Monthly Archives: July 2011

Job Search Deductions

In the latest issue of its Summertime Tax Tips series, the IRS addresses deductions that may be claimed by job-seekers that could supply some tax relief come April: 1. The deduction is allowed only if you are searching for work within the same field … Continue reading

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Lawyer Indicted for Tax Evasion

Who: Knoxville attorney, John Threadgill What: Indicted by Federal Grand Jury for paying personal expenses out of his law practice and deducted them as legitimate business expenses. How Much: Threadgill was charged with evading $1.4 million in Federal income tax … Continue reading

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IRS Offers Tax Relief in Response to Discontinued Air Travel Taxes

The Internal Revenue Service (IRS) announced that it would offer tax relief to those consumers taken for a ride by greedy airline companies. By July 22, 2011, Congress failed to extend federal air transportation excise taxes. The discontinued taxes include:  A 7.5 … Continue reading

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Trebek’s Coolness not in Jeopardy

Alex Trebek is the coolest guy ever. He always seems to have an independent knowledge of the questions he asks on his show (even though he may be peeking at an index card with the answer on it). He never, … Continue reading

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Almost One Half of Americans will Pay no Income Taxes This Year

The Tax Policy Center estimates that 46% of Americans will pay no federal individual income taxes this year, but it’s not what you think.  Many of these people are paying other taxes, including payroll, excise, and state/local taxes.  Also, don’t … Continue reading

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TAS Takes Credit for Changes to Innocent Spouse Rule

The National Taxpayer Advocate, Nina Olson, took a bow yesterday as the IRS announced removal of the two-year statute of limitations under the Innocent Spouse program. According to Olson, she and her staff have been advocating for this change for … Continue reading

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Sales Tax Holidays

Unless you live in Alaska, Delaware, New Hampshire, Montana, or Oregon, you probably pay sales tax on items you purchase in your favorite retail establishment. But you might be able to get a taste of what its like to be … Continue reading

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IRS Throws out 2-Year Statute of Limitations for Certain Innocent Spouse Claims

Today the IRS announced that it is removing the two-year limitations period for Innocent Spouse relief sought under the equitable provisions of Revenue Code section 6015(f). This change is effective immediately and also applies to pending cases and apparently even claims that … Continue reading

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IRS Warning to Taxpayers Nationwide

The latest in the Internal Revenue Service’s “Summer Tax Tips” series is a firm warning about some of the most prevalent and dangerous tax scams. The IRS identifies 5 scams that pop up any time of the year: 1. Hiding Money in … Continue reading

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Bank Levy: A Serious IRS Collection Tool

The IRS has different collection tools at their disposal to ensure that a tax debt is paid. One such tool is a bank levy. The IRS has the ability to issue a bank levy on an account that bears the … Continue reading

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