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IRS New 1099 Tax Reporting Requirements

The new regulations, which kick in at the start of 2012, require any taxpayer with business income to issue 1099 forms to all vendors from whom they purchased more than $600 of goods and services that year. That promises to launch a fusillade of new paperwork: An estimated 40 million taxpayers will be subject to the requirement, including 26 million who run sole proprietorships, according to a report released this week by National Taxpayer Advocate Nina Olson. READ MORE

IRS reminds tax-exempt organizations to file form 990 on time to preserve tax exempt status

ATLANTA — The Internal Revenue Service reminded tax-exempt organizations to make sure they file their annual information form on time. In 2010 the tax-exempt status of any non-profit that has not filed the required form in the last three years will be revoked. More on 990 Tax-Exempt

Special Charitable Contributions for Certain IRA Owners

This provision, currently scheduled to expire at the end of 2009, offers older owners of individual retirement accounts (IRAs) a different way to give to charity. An IRA owner, age 70½ or over, can directly transfer tax-free up to $100,000 per year to an eligible charity. This option, created in 2006, is available for distributions from IRAs, regardless of whether the owners itemize their deductions. Distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension (SEP) plans, are not eligible. Read Charitable Contributions...

Who must pay self-employment tax?

If you are a self-employed U.S. citizen or resident, the rules for paying self-employment tax are generally the same whether you are living in the United States or abroad. Read Self-Employment Tax...

Maryland Inheritance Tax

The inheritance tax is imposed on the clear value of property that passes from a decedent to some beneficiaries. The tax is levied on property that passes under a will, the intestate laws of succession, and property that passes under a trust, deed, joint ownership, or otherwise. The tax is collected by the Register of Wills located in the county where the decedent either lived or owned property. Read Inheritance Tax...

IRS News

Taxpayer Advocacy- National Taxpayer Advocate Nina E. Olson today delivered a report to Congress that identifies the priority issues the Office of the Taxpayer Advocate will address in the coming fiscal year. Read more at the IRS Official Website

Is the new student loan forgiveness program for me?

Ever wish your student loans would be cancelled? Loan forgiveness may come in one of two forms: dire economic hardship or for grads in various fields of study.Read Loan Forgiveness

Silver Spring, Maryland, Return Preparer Found Guilty of Preparing False Tax Returns for Client. More on Silver Spring Tax Preparer...