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Category: Announcements

USEFUL IRS INFO FOR THOSE IN THE MILITARY

USEFUL IRS INFO FOR THOSE IN THE MILITARY

In recognition of National Military Appreciation Month, IRS has recently updated its “Armed Forces Tax Guide” (Publication 3) which contains good information and important reminders of some tax benefits unique to members of the military, including: ~Combat pay – partly or totally tax free ~Moving expenses – deduction available for eligible items ~Tax return due date – service members stationed abroad have until June 15 to file, and those in a combat zone have even longer – typically up to…

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IRS WARNING ABOUT FAKE CHARITIES

IRS WARNING ABOUT FAKE CHARITIES

Included on IRS’ famous annual “Dirty Dozen” tax scams list for 2015 is a warning about groups masquerading as charitable organizations to attract donations from unsuspecting contributors. IRS goes on to advise potential charitable donors to: ~Be wary of charities with names that are similar to familiar or nationally known organizations. Check the IRS list (www.irs.gov) for inclusion in the listing of legitimate charities. ~Not reveal personal financial information, such as your Social Security number to a charitable solicitor. ~Not…

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DEADLINE LOOMS FOR SMALL RETIREMENT PLANS

DEADLINE LOOMS FOR SMALL RETIREMENT PLANS

Don’t forget that certain small businesses which failed to timely file required retirement plan returns in recent years have only until June 2, 2015 to take advantage of special penalty relief offered last year via Revenue Procedure 2014-32. The relief offered under this Revenue Procedure is only available to the plan administrator or plan sponsor of (1) certain small business (owner-spouse) plans, and plans of business partnerships, and (2) certain foreign plans.

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….

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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…

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