Category Archives: IRS

The IRS Enters the YouTube Age

Posted on March 26, 2008 by Russ

Linda Stiff, Deputy Commissioner of the IRS, speaks to Americans that they may need to file a tax return in order to get the stimulus/rebate payment. Here’s the video:

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When You’re Getting Your Tax Rebate (Stimulus) Check

Posted on March 17, 2008 by Russ

The IRS today released the schedule of when the stimulus payments will be received: By Direct Deposit: Last Two SSN Digits Payment Will be Transmitted By: 00 through 20 May 2 21 through 75 May 9 76 through 99 May … Continue reading →

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Section 1031 Exchange Primer

Posted on March 9, 2008 by Russ

Section 1031 exchanges are complex. The IRS has just released a fact sheet on these exchanges. These exchanges are used to defer gains on real estate. Hat tip: Roth Tax Updates

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$1 = $300

Posted on March 4, 2008 by Russ

If I told you that $1 equals $300, you’d rightly tell me that I need to take remedial math. However, there is an instance where that’s the case. The IRS issued Revenue Procedure 2008-21 yesterday. This Revenue Procedure allows an … Continue reading →

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February 28th, Not the 29th, Is the Deadline

Posted on February 27, 2008 by Russ

There’s a tax deadline tomorrow that effects employers and others. If you file paper copies of 1099s/1096s and/or W-2Gs/1096s, you must mail your copies by February 28th, not February 29th. If you electronically file your information returns, you have until … Continue reading →

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Economic Stimulus Rebates & Tax Rebate Calculators

Posted on February 23, 2008 by Russ

If you’re wondering what your tax rebate will be, here are a couple methods to find out. Kiplinger has added a rebate calculator. And Spidell will soon add one to their website. The IRS has updated their webpage on the … Continue reading →

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Actors In Tax Trouble

Posted on February 21, 2008 by Russ

Fresh off the Wesley Snipes case two actors are having their own tax troubles. Joe Kristan found this story about Joe Pesci. Mr. Pesci besides appearing in movies has his own production company with employees. The regulation involved states, “You … Continue reading →

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Swallows Holding Decision Now Available

Posted on February 19, 2008 by Russ

The Third Circuit Court of Appeals ruling in Swallows Holding, Ltd. v. Commissioner is now available online. The summary of the ruling is: “This case, grounded in the principles of administrative law, requires that we review the validity of an … Continue reading →

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Foreign Taxpayers Better File on Time…

Posted on February 18, 2008 by Russ

…or at least within 18 months of their due date. Why? IRS regulations hold that if a foreign corporation files after that date they cannot take any deductions. Consider a hypothetical corporation, Foreign Company Ltd., which has US source gross … Continue reading →

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One Last Electronic Filing Delay

Posted on February 17, 2008 by Russ

If you are going to file Form 982 you will not be able to electronically file until March 3rd. Form 982 is the new form that allows taxpayers to not have to claim canceled home mortgage debt as income. You … Continue reading →

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