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TAX LAW NEWS - TAX LITIGATION
From the monthly archives:
If you are going to prepare your tax returns yourself, be sure to use a reliable and easy-to-use software program. You can find an overview of prior year software. You should plan on spending about 2 to 3 hours per tax return you need to file.
An experienced tax professional, on the other hand, can help [...]
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The American Recovery and Reinvestment Act of 2009 expands the first-time homebuyer credit to include purchases made before Dec. 1, 2009.
The IRS announced Feb. 25 that for first-time homebuyers who purchase in 2009, the maximum credit is $8,000 and can be claimed on a buyer’s 2008 federal tax return.
The credit is claimed using Form 5405.
For [...]
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Donald Trump’s casinos, operating under the Trump Entertainment Group of companies, filed for Chapter 11 bankruptcy protection last week.
The bankruptcy petition lists the casino group’s assets as between $10 – $50 million, with estimated liabilities of between $100 – $500 million. According to an exhibit attached to the filing, on December 31, 2008 Trump casinos [...]
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Massachusetts Transportation Secretary James Aloisi says the reality of the fiscal crisis facing Massachusetts finally pushed him and Governor Patrick to propose the gas tax. He says, “We’ve got coming, a $165 million operating deficit at the T, which will happen on July 1. If we don’t solve that problem, we’ll have T fare hikes, [...]
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A U.S. Virgin Islands economic development group on Friday said it was barring Robert Allen Stanford from a tax incentive program it had previously granted Stanford’s company to build a sprawling corporate campus on St. Croix, according to a Reuters report.
The Virgin Islands Economic Development Authority joins other financial regulators in the United States, the [...]
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One day after the Justice Department claimed to have struck a blow against Swiss bank secrecy, it became clear yesterday how limited that blow was and how much a $780 million fraud settlement with Switzerland’s largest bank left unresolved.
On Wednesday, the department announced that the Swiss banking giant UBS would immediately give up the names [...]
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If you missed out on last year’s tax rebate or did not receive the full amount because your income was too high, you may get a second chance. “The Recovery Rebate Credit should not be overlooked,” says Mark Steber, vice president of tax resources for Jackson Hewitt. “You may be due more money when you [...]
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While hunting for a job most expenses are tax deductable. Some examples are as follows:
* Paper, preparation expenses and printing for your resume.
* Stamps to send out your resume.
* Online expenses to post your resume (on monster.com, for example)
* Fees paid to employment agencies
* Travel to and from interviews.
* Long distance calls to prospective employers.
* [...]
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After a frustrating weekend of long, late nights without reaching a budget agreement, the California Senate will go into session this morning and not adjourn until the most controversial part of the budget deal is approved.
“We will put the tax bill on call and we will stay on this floor until we get it done,” [...]
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A state proposal to add a 4% tax for downloading movies and music will also apply to Internet porn.
Gov. Paterson recently suggested the so-called iPod tax to help close a $15 billion budget deficit, but few realized the levy would also apply to XXX-rated material.
The skin industry denounced the move as a cheap political stunt.
“The [...]
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