Month: February 2012

A refresher for tax season on the some of the intricacies of claiming rental real estate income and losses

  February 28, 2012
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Passive activity limits. Generally, rental real estate activities are considered passive activities and losses are not deductible unless you have [...]

Biggest Winner At Oscars? IRS

  February 28, 2012
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Do you watch every moment of the Oscars and the red carpet hoopla? Or do you just read who won after? Either way, who's the biggest winner of them all? The [...]

IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return

  February 27, 2012
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IRS YouTube Videos: Haven't Filed a Tax Return in Years?: English | Spanish | ASL WASHINGTON — Refunds totaling more than $1 billion may be waiting for [...]

IRS Releases the Dirty Dozen Tax Scams for 2012

  February 22, 2012
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IRS YouTube Videos: Dirty Dozen: English | Spanish | ASL WASHINGTON –– The Internal Revenue Service today issued its annual “Dirty [...]

Document on which PAN required to be quoted

  February 15, 2012
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PAN should be quoted on all: Income-tax / TDS / TCS Returns Correspondence with tax department, Tax challans, Correspondence, bills, vouchers and other [...]

Tax Tips for Americans Living Abroad

  February 14, 2012
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Filing income tax returns is an arduous and stressful task for a person living in the United States. But the process is simple compared with that of U.S. [...]

LLC Tax Benefits For Small Businesses

  February 14, 2012
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Why is it smarter to operate a business as a LLC for tax purposes? No matter the timing, it is important for you to consider which business entity will [...]

Couples who filed joint returns must now file separate powers of attorney

  February 9, 2012
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BY SALLY P. SCHREIBER FEBRUARY 6, 2012 Starting March 1, the IRS will no longer accept old versions of Form 2848, Power of Attorney and Declaration of [...]

IRS Warns of Tax Refund Delays

  February 3, 2012
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The Internal Revenue Service warned Thursday that tax refunds could be delayed a week this tax season because of new anti-fraud safeguards. “The IRS [...]

IRS on autopilot

  February 3, 2012
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NEW YORK (CNNMoney) -- The IRS is discovering vastly more mistakes on tax returns than it used to. In 2010, it flagged 10.6 million math and clerical [...]