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) […]
Category Archives: IRS News
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. […]
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 […]
IRS spokesman Eric Smith reminds us that deadline extensions provided to disaster-area taxpayers and those serving in Iraq, Afghanistan and other combat-zone localities also give those affected more time to put money into an IRA. [note: You will find the links in the Resource Box below] Filing and payment extensions, granted by the IRS in […]
Courtesy of IRS – IR-2008-56 WASHINGTON — The Internal Revenue Service reminds taxpayers who owe but can’t pay in full that several options are available to help them meet their tax obligations and save money by the April 15 filing deadline. Taxpayers should file their return on time, pay as much as they can with […]
TaxMama’s Economic Idiot Award goes the 58 Senators who voted for this plan. Speaking of wasting money. Did you follow the Congressional debates on the foreclosure crisis? [See links in Resource Box below.] What a total disappointment! Congress nixed the authority for bankruptcy judges to revise interest rates and principal on existing loans – so […]
Courtesy of IRS – IR-2008-049 WASHINGTON — National Taxpayer Advocate Nina E. Olson announced today that the IRS will accept applications for a part-year Low Income Taxpayer Clinic (LITC) matching grant from qualified organizations that will provide services to qualified taxpayers in the following areas: Los Angeles, California; Central Oregon; Boise, Idaho; Minneapolis, Minnesota; Reno […]
New Guidance for 2005 Gulf Hurricane Victims (See Resource Box for live links) Information has been added to IRS.gov for Hurricane Katrina, Rita and Wilma victims who claimed casualty and theft losses on their individual income tax returns and are now handling reimbursements received in tax years after the loss occurred. Town hall meetings are […]
Courtesy of the Internal Revenue Service TT-2008-60 If you already filed your federal tax return and are due a refund, you have several options for checking on the status of your refund. One way is to use “Where’s My Refund?” an interactive tool on the IRS Web site at IRS.gov. Simple online instructions guide taxpayers […]