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On this blog you can find resources to help you navigate the U.S. court system, as well as helpful information about national and NJ/ PA local laws. Please drop by daily to check out the new material! THIS WEBSITE IS MEANT TO GIVE YOU GENERAL INFORMATION NOT LEGAL ADVICE. The cases and legal references listed may have been amended or overturned by subsequently decided court cases. Any U.S. federal tax advice contained in this blog, including links, is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service. Contact an attorney for current information and advice on your specific legal matter.
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Tag Archives: Internal Revenue Service
Son’s Death Leaves Mom with Big Tax Bill on Forgiven Student Loan Debt | ABA Journal | Martha Neil | 9/19/12
If a student loan borrower is unable to repay the money because he or she dies, that’s the end of the story, not only for the lender but the Internal Revenue Service, too. However, if the borrower is the parent … Continue reading
Under Affordable Care Act, the IRS will provide tax breaks and incentives to help pay for health insurance and impose penalties on some people who don’t buy coverage and on some businesses that don’t offer it to employees. Those who … Continue reading
California Couple Loses $18.5 Million Charitable Deduction on Technicality | Total Return | WSJ | Laura Saunders | 5/30/12
With regret, a U.S. Tax Court judge denied Joseph and Shirley Mohamed, a wealthy Sacramento, Calif., couple a deduction for $18.5 million they took after donating valuable properties to charity because they didn’t attach a proper appraisal to the donation … Continue reading
Taxpayers overall face a low audit risk: The IRS audited 1.1% of all individual tax returns filed in 2010, but the risk of an audit skyrockets for some: 12.5% of all taxpayers whose income topped $1 million faced an audit … Continue reading
According to the Washington Post: The era of the tax advance is over, the final chapter in a case study of how businesses can reap billions of dollars from the unintended consequences of government policies. These high-cost, short-term loans were … Continue reading