The IRS has a responsibility to pursue collection when taxpayers fail to meet their obligations. An overly rigid approach can produce hardship, however, without necessarily enhancing government revenue. Recognizing this reality, the IRS has announced what they call “a new effort to help struggling taxpayers get a fresh start.” They’ve increased the dollar threshold at which they’ll impose liens, made it easier to obtain lien withdrawals, and implemented other changes that should be helpful to many individuals and small businesses that are unable to pay their taxes. Click here for the IRS announcement.
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Archive for February, 2011
IRS to Lien Less Heavily
February 28, 2011
February 28, 2011
Leading 529 Expert Back at the Helm
February 16, 2011
If you’re looking for quality information on 529 college savings plans, you’ll be pleased to learn that Joe Hurley, the 529 “guru,” has repurchased Savingforcollege.com, three years after selling it to Bankrate Inc. Joe will be publishing a new edition of his terrific book “The Best Way to Save for College: A Complete Guide to 529 Plans” in April of this year and plans to get busy again with speaking and conferences. Savingforcollege.com recently released its 529 plan performance rankings for 2010 Q4, one of the more popular sections of the website.
February 16, 2011
If you’re looking for quality information on 529 college savings plans, you’ll be pleased to learn that Joe Hurley, the 529 “guru,” has repurchased Savingforcollege.com, three years after selling it to Bankrate Inc. Joe will be publishing a new edition of his terrific book “The Best Way to Save for College: A Complete Guide to 529 Plans” in April of this year and plans to get busy again with speaking and conferences. Savingforcollege.com recently released its 529 plan performance rankings for 2010 Q4, one of the more popular sections of the website.
Q&A on Domestic Partner Tax Filing
February 6, 2011
This is the first tax season in which many gay and lesbian couples will file federal income tax returns reflecting community property rules. The change affects tax returns for 2010, and also provides an opportunity (but not an obligation) to amend prior year tax returns if the result is a refund. Here are some questions and answers regarding the new filing requirement. (more…)
February 6, 2011
This is the first tax season in which many gay and lesbian couples will file federal income tax returns reflecting community property rules. The change affects tax returns for 2010, and also provides an opportunity (but not an obligation) to amend prior year tax returns if the result is a refund. Here are some questions and answers regarding the new filing requirement. (more…)
Unpopular Paperwork Requirement Appears Doomed
February 4, 2011
It turns out there’s one feature of the healthcare reform law just about everyone agrees on. A provision requiring increased reporting of payments by businesses using Form 1099 was designed to increase government revenues by some $44 billion without increasing taxes. Yet the paperwork burden brought complaints from all quarters, reaching such a level that President Obama mentioned the need to repeal this provision in his State of the Union address. Repeal had been stymied by disagreement over how to prevent a $44 billion increase in the projected budget deficit. The Senate has now voted overwhelmingly in favor of repeal with a provision that calls for unspecified cuts in spending.
February 4, 2011
It turns out there’s one feature of the healthcare reform law just about everyone agrees on. A provision requiring increased reporting of payments by businesses using Form 1099 was designed to increase government revenues by some $44 billion without increasing taxes. Yet the paperwork burden brought complaints from all quarters, reaching such a level that President Obama mentioned the need to repeal this provision in his State of the Union address. Repeal had been stymied by disagreement over how to prevent a $44 billion increase in the projected budget deficit. The Senate has now voted overwhelmingly in favor of repeal with a provision that calls for unspecified cuts in spending.
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