Courtesy of the Internal Revenue Service WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. Some of these changes include the following: Special Charitable Contributions for Certain IRA Owners This provision, currently scheduled to expire at the end of […]
Tag Archives: IRS tax forms
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 […]
Today TaxMama hears from Leslie in the TaxQuips Forum who makes an excellent point. “When a Member of the Screen Actors Guild becomes disabled, in order to receive their Pension, they must sign paperwork. One of the acknowledgments is that “You have been made aware that FICA should not be taken out of your residuals […]
Today TaxMama hears from Krissy in the TaxQuips Forum who needs help. “I am married with two children, low income and my husband owes back child support. Last year I filed separately and ended up owing taxes. I had to set up a payment plan with the IRS to pay it off. I’d like to […]
[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 […]
Today TaxMama hears from Bret in the Tax Quips Forum, with an IRS rejection letter. To make a long story short – “IRS rejected his Lifetime Learning Credit for 2009 because the Form 1098-T showed –0- in box 1. And because his employer paid the expense – even though he paid taxes on the education […]
Courtesy of the IRS Don’t Overlook Special Individual and Small Business Tax Benefits; Choose e-file, e-pay [TaxMama Note: Be careful. If you have disclosure statements that you want to go to IRS with your tax return, make sure your tax software company is transmitting those pages or forms. If you cannot reach them in time, […]
Today TaxMama hears from Marina in the Tax Quips Forum, with this situation. “Two separate clients have purchased houses to flip in 2010. One is a R.E. agent the other is the owner of a construction co. (C corp). Both have purchased a house, and after renovating them, both were able to flip their houses […]
Courtesy of IRS. [TaxMama note: IRS issued this announcement on Sept 29, 2011. Not quite enough time to post this, much less for you to use this information by October 3rd. If you missed the deadline and didn’t get to file for an extension, try to get the extension anyway. The rules for last year […]
Today TaxMama hears from Anthony in the Tax Quips Forum with this question. “I won $100,000.00 at Bally’s casino in Atlantic City on January 15, 2011 However, by now I have gambled all my winnings away. I don’t own a house or car or anything, nor do I have any money left in the bank. […]
[Note: Stay tuned to TaxMama’s TaxWatch column in MarketWatch.com next week, for an anlysis of this program before you participate in it.] Past Payroll Tax Relief Provided to Employers Who Reclassify Their Workers as Employees WASHINGTON – The Internal Revenue Service today launched a new program that will enable many employers to resolve past worker classification […]