Tax news October 2007

Tax

Homeowners with two homes could foot bill for foreclosure victims

The House Ways and Means Committee has approved a bill designed to provide aid to struggling homeowners who are in debt over their heads and facing foreclosure on their homes. The bill provides tax relief for homeowners whose mortgage debt is forgiven. Currently, forgiven debt is considered to be taxable income.
Tax

IRS announces new national standards for food, clothing, and other items

The IRS has announced new national standards for five necessary expenses: food, housekeeping supplies, apparel and services, personal care products and services, and miscellaneous. The standards are derived from the Bureau of Labor Statistics Consumer Expenditure Survey.The IRS Collection Financial Standards are intended for use in calculating repayment of delinquent taxes. These National Standards are effective on October 1, 2007 for purposes of federal tax administration only.

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