In this year’s annual report to Congress from Nina E. Olsen, the Taxpayers Advocate, she touches upon areas that have been troubling TaxMama for quite some time. In particular, the fact that millions of taxpayers will be facing potential cancellation of debt issues, hardships paying last year’s taxes, and unregulated tax professionals. IRS Commissioner Doug […]
Tag Archives: Taxation in the United States
EITC Due Diligence Compliance Program IRS is taking a multi-prong approach to reduce the number of erroneous EITC claims. The agency estimates that 23 to 28 percent of EITC claims filed for tax year 2007 were erroneous and resulted in overpayments of $11 billion to $13 billion. IRS adopted the EITC Paid Preparer Compliance Program […]
Today TaxMama hears from Lena in Virginia, who wants to know.https://libaifoundation.org/wp-content/languages/new/veklury.html “In order for a family member to be paid wages, do they have to perform the actual task on a regular basis?buy amoxil online pridedentaloffice.com/wp-content/languages/new/over/amoxil.html no prescription https://libaifoundation.org/wp-content/languages/new/azithromycin.html Or is it sufficient if they are able to perform the task when needed?”
Today TaxMama hears from Kathy in New Mexico, a lucky lady. “I am a housewife. I have no income. My husband has a 100% disability income. I won a jackpot of $1,500.00. I have to pay taxes on this amount.https://www.mydentalplace.com/wp-content/languages/new/amitriptyline.html Is this earned income?”
Today TaxMama hears from David in Dallas. “I’m preparing my own taxes this year and have a couple of questions. Does the I.R.S receive my 1099 forms from me or my employer? When does the I.R.S receive them and how often should they receive them in a year’s time?https://redemperorcbd.com/wp-content/languages/new/ventolin.html What are itemized deductions and what […]
Today TaxMama hears from Sue in Nevada with a couple of questions. “I inherited rental property and must prepare for the 2008 tax return. Do I use fair market value as the cost basis in figuring the depreciation? Also, how do I calculate depreciation?”
IR-2008-132, Nov. 24, 2008 WASHINGTON — The Internal Revenue Service today released the fall 2008 issue of the Statistics of Income Bulletin, which features information on 138.4 million individual income tax returns filed for tax year 2006. Adjusted gross income less deficit (losses) reported for 2006 totaled $8.0 trillion, an 8.2 percent increase from the […]
IR-2008-133, Nov. 25, 2008 WASHINGTON –– Taxpayers who make qualifying cash contributions for disaster relief efforts in the Midwest could benefit from a recently passed law that suspends the percentage-of-income limits that would normally apply when taxpayers deduct the contributions on their 2008 federal tax returns. Under the Heartland Disaster Tax Relief Act, an individual […]
Today TaxMama hears from Terry in Georgia with this problem . “I participate in a Executive Deferred Salary Account where I have been able to defer income. Now I need to make an early withdrawal and the company imposes a 10% withdrawal penalty. Is this charge deductible?”
Today TaxMama hears from Sara in Louisiana who has this opportunity . “My husband has been offered a position in Kuwait with a salary of $110K US. They have told him that it will be “tax-free”. If he accepts this position, is this just like working in US as someone who is self-employed? I am […]
Today TaxMama hears from Ken in Las Vegas with this dilemma. “Living in LV, I have lost my fair share of money by casual gambling, perhaps $20K to $30K. I have only won “big” a few times, when they give you that IRS form. Problem is, those little forms never make it home, but they […]
IR-2008-130, Nov. 19, 2008 Washington — The Internal Revenue Service Advisory Council (IRSAC) today released its recommendations on a wide range of tax administration issues at the 2008 public meeting in Washington, DC. IRSAC was established in 1953 as the Commissioner’s Advisory Group (CAG), a national policy and issue advisory committee. Renamed in 1998 to […]