With the fiscal cliff looming, the pressure is on for the federal government to take measures to prevent key tax increases in 2013 (see tax changes that passed with the Fiscal Cliff Deal). One of the most significant tax changes involves the Alternative Minimum Tax or AMT, which up until now most taxpayers have been able to ... Read More
Tax News
The Fiscal Cliff Situation Investors, business owners, politicians, and the media are concerned about the so called "fiscal cliff" that is coming if lawmakers fail to act before 2013 (Fiscal Cliff tax changes). The "fiscal cliff" phrase is used to describe automatic Federal spending cuts and tax increases politicians agreed ... Read More
IRS Plans to Step Up Small Business Audits in 2013
In an effort to close the $450 billion tax gap, the Internal Revenue Service has announced that it will increase audits of small businesses in 2013. The IRS will be taking a closer look at a number of key audit areas in which under-reporting of taxes is most likely to occur. If you’re a small business owner, you need to be aware ... Read More
Potential Tax Changes Obama Plans to Implement in Second Term
President Obama plans to make a few major changes to the tax code in his second term as President of the United States. The basis of Obama's plan is to keep fighting to keep taxes for middle-class families low, simplify the tax code, and to have millionaires and billionaires pay their "fair share" in order to reduce our ... Read More
Mitt Romney Proposed Tax Changes if Elected President
Mitt Romney proposes to make the Federal tax code fairer, flatter, and simpler if he is elected President of the United States. His tax proposal has come under much scrutiny because without factoring in economic growth, limited tax deductions and closing corporate tax loopholes, his plan will cut tax revenues by trillions of ... Read More
New Study Supports Obama’s Tax Plan & Undermines Romney’s Plan
One of the key focal points of debate in the 2012 presidential race has been the implementation of tax cuts for the wealthy. President Obama is in favor of increasing taxes against the wealthy in an effort to reduce the budget deficit while the Romney campaign has argued that tax cuts for higher-income earners or not increasing ... Read More
Obama vs. Romney: Tax Plan Proposal Comparison Showdown
With the Presidential election on the horizon, Barack Obama and Mitt Romney have put forth their ideas to reform the current tax system. Both candidates have different ideas of how to achieve an optimal tax plan that is fair for US taxpayers, less complex than the current system, and fiscally sound. Below is a visual comparison ... Read More
Underwater Homeowners Running Out of Time to Seek Mortgage Liability Relief
With the Mortgage Forgiveness Liability Relief Act set to expire at the end of 2012, financially stressed homeowners are feeling the pressure to finalize short sales, foreclosures and loan modifications. If you’re upside-down on your home or you’ve already defaulted on your mortgage loan, you could be facing a hefty tax bill if ... Read More
2013 Tax Changes: What You Need to Know
Even though the new year is still five months away, it’s never too soon to start planning ahead for your taxes (see updated post on tax changes from Fiscal Cliff deal). With several tax cuts expiring and new tax rules scheduled to take effect, taxpayers need to be aware of how these changes may impact their personal tax ... Read More
IRS Fresh Start Program – What it Means for Taxpayers
On May 21 of this year, the Internal Revenue Service expanded its Fresh Start plan. The plan supplements the Offer in Compromise (OIC) program that makes it possible for some people who owe back taxes, but are in financial distress, to settle their accounts with the IRS. The Fresh Start initiative makes it possible for many ... Read More
Carried Interest and the Debate Over Tax Rates
The subject of tax rates on what is known as “carried interest” has been the subject of vigorous debate for a number of years but the news during the Republican presidential nominating season earlier this year that a substantial percentage of Mitt Romney’s earnings came from carried interest brought new attention to the ... Read More
Eduardo Saverin Criticized by Dodging Millions in US Taxes
Just days before Facebook launched its IPO, Eduardo Saverin, one of the company’s co-founders, announced that he had renounced his dual U.S. citizenship and would be moving to Singapore permanently. Since the news broke, Saverin, who has been living in Singapore since 2009, has been battling claims that the move is part of a ... Read More