On June 26, 2012, the IRS announced new streamlined filing compliance procedures for non-resident U.S. taxpayers to go into effect on September 1, 2012. These procedures are being implemented in recognition that some U.S. taxpayers living abroad have failed to timely file U.S. federal income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs), Form TD F 90-22.1, but have recently become aware of their filing obligations and now seek to come into compliance with the law. These new procedures are for non-residents including, but not limited to, dual citizens who have not filed U.S. income tax and information returns. Continue Reading →
Instructions for New Streamlined Filing Compliance Procedures for Non-Resident, Non-Filer U.S. Taxpayers
A special exemption on principal reduction and other aid from banks, in place since 2007, is set to expire at year’s end. Some lawmakers are seeking an extension.
By Jim Puzzanghera, Los Angeles Times
3:00 AM PDT, September 7, 2012
WASHINGTON — Struggling homeowners who obtain reductions in their mortgage debt face a new obstacle starting next year — a bill for taxes on that aid.
A special exemption of as much as $2 million per household in principal reduction and other aid from banks, in place since 2007, is set to expire at year’s end.
Anita Campbell Founder Small Business Trends
October 14, 2010
Have you gotten an audit letter from the IRS yet? The agency is auditing 2,000 companies this year at random as part of its Employment Tax National Research Project (NRP).
If you haven’t received an audit letter, that doesn’t mean you can relax. The IRS will continue performing 2,000 random audits each year through 2012. And even if your company never receives an audit letter, the results of the project will have far-reaching impact on all small businesses. Continue Reading →
By Jack Hagel and Alistair M. Nevius, J.D.
July 30, 2012
The National Association of Realtors has some tax advice for users of the internet: Don’t believe everything you read.
There has been a recent flare-up of chain emails purporting that, come Jan. 1, all real estate transactions will be subject to a 3.8% federal sales tax. The problem: That’s not true.
“This is grossly inaccurate,” said Stephanie Singer, a spokeswoman for the Washington-based Realtors association. “It’s not a sales tax on all properties.”