The Internal Revenue Service today announced several additional steps it is taking this tax season to help people having difficulties meeting their tax obligations because of unemployment or other financial problems. Listed below are the details for some of the efforts...
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The IRS has made the following announcement: Notice 2010-26 designates the Chile earthquake occurring in February 2010 as a qualified disaster for purposes of § 139 of the Internal Revenue Code in the affected areas of Chile. The designation enables...
Taxpayers who pay state or local real estate taxes but don't qualify to itemize their tax deductions, may qualify for an increased standard deduction. This is the last year that the higher standard deduction for real estate taxes is available....
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Rodney D. Chrisman has posted the abstract from an article titled "LLCs are the New King of the Hill: An Empirical Study of the Number of New LLCs, Corporations, and LPs formed in the United States between 2004-2007 and How...
Bloomberg, in an article titled "Business Lobbyists Push to Revive Estate Tax They Tried to Kill," reports that the National Federation of Independent Business and the Associated General Contractors of American are calling on Congress to reinstate the estate tax...
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Heather M. Field has posted an article titled "Explicit Elections in the Federal Income Tax System," 47 Harv. J. on Legis. 21 (2010), on SSRN. The abstract is below: Taxpayer choice pervades the federal income tax system. This choice can be made either...
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Jeffrey Brown presented a paper titled "Automatic Lifetime Income and Retirement Income Security," today at Northwestern. The presentation was part of Northwestern's Advanced Topics in Taxation Series organized by Tom Brennan and Charlotte Crane. The abstract is below: This paper proposes that...
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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 Convention...
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Did you pay someone to care for a child, spouse, or dependent last year? If so, you may be able to claim the Child and Dependent Care Credit on your federal income tax return. Tax Tip 2010-46 lists 10 important...
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The IRS has asked for public comment on Form 1041. See also Comments Requested on Estate Income Tax Return, 2010 TNT 43-54, March 5, 2010.Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal....
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The ABA Journal reports that many lawyers do not believe that early retirement is an option. Citing retirement benefits and just the pure love of the job, many lawyers are not retiring and in fact, leaving firms like Arnold &...
The ABA Journal reports that due to the recession in the third quarter of 2009, recruiting numbers by U.S. firms on law school campuses have plummeted. However, NALP's Executive Director James Leipold suggests that the worst is behind us, and...
Michael D. Bosasera at the Ohio Trust & Estate Blog, has posted an article on asset protection techniques, including recommendations covering liability insurance, corporate entities, vehicles, and when to act. Please click here for the full post. Posted by Marc...
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...
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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. It also provides guidance...
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The IRS has released the following message: WASHINGTON -- Massachusetts Tax Attorney Kevin Kilduff was barred from practicing before the Internal Revenue Service for 48 months for failing to file one federal tax return and for filing another five returns...
The Child Tax Credit is a valuable credit that can significantly reduce your tax liability. Tax 2010-45 lists 10 important facts from the IRS about this credit and how it may benefit your family: 1. Amount - With the Child...
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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...
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The IRS has recently solicited public comments on Form 990, the informational return for tax-exempt organizations. The IRS uses Form 990 to determine whether exempt organizations continue to fulfill the qualifications and requirements for tax exemption and whether the filers...
In a recent letter to IRS Commissioner Douglas Shulman, members of the American Bar Association Section of Taxation proposed 17 examples of program-related investments (PRIs) by exempt organizations. These new examples supplement 19 other examples that the Section of Taxation...
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