Tax Update Piece On Its Way
A lot has happened in the tax world over the past 24 hours. I’m working on a comprehensive article about the new tax bill. In the interim, you can catch some of the highlights in this piece I did for AOL’s WalletPop.
A lot has happened in the tax world over the past 24 hours. I’m working on a comprehensive article about the new tax bill. In the interim, you can catch some of the highlights in this piece I did for AOL’s WalletPop.
In honor of President’s Day, I thought it would be fun to try and match U.S. Presidents to their tax policies. For purposes of clarification, I am well aware that tax legislation is Congressional, not presidential, but the President sets the tone for policy and action, so that’s the framework we’re using for the tax…
The House moved quickly to vote yes on a bill to tax big employee bonuses given by companies who have taken substantial amounts of TARP money. The bill would impose a 90% tax on bonuses to highly compensated employees of companies that received more than $5 billion (with a b) in TARP money from the…
The IRS has updated Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). I know, you’re thinking “So what?” Well, the “So what?” is the updated worksheet for determining insolvency, found on page 6 of the Pub (and at the bottom of this post). The worksheet is a handy resource for taxpayers who have…
Taxpayer asks: Hi, I read your blog entry that explains that service time donated to a charity is not deductible. What if there is an actual assignable value of the service time to the charity? For example, I am donating my services as an auction item for a charity auction; if somebody buys it for…
Initial reports indicate that 32 people were arrested on Wednesday morning as part of protest to mark the fifth anniversary of the war in Iraq. As initially reported, the protesters blockaded the IRS building as a statement in protest of the use of tax dollars to fund the war. I am not sure how many…
It’s cold and snowy out today in Philadelphia and across much of the country. It’s the kind of day where you really should stay inside and get things done… like maybe your taxes. The Internal Revenue Service (IRS) previously declared that the 2012 tax season has officially kicked off and this week, the IRS proclaimed…