Those that fall into the higher earners bracket have been warned that the government may impose further restrictions to pension savings in the emergency Budget on June 22.Accountants and wealth advisers have reported a surge in calls from clients that earn over 100,000 per year who are concerned that changes to pension tax relief might restrict how much they can save for retirement.The rules that set the boundaries around how much high earners...more
In recent years, the IRS has made a concerted effort to get people back into good status by reaching deals on overdue taxes. The rules affecting this program have just changed dramatically. Changes to IRS Tax Settlement RulesThe IRS used to be the terror in most peoples nightmares. Specifically, people who got behind on their taxes lived in dread of having the IRS catch up with them and freeze their bank account, sell off their home...more
In the largest criminal tax case ever filed, KMPG has copped a plea to using fraudulent tax shelters to bilk the government out of 2.5 billion dollars. KMPG has agreed to pay a fine of $456 million dollars, but nine of its executives still are under indictment.Son of Boss Tax SheltersFrom 1996 to 2003, KMPG promoted a tax strategy known as the Son of Boss. This shelter was used to create phony tax losses that could be claimed by wealth individuals looking to write off tens of millions of dollars. KMPG promoted the structure despite the fact it's own internal tax attorneys warned the structure was fraudulent and could result in criminal charges. So far, wealthy individuals participating in the scheme have paid over $3.7 billion dollars to the IRS.There should be no mistaking the impact of the plea agreement in this case. KMPG may have enjoyed the huge fees earned from the scam, but it is paying an incredible price for pursuing this practice. The price paid includes:1. 456 Million Dollar Fine,2. Permanently barred from providing tax services to wealthy individuals,3. Permanently barred from involvement in any pre-packaged tax strategies,4. Permanently barred from...more
There are many websites on the Internet today that gives much needed income tax help for those who have no idea of what's going on during tax time. Income tax is a tax paid on income, unfortunately no matter how little it is. It's paid by employees and people who are self-employed and may also be payable if you are not working but you...more
It is unfortunate but true, that many people do not even consider consulting a tax attorney until they open their mailboxes one day and there is that dreaded letter from the IRS. A tax attorney is a lawyer that specializes in all areas of taxes. The tax attorney is required to attend law school for one to three more years, after...more
In today's economic hardship the changes seem giant. Just last year a number of tax laws were made to bail us out of dire situations. These are a few new tax laws that you should know about.The first is about new car sales and tax deductions. If you bought a new vehicle, including a car, motorcycle, light truck or motor home, on or after February 16th 2009 and by December 31st 2009, any excise or sales tax paid may be looked at as a deduction.In 2010 and also 2009 the American Opportunity Credit replaces the Hope Education credit. This new credit is worth $2,500 per student, this is based off the first $4,000 of qualifying educational expenses.Homeowners that make energy efficient improvements to their existing homes can claim a credit of 30 percent of the cost of all of the upgrades, up to $1,500. This includes things such as adding insulation, energy efficient exterior windows and energy efficient air conditioning and heating systems.Last year was rough for a number of workers, and layoffs hit record levels. However, unemployment compensation is considered taxable income. But now, the first $2,400 in benefits is excluded from income.Because of the Bicycle Commuter Act, cyclists...more
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If you have any question regarding Form 1040 or seeking relevant information on this subject than this article will prove to be very helpful for you. In this article, we will highlight some of the most vital aspects of filing federal...more
Every year the number of people paying taxes increase. With this, also increase the number of people who file their taxes late. In case of late payment of taxes ones needs to file for a federal tax extension. For people who are already...more
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