Today’s blog post serves as a warning for couples with joint tax liability contemplating or in the midst of a divorce. Joint tax liabilities are often assigned to one of the spouses as part of the division of assets and liabilities. Once the divorce decree is signed, sealed and delivered, the spouse relieved of the… Read more
I originally posted this in November 2010. Considering the Supreme Court upheld the ACA today, I believe a re-post is appropriate. As I hope to explain in this post, the new healthcare law does not directly impose a tax on sales of residential real estate, but instead imposes a tax on certain investment income, which… Read more
The following article is verbatim copy of IRS news release IR-2012-53, released on May 21, 2012: “IR-2012-53, May 21, 2012 WASHINGTON — The Internal Revenue Service today announced another expansion of its “Fresh Start” initiative by offering more flexible terms to its Offer in Compromise (OIC) program that will enable some of the most financially… Read more
The following article is verbatim copy of IRS news release IR-2012-31, released on March 7, 2012:“IR-2012-31, March 7, 2012 WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available… Read more
On December 23rd, 2011, Congress passed H.R. 3765, otherwise known as the Temporary Payroll Tax Cut Continuation Act of 2011, (The “TTCA”). The TTCA provides for a two-month extension of a payroll tax cut in place for 2011 and an extension of a lower tax rate on self-employment income.
