Articles

Federal Gift Tax - Limits For 2009
[Finance:Taxes-Income] There is a Federal Gift Tax but it is not clearly understood by most Americans. Some folks even think they can get a deduction for a gift to a friend or relative. So you want to give money to your kids or grandkids but wonder about the tax implications; how much is tax free? Or, if the kids are in bad financial shape and given money, is it a deduction? Hopefully, this article will answer your questions.

Defending Yourself in an IRS Trust Fund Recovery Penalty Assessment Controversy
[Finance:Taxes] In the current economic climate, many firms are having a hard time paying their bills and some choose to borrow from Uncle Sam by taking employee withholding taxes and using them for operating capital instead of depositing them with the United States Treasury. IRS takes a very dim view of this unorthodox practice and the interest and penalties can be severe.

Federal Income Tax & eBay Sales
[Finance:Taxes-Income] Online auctions and retailing is big business and growing every year. eBay is the number one site for individuals to sell items and products on the internet. If you are thinking about selling on eBay, one question that you might have is if you are required to pay income tax on your sales? This article should answer your questions.

IRS Announces Plan to Work With Taxpayers in Distress
[Finance:Taxes-Income] IRS Announces Plan to Work with Taxpayers in Distress. National Taxpayer Advocate calls for compassion with taxpayers in economic distress.

2008 Tax Update
[Finance:Taxes] The US Internal Revenue Code is subject to change by Congress every time they go into session and it seems like they make changes almost that often. There are certainly major changes slated for 2009 and after Obama is in the Oval Office, we will likely have even more revisions.

IRS Expedites Lien Discharge & Subordination For Real Estate Transactions
[Finance:Taxes-Property] Reacting to current market conditions and the economic climate, IRS is expediting the processing of a Federal Tax Lien Discharge or Subordination. This action by IRS is to help taxpayers facing foreclosure, doing a refinance, or engaging in a "short sale" of real estate.

Giving Thanks For America With No Apologies
[News-and-Society:Pure-Opinion] In the Autumn of 1621, the Wampanoag Indians and the Pilgrim settlers celebrated together a feast which we have come to know as "Thanksgiving." Only 53 survivors remained of the original 102 Pilgrims who made the perilous voyage. About 90 Indians came with their king.

Help for Victims of Foreclosure - The Mortgage Forgiveness Debt Relief Act of 2007 (HR 3648)
[Real-Estate:Foreclosures] Review of recent legislation that provides tax relief for victims of foreclosure. Formerly, taxpayers could face a bill from IRS for "forgiven debt." The law provides relief for the period of 1-1-07 through 12-31-09. It is not retroactive for prior years.

Claiming a Child on Your Federal Tax Return
[Finance:Taxes] Recent tax law changes have provided greater clarity in the rules regarding claiming a dependent child on your Federal tax return. The "Uniform Definition of a Child" became effective with the Working Families Tax Relief Act of 2004.

The IRS Trust Fund Recovery Penalty: What Happens if You Don't Pay Those 941s?
[Finance:Taxes] How IRS determines liability when payroll taxes are unpaid and a corporation fails or becomes insolvent. Possible defenses to the assertion of the penalty.

Obtaining an IRS Levy Release: The 668W & 668A
[Finance:Taxes] Review of IRS Wage & Bank Levy powers. How to obtain a levy release from IRS.

Roth 401K Options
[Investing:IRA-401k] Discussion of ROTH type options that are now are available for 401ks and how they fit into the retirement planning puzzle.

IRS Hardship Status -- "Currently Not Collectable" What Does It Really Mean?
[Finance:Taxes] An analysis of the IRS "Currently Not Collectable" program. What impact does CNC have on your tax debt and IRS Collections.

IRS Gets Tough on Collection of Large Tax Debts
[Finance:Taxes] IRS policy on collection of tax debts over $25,000. Proof required to establish an Installment Agreement or Temporary Hardship. Warning of IRS Enforcement Action for non-payment.

Taxation of Forgiven Debt - The 1099C & You
[Finance:Taxes] Is forgiven debt taxable, and if so, under what circumstances? The dangers of failing to account for forgiven debts on Form 1040. What to do if you get an IRS "Under-reporter" letter.

Tax & Financial Impacts of Divorce: 10 Mistakes to Avoid
[Relationships:Divorce] A review of tax & financial implications of divorce. Common mistakes people make that have financial or tax consequences. Recommendation to have tax or financial advisor work with your attorney during the process.

I Haven't Filed a Tax Return with IRS in Years, What Do I Do?
[Finance:Taxes] Dealing with delinquent tax return issues. How to get records to prepare a return when you have lost W2s etc. Should one attempt to do old tax years on their own or hire somebody?

What is a Federal Tax Lien?
[Finance:Taxes] Brief Overview of Federal Tax Liens (FTL). Legal Impact of FTL on taxpayer. Resolution of federal lien claim.

SFR Substitute for Returns - IRS Action on Non-Filers
[Finance:Taxes] A brief analysis of the IRS SFR program for non-filers. Included is a discussion of how the program works and what rights one has to correct an SFR with an original return. Also, the consequences of ignoring IRS...

IRS Offer-in-Compromise, Don't Get Ripped Off!
[Finance:Taxes] Review of current IRS policy on settlement of taxes via the Offer-in-Compromise. Discussion of hype being used to market Offers to taxpayers.