Avoid the Tax Bite of Early Retirement Distributions

With the burst of the housing bubble, many people don’t have the luxury of tapping the equity in their home to fund large purchases. What some have resorted to instead are early distributions from their retirement plans. Most people don’t realize the tax...

IRS FY 2013 Budget – They’re Back!

Business taxes, Individual taxes, Tax Debts and Collections

The IRS has released details of its FY 2013 budget request. The current request is approximately $12.8 billion, representing about an 8% increase over 2012. One of the primary focuses of the FY 2013 budget is increased enforcement. The budget includes $403 million...

IRS Warns Taxpayers on Identity Theft

Individual taxes

The IRS recently released its list of the top 12 tax scams for 2012. At the top of the list is Identity Theft. The IRS reports that identify theft cases are a growing concern and are among the most difficult cases that they handle. In an effort to combat identity...

Beware! – Tax Consequences of Unemployment Benefits

Individual taxes

Many people are surprised at this time of year when they prepare their federal tax returns and realize that the unemployment benefits they received are considered taxable income. For many people, this can make the difference between a refund and a balance due....

Q: What is a Tax Lien?

Business taxes, Individual taxes, Liens and Levies, Tax Debts and Collections

A: A lien is a legal claim on property. A tax lien is a public record that puts your creditors on notice that the IRS has a claim against all of your property, including property you acquire after the lien is filed. The lien attaches to all of your property both...

Court Denies Taxpayers’ Claim for First Time Home Buyer Credit

Individual taxes, Tax Court

Foster v. Commissioner, 138 T.C. No. 4 (January 30, 2012) In a decision issued today, the Tax Court held that a couple was not eligible for the First Time Home Buyer Credit (“FTHBC”) because they owned a present interest in a principal residence within three years...

Individual taxes

Avoid the Tax Bite of Early Retirement Distributions

IRS FY 2013 Budget – They’re Back!

IRS Warns Taxpayers on Identity Theft

Beware! – Tax Consequences of Unemployment Benefits

Q: What is a Tax Lien?

Court Denies Taxpayers’ Claim for First Time Home Buyer Credit

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