Debt write-off (COD Income) and effect on Taxes
Over the years I have received many calls from surprised taxpayers that their debts written off (COD Income), whether it be from home loan or...
Category : Tax Laws
Recently passed bills affects many U.S. taxpayers
In two recent blog posts, we discussed issues that may affect and lengthen the statute of limitations for IRS Audits as well as options for...
3 tax complications to keep an eye on this year
Taxpayers have only a few days left before the April 15 deadline to file their income tax returns or request an extension with the Internal...
Items potentially increasing your tax bill
There’s no end to items facing taxation – ones we may be unaware of. This includes unemployment benefits, forgiven debt, and certain Social Security benefits....
IRS won’t be much help this tax season; turn to us instead
Thanks to budget cuts the IRS is warning that many taxpayers will not get the assistance they need this tax season. It is expected that...
Tax Evaders
In recent years, the U.S. government has been cracking down on tax evaders who hide money in overseas bank accounts in effort to evade taxes....
Bill seeks to close gap in tax code for forgiven student debt
Student loans are now one of the highest sources of debt for Americans, with more than $1 trillion owed. On average, college students graduating with...
IRS adopts Taxpayer Bill of Rights
hanks to the efforts of the “national taxpayer advocate,” Nina E. Olson, the Internal Revenue Service recently adopted a “Taxpayer Bill of Rights.” If you...
Turner citizenship case raises questions about international tax
It’s no secret that people in New York and all around the country dislike paying taxes. While most people see it as a necessary part...
IRS disputes a New York company’s classification of its income
The classification of profits as ordinary income or capital gains can be a controversial issue, even for professional securities and financial professionals. Recently, Renaissance Technologies,...