WASHINGTON — The Internal Revenue Service has launched a new case study and video program to help exempt organizations and their tax preparers better understand the newly revised Form 990 series which must be filed for the 2008 tax year. The Form 990 series, redesigned for the first time in nearly 30 years, requires more […]
Tag Archives: Taxation in the United States
Today TaxMama hears from Orla in Colorado. “I have a friend who has provided full support for his girl friend who is unemployed, and her daughter who is 18 and in high school. They both have lived with him for the full year. He should be able to file head of household but can he […]
Today TaxMama hears from Rick in New Jersey with this stroke of genius. “I am a salaried employee for ABC company and will be doing a separate consulting engagement for another company in my spare time. I’d like to take the entire $55,000 I will earn and put it directly into a 529 college plan […]
Today TaxMama hears from Jessie in California, who’s broke. “ I am 22 years old and unemployed. I recently hit a financial snag and am really considering cashing out my 401(k) plans. In total it would amount to $4,995.85. Because of state and federal taxes as well as the fee for cashing out early, how […]
If you have filed for the First Time Homebuyers Credit and your refund has been delayed, it’s because IRS will, sooner or later contact you for proof of the purchase of your home. [Source: IRS National Phone Forum Presentation Oct 2009] Required Documentation for Audits • Copy of closing contract (HUD-1 Settlement Statement) • Most […]
The Internal Revenue Service (IRS) may have allowed thousands of taxpayers to claim millions of dollars in First-Time Homebuyer Credits (the Credit) to which they were not entitled, according to a new report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA). TIGTA found that some taxpayers claimed the Credit for homes […]
WASHINGTON — The Internal Revenue Service today issued a new form to aid the processing of mortgage applications under the Home Affordable Modification Program (HAMP) as part of the Making Home Affordable Program. The new form will make it simpler for people, especially homeowners trying to modify or refinance their mortgages, to order copies of […]
Today TaxMama hears from Ray in Kansas who tells us. “My wife and I were first time home buyers on 08/20/09. We have been informed that if we amend our 2008 taxes, the first time home buyers credit will be treated as an interest-free loan that will have to be paid back. But if we […]
Today TaxMama hears from Sam in New Jersey with this question. “My company did an IPO this year and I will quadruple my income based on my sale of stocks. These were options I exercised years ago, before the IPO. The exercise price was 1/20th of the sales price. How do I minimize my taxes […]
Today TaxMama hears from A.H. in California who is frustrated. “How does one classify video rental inventory in accounting software? This is inventory that depreciates very quickly – the cost of a DVD from a distributor is $17 on average, to have it the day it comes out; but after just 3 months they are […]
[TaxMama note: IRS is doing their best to demysify the entire process for non-profits/exempt organizations. Use the tools!] WASHINGTON — The Internal Revenue Service has launched a new case study and video program to help exempt organizations and their tax preparers better understand the newly revised Form 990 series which must be filed for the […]
Today TaxMama hears from Rick in South Carolina with this question. “We have a small business producing conveyor replacement parts. We believe our physical inventory is grossly under valued. How can we re-evaluate this inventory and what permission do we need from the IRS?”