Month: February 2012

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

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

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

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

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

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

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

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

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

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

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 [...]