Joshua Hock

On February 4, 2010 (1 pm ET / 12 pm CT / 11 am MT / 10 am PT), Logan Education Services will offer a Primer on International Estate Planning--a 90 Minute Live Teleconference that is designed to help you... Read More

Taxpayers with disabilities may qualify for a number of IRS tax credits and benefits. Parents of children with disabilities may also qualify. Tax Tip 2010-24 lists seven tax credits and other benefits that are available if you or someone else... Read More

The IRS has made available the data for tax year 2007 from Schedules M-3, Net Income (Loss) Reconciliation for Corporations.  Data is presented by size of corporation total assets and industrial sector:  Tables 1 and 2 present data ... Read More

The IRS has released Notice 2010-20, which provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code. It also provides ... Read More

The IRS has released Revenue Procedure 2010-17 which provides guidance to individuals who fail to meet the eligibility requirements of section 911(d)(1) of the Internal Revenue Code because adverse conditions in a foreign country preclude the individua... Read More

If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase.  Tax Tip 2010-26 lists eight important facts about this deduction: 1. State and local sales and... Read More

The Internal Revenue Service recently announced the year-long suspension from practice (before the agency) of a Houston tax professional who violated Circular 230 by providing false or misleading information to the Treasur... Read More

Taxpayers who received unemployment benefits in 2009 are entitled to a special tax break when they file their 2009 federal tax returns. This tax break is part of the American Recovery and Reinvestment Act of 2009. Tax Tip 2010-29 lists five... Read More

College can be very expensive. Tax Tip 2010-30 offers students and parents the following five ways to offset education costs: 1. The American Opportunity Credit This credit can help parents and students pay part of the cost of the first four... Read More

On February 12, 2010, the Internal Revenue Service released the following message for tax professionals: The IRS is providing more information regarding documentation requirements on the First-Time Homebuyer Credit. The IRS encourages buyers seeking th... Read More

On February 12, 2010, the Internal Revenue Service released the following message for tax professionals: The U.S. Department of the Treasury and the Internal Revenue Service recently announced the allocation of a second round of authority to Indian tri... Read More

If you received Social Security benefits in 2009, you need to know whether or not these benefits are taxable. Tax Tip 2010-31 lists seven facts about Social Security benefits so you can determine whether or not they are taxable to you:... Read More

Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund.  Tax Tip... Read More

The Alternative Minimum Tax attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. Tax Tip 2010-33 lists seven facts about the AMT and changes to this special tax for 2009:... Read More

In issue 2010-4 of "eNews for Small Business," the IRS directs readers attention to special tax treatment for start-up business costs: There is a special tax treatment for expenses you incur before you actually begin business operations. The IRS then... Read More

In issue 2010-4 of "eNews for Small Business," the IRS offers the following advice: To avoid delays do not send Form 1045, Application for Tentative Refund, or 1139, Corporation Application for Tentative Refund, in the same envelope as the original... Read More

In issue 2010-4 of "eNews for Small Business," the IRS directs day care business owners to an information page on its website: The Child Care Tax Center contains links to child care related topics in one convenient location.   Posted... Read More

Gambling winnings are fully taxable and must be reported on your tax return. Tax Tip 2010-34 lists seven facts about gambling winnings:   1. Gambling income includes - but is not limited to - winnings from lotteries, raffles, horse and... Read More

Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. Tax Tip 2010-35 lists ten facts about gains and losses and how they could... Read More

Revenue Ruling 2010-08 provides various prescribed rates for federal income tax purposes for March 2010 (current month) including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term... Read More

The IRS has released a message reminding taxpayers about the February 28th deadline for claiming Haiti Relief Donations on their 2009 returns: WASHINGTON -- Taxpayers wishing to claim their Haiti relief donations on the tax return they are filling out... Read More

If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit.  The IRS has released Tax Tip 2010-36 which lists the following six points ... Read More

Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Are you confused about the documentation requirements? Recognizing that the settlement documents can vary from location t... Read More

If you've changed your home or business address, make sure you update that information with the IRS to ensure you receive any refunds or correspondence from the IRS.  Tax Tip 2010-37 lists five tips for taxpayers who have recently moved: ... Read More

Military members and their spouses may be eligible to receive free tax return preparation assistance. The U.S. Armed Forces participates in the Volunteer Income Tax Assistance program and provides free tax advice, tax preparation, return filing an... Read More

The IRS has released the following message: Revenue Ruling 2010-09 announces the rates of interest.  Revenue Ruling 2010-09 will appear in Internal Revenue Bulletin No. 2010-13, dated March 29, 2010.   Posted by Joshua Hock, Associate Editor,... Read More

The IRS has released the following message: Eight articles from the winter 2010 issue of the Statistics of Income Bulletin (IRS Publication 1136) are now available. The articles present preliminary data on individual income for tax year 2008; data on... Read More

The IRS provides free publications and forms as well as other tax material and information to help taxpayers meet their tax obligations.  Tax Tip 2010-41 lists four ways you can get the information you need to file your tax return: ... Read More

Taxpayers looking for tax preparation assistance should look into IRS sponsored, community-based, volunteer tax return preparation programs. Tax Tip 2010-42 lists ten important points about these volunteer programs: 1. The IRS sponsors b... Read More

The IRS has released a message about unclaimed tax refunds; it estimates that nearly $1.3 billion dollars have yet to be claimed by taxpayers for 2006: ...For 2006 returns, the window closes on April 15, 2010. The law requires that... Read More

The IRS has made an announced a ruling that may change the tax liability for medical residents: WASHINGTON -- The Internal Revenue Service has made an administrative determination to accept the position that medical residents are excepted fro... Read More

The IRS has released the following message: WASHINGTON -- The Internal Revenue Service and the Securities and Exchange Commission announced that the two agencies agreed to work more closely to monitor and regulate the municipal bond market and industry... Read More

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Tax Tip 2010-44 lists 10 facts the IRS... Read More

The IRS has released the following message: Revenue Procedure 2010-14 provides a safe harbor method of reporting gain or loss for certain taxpayers who initiate deferred like-kind exchanges under § 1031 of the Internal Revenue Code but fail to complete... Read More

The IRS has released the following message: Notice 2010-24 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code.  ... Read More

The IRS has made the following announcement: Revenue Procedure 2010-19 provides guidance for individuals who emigrate from Canada and wish to make an election for U.S. federal income tax purposes under paragraph 7 of Article XIII (Gains) of the Convent... Read More

Most taxpayers have a choice of either taking a standard deduction or itemizing their deductions. If you have a choice, you can use the method that gives you the lowest tax.  Tax Tip 2010-48 provides information that can be helpful... Read More

The IRS has made the following announcement: Revenue Procedure 2010-20 provides a safe harbor under section 118(a) of the Internal Revenue Code for the treatment of a Smart Grid Investment Grant under 42 U.S.C. 17386 made by the United States... Read More

There are many e-mail scams circulating that fraudulently use the Internal Revenue Service name or logo as a lure. The goal of the scam - known as phishing - is to trick you into revealing personal and financial information. The... Read More

The Internal Revenue Service (IRS) today announced the release of the 2009 IRS Data Book, which is an annual snapshot of IRS activities for a given fiscal year. The report describes activities conducted by the IRS from Oct. 1, 2008,... Read More

The tax filing deadline is approaching. If you don't file your return and pay your tax by the due date you may have to pay a penalty. Tax Tip 2010-51 lists nine facts about the two different penalties you may face if... Read More

Did you receive a $250 Economic Recovery Payment in 2009? You'll need to know if you are claiming the Making Work Pay Tax Credit on your 2009 tax return. Only individuals who received income from the Social Security Administration, Department... Read More

Errors made on tax returns may delay the processing of your tax return, which in turn, may cause your refund to arrive later. Tax Tip 2010-52 lists nine common errors you should avoid to help guarantee that your refund arrives on time:... Read More

If you use a portion of your home for business purposes you may be able to take a home office deduction; Tax Tip 2010-53 offers insight into this important issue: Generally, in order to claim a business deduction for your home,... Read More

The Health Coverage Tax Credit pays 80 percent of health insurance premiums for eligible taxpayers and their qualified family members. However, many people who could be receiving this valuable credit don't know about it, and are missing out on big... Read More

Taxpayer Assistance Centers allow taxpayers to access good old-fashioned face-to-face assistance from the Internal Revenue Service. No Recorded menus. No hold Music. Tax Tip 2010-55 provides 10 examples of how visiting an IRS TAC&nb... Read More

If you are in the business of farming, there are a number of tax issues that you should consider before filing your federal tax return. The IRS has compiled a list of 10 things that farmers may want to know... Read More

Revenue Ruling 2010-11 provides various prescribed rates for federal income tax purposes for April 2010 (current month) including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long... Read More

If you are living and working abroad you may be entitled to the Foreign Earned Income Exclusion.  Tax Tip 2010-57 lists five important facts from about the exclusion: 1. The Foreign Earned Income Exclusion United States Citizens and resi... Read More

Criminals use many methods to steal personal information from taxpayers. They can use your information to steal your identity and file a tax return in order to receive a refund.  To help you avoid becoming the victim of a scam artist, Ta... Read More

The IRS has released the following message: 2007 Corporation Complete Report Now Available - This report presents data tables for corporation income tax returns with accounting periods that ended July 2007 through June 2008.  Data have been classi... Read More

The IRS has released the following message: IRS offices will be open nationwide on Saturday, March 27 from 9 a.m. to 2 p.m., local time, to help taxpayers. The location of participating offices is listed on IRS.gov.  The IRS message... Read More

The IRS has released the following message: Notice 2010-28 provides interim guidance on stripping transactions for qualified tax credit bonds under section 54A of the Internal Revenue Code and on certain income tax accounting matters associated with ho... Read More

The IRS has released the following message: Notice 2010-28 provides interim guidance on stripping transactions for qualified tax credit bonds under section 54A of the Internal Revenue Code and on certain income tax accounting matters associated with ho... Read More

Every year, millions of taxpayers donate money to charitable organizations. Tax Tip 2010-59 provides six facts you should know about the tax treatment of tax-exempt organizations. 1. Annual returns are made available to the public. Exemp... Read More

The IRS has released the following message: Notice 2010-29 provides interim rules to the issuers of variable annuity contracts on issues that arise under §§ 807 and 816 as a result of the adoption of Actuarial Guideline XLIII.  Notice 2010-29... Read More

When preparing to file your federal tax return, don't forget your contributions to charitable organizations. If you made qualified donations last year, you may be able to take a tax deduction if you itemize on IRS Form 1040, Schedule A.... Read More

If you haven't made all the contributions to your traditional Individual Retirement Arrangement that you want to make - don't worry, you may still have time.  Tax Tip 2010-61 lists 10 facts about setting aside retirement money in an IRA: &nbs... Read More

The IRS has released Announcement 2010-21: Announcement 2010-21 is issued pursuant to § 521(b) of Pub. L. 106-170, the Ticket to Work and Work Incentives Improvement Act of 1999, which requires the Secretary of the Treasury to report annually to... Read More

Are you expecting a refund from the IRS this year? Tax Tip 2010-63 provides 10 facts you should know about your refund: 1. Refund Options You have three options for receiving your individual federal income tax refund: a paper check, dire... Read More

People who owe taxes but can't pay the full amount owed by the April deadline should still file their return on time and pay as much as they can to avoid penalties and interest. If you can't pay the full... Read More

With the tax filing deadline close at hand, Tax Tap 2010-70 offers 10 tips for those still working on their tax returns: 1. File Electronically Consider filing electronically instead of using paper tax forms. If you file electronically and ch... Read More

There are many records you have that may help document items on your tax return. You'll need this documentation should the IRS select your return for examination. Tax Tip 2010-71 lists five tips from the IRS about keeping good records. 1.... Read More

The IRS has released the following message: Notice 2010-30 provides an extension of time to pay tax until October 15, 2010 to civilian spouses of military service members working in American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, or... Read More

Revenue Ruling 2010-12 provides various prescribed rates for federal income tax purposes for May 2010 (the current month) including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-te... Read More

Actually, a good deal of accounting is basically common sense. The most basic system used is called “double entry” which simply means that each entry in your accounting must have a corresponding entry to balance it out. Read More

The IRS has released the following message: REG-134235-08 provides notice of public hearing on a notice of proposed rulemaking providing guidance to tax return preparers on furnishing an identifying number on tax returns and claims for refund of tax th... Read More

The IRS has released a message discussing the Affordable Care Act's changes to the tax code: As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of... Read More

The IRS has released the following message: Workers who lose their jobs during April and May may qualify for a 65-percent subsidy on their COBRA health insurance premiums, according to the Internal Revenue Service. The American Recovery and Reinvestmen... Read More

The Planned Giving and Design Center has released the following message detailing recent developments in an ongoing ethics scandal: The United States has asked a federal court to permanently bar Philip A. Kaiser, a St. Louis tax lawyer, from promo... Read More

The Internal Revenue Service has released Publication 544, Sales and Other Dispositions of Assets for use in preparing 2009 tax returns. In an online announcement, the Planned Giving and Design Center, said that Publication 544 includes a "di... Read More

The Planned Giving and Design Center has released a message detailing a recent, private ruling by the Internal Revenue Service that, according to the Center, declares: "that a public charity's receipt of commissions in connection with a ... Read More

In Issue 2010-19 of e-News for Tax Professionals, the Internal Revenue Service made the following announcement: The Internal Revenue Service is requesting membership nominations for  (IRPAC), which provides recommendations to IRS leadership o... Read More

In Issue 2010-19 of e-News for Tax Professionals, the Internal Revenue Service made the following announcement: As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years ... Read More

The Pass-throughs and Real Estate Committee of the Taxation Section of the DC Bar Association will host a luncheon program that will address the following subject:  Government Views on Two Pieces of Recent Tax Legislation:... Read More

The Internal Revenue Service has released the following message: Notice 2010-43, the Department of Treasury and IRS invite public comments on recommendations for items that should be included on the 2010-2011 Guidance Priority List. Taxpayers may submi... Read More

The IRS has released the following reminder: A crucial filing deadline of May 17 is looming for many tax-exempt organizations that are required by law to file their Form 990 with the Internal Revenue Service or risk having their federal... Read More

The Internal Revenue Service has accepted an offer of consent to suspension from bond attorney Michael W. McCall. Under the terms of the settlement agreement, McCall will be suspended from practice before the IRS for at least 24 months for... Read More

Victims of severe storms, tornadoes, straight-line winds and flooding beginning April 24 in Alabama may qualify for tax relief from the Internal Revenue Service. The President has declared DeKalb and Marshall counties federal disaster areas qualifying ... Read More

Tax Notes has published an article by Erich Kroh, a member of the correspondence staff for Tax Analysts.  The article discusses a statement from Senate Finance Committee member Jon Kyl (R-AZ), who said on May 11 that details of... Read More

Tax Notes has published an article that discusses a recent conclusion drawn by the Internal Revenue Service in partially redacted program manager technical assistance.  The IRS addressed the temporary pooling of funds on a non-pro-rata basis ... Read More

On May 7, the Internal Revenue Service released an interim report summarizing responses to compliance questionnaires sent to 400 public and private colleges and universities in October 2008. Colleges and universities make up one of the largest nonprofi... Read More

Revenue Ruling 2010-15 provides various prescribed rates for federal income tax purposes for June 2010 (the current month) including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term r... Read More

The Internal Revenue Service has announced new guidance to make it easier for small businesses to determine whether they are eligible for the new health care tax credit under the Affordable Care Act and how large a credit they will receive. T... Read More

The Internal Revenue Service has announced issuing newly revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010.Posted by Joshua Hock, Associ... Read More

The Commissioner of the Internal Revenue Service has made the following statement:Now that the May 17 filing deadline has passed, it appears that many small tax-exempt organizations have not filed the required information return in time. These organiza... Read More

The Internal Revenue Service has announced that interest rates for the calendar quarter beginning July 1, 2010, will remain the same. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation];four (4) pe... Read More

The 2010 IRS Nationwide Tax Forums are about to begin! The tax forums are three-day events that provide tax professionals with the most up-to-date information on federal and state tax issues presented by IRS experts and partner organizations. Special E... Read More

Revenue Procedure 2010-22 provides the 2011 inflation adjusted amounts for health savings accounts under § 223 of the Code. According to the IRS, for Calendar year 2011, the annual limitations on deductions are as follows: For an individual w... Read More

Eligible employers can use the newly-revised Form 941 to claim the special payroll tax exemption that applies to many workers hired during 2010. IR-2010-64 has more information.   Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal... Read More

New guidance makes it easier to determine whether small businesses are eligible for the new health care tax credit and how large a credit they will receive. IR-2010-63 has more information.   Posted by Joshua Hock, Associate Editor, Wealth Strateg... Read More

This new program created by the Affordable Care Act will provide tax credits and grants to small firms that show significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness. Companies may submit applic... Read More

A qualifying taxpayer can choose to treat the cost of certain property as an expense instead of depreciating it over several years. Recent legislation extends the dates for expensing depreciable business assets.   Posted by Joshua Hock, Associate ... Read More

Revenue Procedure 2010-23 provides bond issuers with the United States median gross income figure, one of the figures required for determining high housing cost areas under § 143(f)(5)(D), and informs them of the availability from HUD of the state and... Read More

In recognition of National Small Business Week, the Internal Revenue Service has sent out a release calling attention to recent legislation offers special tax incentives for small businesses to provide health care and hire new workers. Specificall... Read More

The Internal Revenue Service's Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on June 9 and submit its latest round of recommendations to the IRS Commissioner Doug Shulman and other senior executives. Posted b... Read More

The Internal Revenue Service will soon begin accepting applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs, which will allow some organizations to apply for annual funding for up to three ... Read More

Revenue Procedure 2010-24 modifies the inflation adjusted amounts in Revenue Procedure 2009-50 that apply to taxpayers who elect to expense certain property under § 179 to reflect changes enacted as part of the HIRE Act. Revenue Procedure 2010-24 will ... Read More

The Internal Revenue Service has announced that it will host a special nationwide open house on Saturday, June 5 to help taxpayers solve tax problems and respond to notices from the IRS. Approximately 200 IRS offices, at least one in every... Read More

The IRS has released a message saying that Connecticut taxpayers who were unable to meet federal tax obligations because of severe storms and flooding March 12 may qualify for tax relief. For more information or to find out if you qualify, pl... Read More

Revenue Ruling 2010-16 provides that for purposes of determining the new markets tax credit allowable under § 45D, the amount of the qualified equity investment made by an LLC classified as a partnership includes cash from a recourse loan to... Read More

The IRS operates a Fishing Tax Center on its website. The center provides links to the most common tax-related topics in the fishing industry, including:Income from FishingRecord-keeping Guidelines for FishermanEstimate Taxes for FishermanFishing Penal... Read More

Taxpayers with income that is not subject to withholding may have to make estimated tax payments four times a year.  (Payment dates and deadlines are available here.)   You generally have to make estimated tax payments if you expect to o... Read More

On June 8, 2010, Commissioner of Internal Revenue Douglas H. Shulman discussed international tax administration, offshore tax compliance and information exchanges before the Business and Industry Advisory Committee to the Organization for Economic Co-o... Read More

Notice 2010-47 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code.  It also provides guidance on the corporate b... Read More

Notice 2010-49 invites public comments relating to possible modifications to the regulations under § 382 regarding the treatment of shareholders who are not 5-percent shareholders, Notice 2010-50 provides guidance under IRC 382 for measuring owner shif... Read More

Revenue Ruling 2010-17 provides that for purposes of determining the new markets tax credit allowable under § 45D, the amount of the qualified equity investment made by an LLC classified as a partnership includes cash from a recourse loan to... Read More

The Internal Revenue Service announced today that under the Affordable Care Act health care professionals who received student loan relief under state programs that reward those who work in underserved communities may qualify for refunds on t... Read More

TD 9488 contains final regulations under section 6404(g)(2)(E) of the Internal Revenue Code on the suspension of any interest, penalty, addition to tax, or additional amount with respect to listed transactions or undisclosed reportable transactions.&nb... Read More

Revenue Ruling 2010-18 provides various prescribed rates for federal income tax purposes for July 2010 (the current month) including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term r... Read More

Small firms may now begin applying for certification for tax credits or grants available for projects that show significant potential to produce new cost-saving therapies, create U.S. jobs, and increase U.S. competitiveness. To apply, firms should use ... Read More

The Internal Revenue Service is providing guidance to individuals and businesses affected by the oil spill in the Gulf of Mexico and has announced a number of new efforts to help affected taxpayers, including a special Gulf Coast Assistance Day... Read More

IRS Document 6292 contains multi-year projections of the number of tax returns to be filed with the IRS by fiscal year of filing. The publication includes detailed projections by approximately 50 different individual, business and tax-exempt return typ... Read More

The Internal Revenue Service has released Notice 2010-46, 2010-24 IRB 1, which impacts on the process for withholding and reporting by foreign intermediaries with respect to their payment and receipt of substitute dividend payments on underlying U.S. S... Read More

The Internal Revenue Service is providing administrative relief for sponsors of defined contribution plans, such as section 401(k) plans, that were affected by the storms and other severe weather in those counties in Alabama, Connecticut, Massachusetts... Read More

Laura Saunders of the Wall Street Journal has outlined what taxpayers can expect from the 111th Congress for a list of unaddressed tax issues. With the current legislative session approaching its close (currently scheduled for August) an... Read More

Barbara Taylor of the New York Times blog "You're the Boss" has made an observation that small business owners who evade taxes may not be doing themselves any favors.  Because the the value of a business is based on a... Read More

The Estate Tax may return before 2011.  Former Treasury Secretary Robert Rubin Robert Rubin has joined several others (including Abigail Disney, the grandniece of Walt Disney, and Julian Robertson, founder of Tiger Management hedge funds) in calli... Read More

In an audio program, ABA moderator Stephanie Francis Ward speaks with a distinguished panel of experts on the latest rainmaking techniques for attorneys.The experts featured are:Stephen Fairley, CEO of the Rainmaker InstituteKaren Kaplowitz, President ... Read More

Debra Cassens Weiss of the ABA Journal has published an article which reports that 83 percent of 30 responding law firms declined to participate in a survey by Fronterion that would have assessed how many top law firms are outsourcing... Read More

Lauren Saunders and Mary Pilon of The Wall Street Journal have published an article discussing the "death incentive" created by this year's lapse in the estate tax.  The authors reflect that few Washington insiders never really expected that Congr... Read More

Your summer day care expenses may qualify for an income tax credit: many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation; those expenses may... Read More

School's out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income.  IRS Summertime Tax Tip 2010-02 lists six points about income earned while working a summer job: ... Read More

Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers protect financial and tax records in case of... Read More

Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers protect financial and tax records in case of... Read More

The Internal Revenue Service announced the opening of a special telephone line for taxpayers affected by the Gulf oil spill. Individuals who have questions about the BP payments or who are experiencing filing or payment hardships because of the oil... Read More

The IRS Office of Professional Responsibility has announcement for the May 28th decision of the Appellate Authority which upheld the Administrative Law Judge's ("ALJ") disbarment of CPA Tim W. Kaskey found, among other things, that Kaskey failed to exe... Read More

The Dodd-Frank Wall Street Reform and Consumer Protection Act has been passed by both the House and the Senate. McGuireWoods LLP and McGuireWoods Consulting LLC will host an informative session on the securities law implications of this historic financ... Read More

Jason Winder of the MakeLeaps Blog has posted concise guidance for new business owners looking to hire their first employees.  Winder emphasized the emotional and instinctual elements of the hiring process, noting that people "have a library of su... Read More

If you are searching for a job this summer, you may be able to deduct some of your expenses on your tax return. IRS Summertime Tax Tip 2010-05 delivers six facts about deducting costs related to your job search.... Read More

The IRS has many resources available for individuals that are opening a new business. IRS Summertime Tax Tip 2010-05 lists six tax tips that can help new business owners: First, you must decide what type of business entity you are... Read More

Revenue Ruling 2010-19 provides various prescribed rates for federal income tax purposes for August 2010 (the current month) including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term... Read More

President Obama will sign into law this week a legislation that will launch a historic reform of the nation's financial regulation; the law will also create the Consumer Financial Protection Bureau (CFPB) and transfers to it responsibility for virtuall... Read More

Robert Frank who writes The Wealth Report for The Wall Street Journal has published a post about Pablo Eisenberg, senior fellow at the Georgetown Public Policy Institute, whose recent essay argues that rather than helping the poor, the Buffet-Gates Ple... Read More

Today, the Internal Revenue Service released proposed regulations that would establish a fee of $50 for individuals who apply for a preparer tax identification number (PTIN).  Proposed regulations that were issued in March would require certain ta... Read More

B'nai B'rith International and the Wealth Strategies Journal cordially invite you to a Kosher luncheon with Jonathan Blattmachr on Wednesday, July 28, 2010.  Lunch and registration will begin at 12:00 PM and will be followed by a presentation that... Read More

IRS Summertime Tax Tip 2010-06 lists five helpful points about the Making Work Pay Tax Credit: 1. This credit - still available for 2010 - equals 6.2 percent of a taxpayer's earned income. The maximum credit for a married couple... Read More

Jay Heflin of The Hill is reporting that The Tax Policy Center has released research showing that nearly three-quarters of Americans will pay more in taxes next year if Congress fails to extend the cuts enacted by President George W.... Read More

Joel Wendland of The People's World has reported that Former Treasury Secretary Robert Rubin joined Richard Trumka, who is the president of the AFL-CIO in calling on the Congress to reinstate the estate tax or to restore it retroactively.  Current... Read More

Whether it's moving to a new base or traveling to a duty station, members of the military have many obligations that could impact their tax situation. IRS Summertime Tax Tip 2010-07 lists 10 helpful pointers for military taxpayers to help... Read More

OMB Watch has published an opinion piece that argues that short- and long-term economic considerations require a strong estate tax that serves as a source of critical revenue and reverses the concentration of wealth among the u... Read More

The Jewish Federation of Greater Washington has highlighted a new offering from the IRS: the agency is providing temporary relief to allow small tax-exempt organizations to come back into compliance and retain their tax-exempt statu... Read More

The Jewish Federation of Greater Washington has posted an article about the IRS's release of proposed regulations that would establish a fee for individuals who apply for a preparer tax identification number (PTIN). The IRS is working to finalize ... Read More

The Internal Revenue Service issues a list of the top 12 tax scams each year - known as the Dirty Dozen. The scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution.... Read More

If you need assistance with a tax issue that can't be handled online or on the phone and want to meet with an IRS representative face-to-face, you might consider visiting your local IRS Taxpayer Assistance Center.  IRS Summertime Ta... Read More

The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service.  TAS helps taxpayers who are experiencing economic harm such as not being able to provide necessities like housing, transportation, or food, taxpayer... Read More

Taxpayers need to be careful to protect their personal information. Identity thieves use many methods to steal personal information and then they use the information to file a tax return and get a refund. IRS Summertime Tax Tips 2010-11 provides... Read More

Following the passage of the Dodd-Frank Act, executives can expect a major transformation in the world in which financial services firms must operate. Ernst and Young has released a publication that will allow individuals to read about the immedia... Read More

On May 17, 2010, the IRS began revoking tax-exempt status from nonprofits that failed to file three consecutive annual returns (Form 990-N, 990-EZ, 990, or 990-PF). As a result, as many as 300,000 nonprofits may lose their tax-exempt status, effectivel... Read More

The Insight, a newsletter that focuses on developments in elder and special needs law, has highlighted The Responsible Estate Tax Act (S. 3533) sponsored by Sen. Bernie Sanders (I-VT).  In response to the first billion-dollar e... Read More

Kimberly Palmer of U.S. News and World Report: Money has published an article that addresses the risks associated with the creation of legal documents without professional help. Her observations come as LegalZoom, a website off... Read More

The Center for Elder Law in Troy, Michigan, is has announced its Home Sweet Home Initiative. The Center's experienced elder law attorneys have helped thousands of Michigan families protect the savings of a lifetime from being spent ... Read More

Writing for The L.A. Times, Lisa Zamosky offers guidance to the nearly 11 million people taking care of the 5.3 million Americans who suffer from Alzheimer's disease.  Her advice includes: Get a thorough evaluation from a speci... Read More

Paul Sullivan, author of the Wealth Matters column for the New York Times, has observed in his most recent article that with continued scrutiny by the IRS, the wealthy have begun to reconsider the establishment of the once popular family limi... Read More

Liz Davidson of Forbes Magazine has published an article that looks into the research on and guidance for raising fiscally responsible children. She reports that a child's ability to delay gratification is the one of the best predictors of financial... Read More

Mike Moran, who writes for the Biznology blog, has published an article detailing what he expects to be four major changes that "the smartest" professionals in the marketing industry are trying to accommodate; they are:More technology: Moran notes that... Read More

Claire Bradley of Forbes Magazine has published an article which notes the financial risk of college debt for students and parents.  She observes that the $20,000 in debt the average undergraduate leaves school with can often balloon to an amount... Read More

The latest issue of the Family Business Newsletter, which serves as a guide for family owned companies, provides news updates on the most recent developments in companies that are intertwined with a family history.  In this edition: Tuttle family ... Read More

IRS Summertime Tax Tip 2010-12 offers thorough guidance for undertaking the process to amend a tax return -- may be necessary if, for example, you forgot to include some income or to take a deduction:  In some cases, you do... Read More

Heather Timmons has an article in The New York Times discussing the increase of Western lawyers who have moved overseas in response to the surge in legal outsourcing; India now has over 140 outsourcing firms, up from only 40 in... Read More

The New York Times has published an article by Lynnley Browning reporting internal changes at the IRS designed to more effectively address contentious tax cases involving multinational corporations.  The agency will rejuvenate an older unit devote... Read More

If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim that refund. If you are missing a refund for a previously filed tax return, you should contact... Read More

The IRS has sent out a press release detailing the realignment and renaming of the Large Business Division to the Large Business and International Division.  The new organization will enhance the current International program, adding about 875 emp... Read More

McGuireWoods LLP has released an update about a recent case about 401(k) plan fees and expenses.  Tibble, et al., v. Edison Int'l., et al., U.S.D.C (C.D.Ca.) Case No. CV 07-5359 SVW (AGRx) focused on responsibilities of the Edison International fi... Read More

The accounting offices of Presti and Naegele recently published an article "Back to the Basics: Common Gift Tax Return Mistakes".  The post, which summarizes a longer article released by the AICPA, cautions against making the following errors:Dono... Read More

Tax information can be difficult to understand in any language but it can be even more difficult if it is not in your first language. To assist Spanish speaking taxpayers, the IRS provides a wide range of free products and... Read More

The Asia Times has published an article discussing the the approaching expiration of the Bush tax cuts.  Like many other journalists, reporters Hossein Askari and Noureddine Krichene predict that American tax questions will go unanswered... Read More

Isaiah Poole, who writes a blog for The Campaign for America's Future, has released a post criticizing a column by Robert J. Samuelson of the Washington Post.  Samuelson suggests that the American tax burden... Read More

Providing excellent customer service is a cost-effective way for small firms and legal departments to set themselves apart from the competition and win clients. Robert Half Legal has released "Go the Extra Mile: Building a Service-Oriented Small B... Read More

Moses Singer LLP  has made announcement highlighting a change in New York law that makes no-fault divorce an option for residents of the state. Prior to this development, New Yorkers needed to show proof of fault to make divorce proceedings... Read More

Thinking about making some energy saving improvements to your home this summer? Taking some energy saving steps now may lead to bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements ... Read More

You may not be thinking about your tax return right now, but summer is a great time to start planning for next year and to make sure your records are organized.  Maintaining good records now can make filing your return... Read More

The IRS Web site - IRS.gov makes it easy to get an answer to a tax question, anytime during the year. The site is available 24 hours a day 7 days a week. Whether you need a form or have... Read More

The TaxProf Blog has highlighted a recent report by the Treasury Inspector General for Tax Administration.  The report concludes that while improvements have been made, additional actions from the Internal Revenue Service could ensu... Read More

Janet Novak of Forbes Magazine recently published commentary for her blog, Taxing Matters.  Her new piece examines the consequences of the estate tax lapse for "moderately well-to do families."  Specifically, Nov... Read More

In a recent article for Forbes Magazine, Deborah Jacobs examined the implications of the estate tax lapse and the uncertain economy for the gift tax.  She indicates that the following five tricks may reduce gift tax b... Read More

In a recent newsletter, CCH, a tax services conglomerate, highlighted a decision by the Tax Court that the California-based Foundation of Human Understanding is not a religious organization "because its associational activities were incidental to its p... Read More

The Franklin News Post of Rock Mountain, Virginia has published an article that addresses the estate tax debate and its effect on small businesses and family farms.  The article suggests that the 55% rate scheduled to return at the beginning... Read More

The Aspen Family Business Group has released its latest monthly newsletter.  This issue provides guidance on how to properly navigate Buy Sell Agreements "documents the terms and conditions for a sale of business interests under given triggering e... Read More