A number of tax revisions were passed in the Senate, but are sure to face new scrutiny in the House. Among the revisions are: Increased income exemption levels in the Alternative Minimum Tax (AMT); Extensions for state and local sales tax deduction through 2006; Above the line deduction for qualified higher education expenses extended through…
From the Department of Justice this week: FOR IMMEDIATE RELEASE TUESDAY, NOVEMBER 8, 2005 WWW.USDOJ.GOV TAX (202) 514-2007 TDD (202) 514-1888 JUSTICE DEPARTMENT SUES ILLINOIS DOWN-PAYMENT ASSISTANCE ORGANIZATION Partners in Charity, Inc. Allegedly Promotes Multi-Million Dollar Housing Program by Falsely Advising Sellers They Can Claim Tax Deductions WASHINGTON, D.C. – The Justice Department announced today…
In one of the most appalling cases (IMHO) to come before the Service in recent years, a church has been warned that it could lose its tax exempt status because of a sermon. Yes, I know you’re waiting for the inevitable statement that politics were involved. And they were. But the ideological kind. Not a…
Uncle Sam, that is. CNN.com reported today that tax audits are up 20%. Key on the Service’s “hit list” are small businesses. It’s difficult to tell whether the increase in small business audits is linked to the focus on s corporations, which I blogged about before but I wouldn’t be surprised. High-income individuals are also…