Browsed by
Category: Announcements

JUNE 15 BECOMES NEXT DEADLINE FOR SOME

JUNE 15 BECOMES NEXT DEADLINE FOR SOME

U.S. citizens and resident aliens who have lived or worked abroad during some or all of 2014 may have a U.S. tax liability and filing requirement this year. A filing requirement generally applies even if a taxpayer qualifies for tax benefits such as the foreign earned income exclusion or the foreign tax credit which nonetheless may reduce or eliminate their U.S. tax liability. These tax benefits are not automatic and are only available if an eligible taxpayer files a U.S….

Read More Read More

Jointly Owned Homes in Bankruptcy: What Happens?

Jointly Owned Homes in Bankruptcy: What Happens?

A house divided against itself cannot stand.   — Abraham Lincoln (assassinated 150 years ago yesterday) ASK LEON  Bankruptcy expert Leon Bayer answers real-life questions. Dear Leon,  My sister and I are joint owners of a home left to us by our parents. I live in the home and pay for the taxes and upkeep. There is no mortgage. My sister recently filed for Chapter 7 bankruptcy.  She and I are barely on speaking terms.  Here’s the problem. I got…

Read More Read More

KOSKINEN LAMENTS STATE OF THE IRS

KOSKINEN LAMENTS STATE OF THE IRS

Some highlights from Commissioner Koskinen’s recent speech to the National Press Club: -IRS “absolutely deserved” the criticism is has been receiving for things like overspending at conferences and inappropriate scrutiny of some applications for tax exempt status. -IRS suffers from “brain drain,” in that more than half of its workforce is over 50, and by next year more than 25% will be eligible to retire, and there just isn’t enough money available for hiring and training of enough younger replacements….

Read More Read More

GOOD NEWS FOR ESTATE TAX FOES

GOOD NEWS FOR ESTATE TAX FOES

House action last week caused at least a “baby step” to be taken relative to repeal of the estate tax.  The House Ways and Means Committee, by a vote of 22 to 10, passed H.R. 1105, the “Death Tax Repeal Act of 2015.” If/when it ever reaches Obama’s desk, veto is likely, but at least some in Congress are heading in the right direction. If passed, the act would not only repeal the estate tax, but also the GST tax…

Read More Read More

DON’T CALL – GO TO IRS WEBSITE FOR ANSWERS

DON’T CALL – GO TO IRS WEBSITE FOR ANSWERS

The continuing IRS budgetary problem is making the days of calling them (by telephone) almost obsolete – indeed, at the very least, frustrating and often fruitless. Taxpayers are therefore shifting their patterns of inquiry to the IRS website for answers.  Indeed, according to recent IRS stats, visits to www.irs.gov have increased by 11 percent compared to the same time last year.  In the week ended March 20 alone, there have been 15 million new visits! Check the site for, among…

Read More Read More