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Federal Tax Updates Archive

The IRS Backlog Is Far Bigger Than Initially Reported

TweetShareSharePin0 Shares Nearly 24 million returns and other correspondence still are waiting at the IRS. The Washington Post reported late last week that the IRS still is processing 23.7 million taxpayer communications from last year, far more than previous public estimates by the agency. The delayed paperwork  includes 9.7 million unprocessed paper returns, 4.1 million

The IRS Backlog Is Far Bigger Than Initially Reported

TweetShareSharePin0 Shares Nearly 24 million returns and other correspondence still are waiting at the IRS. The Washington Post reported late last week that the IRS still is processing 23.7 million taxpayer communications from last year, far more than previous public estimates by the agency. The delayed paperwork  includes 9.7 million unprocessed paper returns, 4.1 million

The New Bankruptcy Law — How Will It Affect Debt Negotiation?

TweetShareSharePin0 SharesThe New Bankruptcy Law — How Will It Affect Debt Negotiation? In April 2005, Congress made sweeping changes in U.S. bankruptcy law that will go into effect on October 17, 2005. It’s called the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” and it means big trouble for Americans struggling with debt problems.

How To Hide Assets

TweetShareSharePin0 SharesHow To Hide Assets In social functions, I always get asked about “How do I hide my assets?” From who are you trying to hide your assets from? Is there a legitimate way to hide your assets? You will know if you have succeeded in hiding your assets if an asset search by an

Bankruptcy-Chapter 13 Or Chapter 7?

TweetShareSharePin0 SharesBankruptcy-Chapter 13 Or Chapter 7? The main purpose of bankruptcy laws is to give people hopelessly overburdened with debt a financial fresh start. Bankruptcy filings are public records. However, under normal circumstances, no one will know about the bankruptcy. Credit Bureaus will maintain a record of the bankruptcy and it will remain on the

Taxes And Borrowing Money-Might Go Hand In Hand

TweetShareSharePin0 SharesTaxes And Borrowing Money-Might Go Hand In Hand The economy has hit a lot of people hard and left so many struggling to find enough money to cover their bills. Because of this, people all across America are waiting anxiously for their tax returns to give them just a little money to help things

Tax Changes You Should Know for 2005 Returns

TweetShareSharePin0 SharesTax Changes You Should Know for 2005 Returns Every year, you have to file tax returns and every year there are changes to the tax code. Here are some key changes for 2005 to keep in mind when you prepare returns. Tax Changes You Should Know for 2005 Returns 2005 was a fairly quite

Children Facing Foreclosure And Homelessness Beg Your Understanding!

TweetShareSharePin0 SharesChildren Facing Foreclosure And Homelessness Beg Your Understanding! It’s just business, Kyle & Kayle. We’re sorry. We never intended for this to happen. Your parents will take good care of you. Homelessness is like camping out. You’ll be okay. We want you to know, we are not in the business of stealing homes from

Alabama Federal Deductibility Issues & Solutions

TweetShareSharePin0 Shares Alabama lawmakers are acting to ensure that federal relief from the American Rescue Plan Act (ARPA) does not increase tax liabilities in the state. Senate Bill 152, which addresses the issue, recently passed and has been referred to the Ways and Means Committee. This unusual issue is a consequence of Alabama offering a

Crypto Tax Challenges Just Keep Growing

TweetShareSharePin0 Shares IRS Commissioner Charles Rettig raised some eyebrows when he singled out the growing popularity of cryptocurrency as a big factor behind the sizeable tax gap—the difference between what the IRS collects versus what taxpayers legally owe. Last year, Congress took modest bipartisan action to address some crypto tax compliance issues in the Infrastructure

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