Dear Family, Well, at long last, tax season is over. And coming up next month, there no tax deadlines you need worry about. Hooray! It’s also the end of a life. Last night, Storey Bonner Cordell closed his eyes for the last time. He’s off to join his wife. All week long, his friends visited […]
Tag Archives: United States
Dear Family, Tax season countdown – 10 days. Monday is Columbus Day, so don’t expect to be mailing anything to anyone via the USPS. Do you ever have one of those days? Does everyone else have days like that, too, that day? Yesterday was an odd day like that. A friend called and said she […]
Courtesy of IRS – IR-2007-153 WASHINGTON — The Internal Revenue Service today announced the release of the summer 2007 issue of the Statistics of Income Bulletin, featuring data from 21.5 million individual income tax returns that reported non-farm sole proprietorship activity in tax year 2005. Profits from all non-farm sole proprietorships totaled $269.9 billion in […]
IRS Warns of New e-Mail Scam Offering Cash for Participation in “Member Satisfaction Survey” Courtesy of IRS – IR-2007-148, Aug. 28, 2007 WASHINGTON — The Internal Revenue Service today issued a consumer alert regarding a new, two-step e-mail scam that falsely promises recipients they will receive $80 for participating in an online customer satisfaction survey. […]
[TaxMama Note: $245 billion (71%) of the Tax Gap results from individuals who under-report their income, over-report expenses, don’t pay tax, or file tax returns, IRS estimates that non-filers account for about $25 billion of the Tax Gap. And that over $100 billion is caused by small businesses. I tell you this just so you […]
Today TaxMama hears from Erik in Columbia who needs help.https://www.playavistaorthodontics.com/wp-content/languages/new/azithromycin.html “I have a question about the physical presence test and the exemption granted by the “waiver of time requirements”. I work most of the year in Colombia, South America. When I am on break I am directed by my employer to leave the country because […]
Part of rebuilding New Orleans often challenges residents with the task of tracing home titles back potentially hundreds of years. With a community rich with history stretching back over two centuries, houses have been passed along through generations of family, sometimes making it quite difficult to establish ownership. Here is a great letter an attorney […]
Free Webinar Who: Roccy DeFrancesco, JD, CWPP™, CAPP™, Founder of The Wealth Preservation Institute What: What’s Wrong with Missed Fortune 101 and Learning Equity Harvesting the “Correct” Way When: July 11, 2007 3:00 pm EST. Register: send email to info@thewpi.org with WEBINAR in the subject line What’s Wrong with the “New” Missed Fortune 101? (aka, […]
WASHINGTON — The Internal Revenue Service today announced the release of the spring 2007 issue of the Statistics of Income Bulletin. Highlights include articles on high-income individual income tax returns, taxpayers reporting noncash contributions, farm proprietorship returns, qualified zone academy bonds, international boycott reports and S corporations. The article on farm proprietorship returns is the […]
By David & Mary Mellem, EAs The issue is whether a tax practitioner can be convicted under §7206(2) for preparing a fraudulent return and presenting it to the taxpayer with the expectation that the taxpayer will file the return or whether the return has to be presented to IRS for processing in order for the […]
Today TaxMama hears from Mike in the Tax Parlor, who tells us “I started working overseas in Kuwait for a US company in March 2007. I am a USMC contractor planning on working this contract through September 2008. Will I be able to take advantage of the foreign earned income credit exclusion? And what is […]
Today TaxMama hears from John in the TaxParlor who says, “I had a client ask how to claim a rental in Canada. He got it this year 2006. He pays property tax and mortgage interest and has some other costs. He also said it was a time share. He is not using it and only […]