Our Blog: Tax & Accounting

From IRS Tax Advocate Program

Education Credits
The Hope Scholarship Credit and the Lifetime Learning Credit help offset the cost of post-secondary education for you, your spouse or a dependent. For tax years 2009 and 2010, the Hope Scholarship Credit is renamed the American Opportunity Tax Credit and the amount of the credit has been increased. However, you cannot claim both the American Opportunity Tax Credit and Lifetime Learning credits for the same student in the same year. Both credit amounts are determined based on your modified adjusted gross income and your filing status. If your modified adjusted gross income exceeds certain limits, both credits are either reduced or eliminated. Furthermore, you cannot claim either credit if you are married filing a separate return or claimed as a dependent on someone else’s return. Read more …

From IRS Tax Advocate Program

If you borrow money and the lender later cancels or forgives that debt, you may have to include the canceled amount in income for tax purposes, depending on the circumstances. For example, you borrow $10,000 and default on the loan after paying back $2,000. If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you. Read more …

From IRS

IRS Summertime Tax Tip 2010-08

The Internal Revenue Service issues a list of the top 12 tax scams each year – known as the Dirty Dozen. The scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. These scams don’t just happen during the tax filing season, they can happen anytime during the year. Here are five scams from the 2010 Dirty Dozen list every taxpayer should be aware of this summer. Read more …

From IRS

Issue Number: 2010:32

The IRS has announced that small nonprofit organizations at risk of losing their tax-exempt status because they failed to file required returns for 2007, 2008 and 2009 can preserve their status by filing returns by Oct. 15, 2010. IRS Commissioner Shulman made the following comments regarding the special filing relief.

From IRS

IRS Summertime Tax Tip 2010-10

The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service.  TAS helps taxpayers who are experiencing economic harm such as not being able to provide necessities like housing, transportation, or food, taxpayers who are seeking help in resolving problems with the IRS, and those who believe an IRS system or procedure is not working as it should.  Here are seven things every taxpayer should know about TAS.  Read more …

From IRS

IR-2010-84, July 9, 2010

WASHINGTON –– The Internal Revenue Service today announced the opening of a special telephone line for taxpayers affected by the Gulf oil spill.

Individuals who have questions about the BP payments or who are experiencing filing or payment hardships because of the oil spill should contact the IRS at 866-562-5227. Read more …

From IRS

IR-2010-82, July 6, 2010

WASHINGTON — The Office of Professional Responsibility (OPR) has prevailed in an agency appeal involving issues which include the due diligence responsibilities of a CPA under the Rules of Practice before the IRS (Circular 230). The May 28th decision of the Appellate Authority has upheld the Administrative Law Judge’s (“ALJ”) disbarment of CPA Tim W. Kaskey finding, among other things, that Kaskey failed to exercise due diligence in preparing tax returns for a corporation and its husband and wife shareholders. Read more …

From IRS

IRS Tax Tip 2020-51, March 15, 2010

The tax filing deadline is approaching. If you don’t file your return and pay your tax by the due date you may have to pay a penalty. Here are nine things the IRS wants you to know about the two different penalties you may face if you do not pay or file on time.
Read more …

WASHINGTON — Massachusetts Tax Attorney Kevin Kilduff was barred from practicing before the Internal Revenue Service for 48 months for failing to file one federal tax return and for filing another five returns late.
Read more …

From IRS
IRS Tax Tip 2010-35 , Feb. 19, 2010

Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation. Read more …