Apr 18, 2011 | Comments Off
Once again, IRS is offering taxpayers with undisclosed income from offshore accounts an opportunity to disclose and come clean. IRS announced that the new program Offshore Voluntary Disclosure Initiative (OVDI) will be available only through August 31, 2011. OVDI – Commonly asked Questions : How OVDI is recommended? OVDI 2011 requires taxpayers to report undisclosed [...]
Read the story »New form will help employers claim the special payroll tax exemption that applies to many newly-hired workers during 2010, created by the Hiring Incentives to Restore Employment (HIRE) Act signed by President Obama on March 18. The new law requires that employers get a statement from each eligible new hire, certifying under penalties of perjury, [...]
Read the story »Two new tax benefits are now available to employers hiring workers who were previously unemployed or only working part time. These provisions are part of the Hiring Incentives to Restore Employment (HIRE) Act enacted into law on March 18, 2010. Employers who hire unemployed workers (unemployed for 60 days or more) this year (after Feb. [...]
Read the story »Some taxpayers may have needed to take an early distribution from their retirement plan last year. If you took an early distribution you should know that there can be a tax impact to tapping your retirement fund. Here are ten facts about early distributions. 1. Payments you receive from your Individual Retirement Arrangement before you [...]
Read the story »The Alternative Minimum Tax (AMT) attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. Here are seven facts that you should know about the AMT and changes to this special tax for 2009. 1. Tax laws provide tax benefits for certain kinds of income and [...]
Read the story »Gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Tax Gurus want you to know about gambling winnings. 1. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as the fair [...]
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