developer at Intuit just told me this week that the 1099-K form (the new merchant and 3rd party payer reporting form) for 2011 is not being used. She says IRS will not ask taxpayers to enter any info from 1099-K. Probably a results of the IRPAC recommendations. This was going […]

Terrifying Tax Tales

Today TaxMama wants to ask you. “What is your most terrifying tax tale? What is the worst thing that IRS or your state tax agency ever did to you? Or the most embarrassing thing? Did your ex-spouse or ex-lover get you in trouble? Or did your tax professional mess up big time?” Please tell us […]

What is Income?

  Today TaxMama hears from Jude in the Tax Quips Forum, with a wise question. “After reading about how barter and other unthought-of things are considered taxable, I started wondering. Are any of the following considered taxable – and how much is worth worrying about?” And Jude lists a few common happenings – which you […]

Putting Life on Hold

  Today TaxMama hears from Kris in the TaxQuips Forum, with a long story. Let me summarize. Her boyfriend is behind on filing personal and payroll tax returns. He tried to get help from an accountant who may have overcharged him, and did not complete the work because he couldn’t pay the bill. They want […]