02/01/2012 - 11:39 - 1267 reads
New cost basis reporting rules now apply to Form 1099-B sent to investors and to the IRS. But other onerous reporting rules for businesses and landlords scheduled to take effect in 2012 have been repealed. If you're confused, you're not alone. Here's a brief recap on what is and isn't taking place this year.
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12/20/2011 - 14:19 - 2385 reads
On December 15, before an audience at the IRS/George Washington University Twenty-Fourth Annual Institute on Current Issues in International Taxation, IRS Commissioner, Douglas Shulman, talked about tax cheats in the international arena and how the IRS is "turning up the pressure."
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12/27/2010 - 11:32 - 5479 reads
The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is packed with new provisions. Following is a rundown of what you can expect from this legislation.
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12/17/2010 - 10:57 - 6379 reads
President Barack Obama signed a tax bill into law Friday that allows tax cuts for all income levels to continue for another two years and extends unemployment benefits for the next 13 months.
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12/15/2010 - 17:10 - 4419 reads
The U.S. Senate today gave broad bipartisan approval to a tax bill that extends the Bush era income tax rates, capital gains and dividend rates for individuals, and adjusts exemptions for the AMT.
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12/07/2010 - 13:25 - 3720 reads -
President Barack Obama announced a compromise with Republican congressional leaders to extend the Bush-era income tax rates, extend unemployment compensation, and cut payroll taxes.
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12/01/2010 - 12:08 - 4375 reads
As 2010 winds down, there is still plenty of time to put last-minute tax-planning techniques into play, according to Grant Thornton LLP.
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11/24/2010 - 12:32 - 3289 reads
Big changes are coming to the estate tax in 2011 with or without Congressional action. At the end of this year, the estate tax reform passed in 2001 is set to expire. Lawmakers still have not made up their minds what to do about estate tax reform.
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07/02/2010 - 17:55 - 7397 reads -
On Friday, July 2, President Barack Obama signed into law the Homebuyer Assistance and Improvement Act of 2010, legislation designed to give homebuyers extra time to get financing and finish paperwork and still qualify for the homebuyer tax credit.
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06/02/2010 - 10:48 - 1385 reads
More than half of property tax executives expect their companies’ property tax burden to either remain the same or increase in 2010, compared with last year.
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05/04/2010 - 17:43 - 2390 reads
The silent approach to communication might be fine for a mime, but it can lead to trouble for accountants. One area where lack of written communication repeatedly opens the door for claims is preparation of estate tax returns.
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04/27/2010 - 16:07 - 2885 reads
The recession has had a huge impact on state and local business tax collections, according to a recent study. This decline has legislators scrambling to fill huge budget gaps by raising taxes and reducing government spending.
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01/19/2010 - 22:45 - 31911 reads
Claiming the First Time Homebuyer Credit and additions to standard deduction gets complicated with new tax forms and required documentation.
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10/21/2009 - 13:49 - 3647 reads
As the first time home buyer credit moves toward expiration, it is getting mixed reviews. Critics complain about cost. Proponents want an extension of the credit.
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09/17/2009 - 11:43 - 2803 reads
Despite a still-struggling U.S. economy, most equity investors have remained on the sidelines waiting to capitalize on forced sales and more motivated selling.
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08/13/2009 - 00:05 - 3696 reads -
House swapping has moved beyond vacation home swapping to what is often called “permanent swapping,” that is, homeowners are now trading their principal residences.
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08/05/2009 - 20:18 - 3203 reads
The Internal Revenue Service announced its first successful prosecution related to fraud involving the first-time homebuyer credit.
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06/19/2009 - 13:28 - 4155 reads
In April, 2009, the Small Business & Entrepreneurship Council (SBE Council) published the "Business Tax Index 2009: Best to Worst State Tax System...
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05/31/2009 - 20:56 - 3929 reads
It's a great idea... stimulating the economy from the ground up by giving would-be homebuyers an $8,000 push. But since the purchase must complete bef...
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05/27/2009 - 20:25 - 5211 reads -
With previous efforts to aid homeowners who are facing foreclosure or whose home values are "underwater" making only a slight dent in foreclosure proj...
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