Obama Signs Fiscal Cliff Bill into Law to Avert Most Tax Hikes

Obama Signs Fiscal Cliff Bill into Law to Avert Most Tax Hikes

Taxes

President Barack Obama signed the legislation that enacts a last-minute budget deal and averts income tax increases for most U.S. workers, marking an end to a yearlong impasse.

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Fiscal Cliff Deal Will Have Far-reaching Tax Implications

Fiscal Cliff Deal Will Have Far-reaching Tax Implications

Taxes

Even though President Obama indicated only last Friday that the fiscal cliff deal likely to be produced by the January 1 deadline would be a basic package, lawmakers managed to come out with a surprisingly comprehensive set of tax provisions, some with long-lasting effects.

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Congress Approves Fiscal Cliff Deal

Congress Approves Fiscal Cliff Deal

Taxes

The House passed a deal to avert an income tax rate increase on middle-class families on Tuesday night, following a New Year’s Eve vote by the Senate, sending the bill to President Obama for his signature.

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Mortgage Forgiveness Debt Relief Act Extended Good News for Homeowners

Mortgage Forgiveness Debt Relief Act Extended Good News for Homeowners

Taxes

New York - As part of the American Taxpayer Relief Act of 2012, or the fiscal cliff bill, passed by Congress on Jan. 1, a one-year extension has been approved for the Mortgage Forgiveness Debt Relief Act (the Act).

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Electronic Filing Delayed Until January 30th

Electronic Filing Delayed Until January 30th

Taxes

New York- Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service (IRS) announced today it plans to open the 2013 filing season and begin processing individual income tax returns on January 30th, 2013.

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SBA Offers More Aid to Hurricane Sandy-Affected Small Businesses

SBA Offers More Aid to Hurricane Sandy-Affected Small Businesses

Taxes

The U.S. Small Business Administration has approved over $561 million in disaster assistance loans for residents and businesses in New York affected by Hurricane Sandy and over $238 million for residents and businesses in New Jersey, and said it is eager to do more.

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IRS Has Trouble Stopping Tax Fraud by Prison Inmates

IRS Has Trouble Stopping Tax Fraud by Prison Inmates

Taxes

Despite efforts by the Internal Revenue Service to prevent tax fraud by prison inmates, the problem has been growing with the amount of fraudulent tax returns filed by prisoners and identified by the IRS increasing from more than 18,000 in calendar year 2004 to more than 91,000 tax returns in 2010, with the refunds claimed on these returns climbing from $68 million to $757 million.

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Tax-Free Transfers to Charity Can Still Count for 2012

Tax-Free Transfers to Charity Can Still Count for 2012

Taxes

Certain owners of Individual Retirement Arrangements have a limited time to make tax-free transfers to eligible charities and have them count for tax-year 2012, the Internal Revenue Service said Thursday.

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IRS Loses Lawsuit Challenging Authority to Regulate Tax Preparers

IRS Loses Lawsuit Challenging Authority to Regulate Tax Preparers

Taxes

In a stunning blow to the Internal Revenue Service’s efforts to regulate the tax preparation profession, a federal judge struck down the IRS’s licensing requirements for tax preparers on Friday, including testing and continuing education.

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IRS Loses Lawsuit Challenging Authority to Regulate Tax Preparers

IRS Loses Lawsuit Challenging Authority to Regulate Tax Preparers

Taxes

In a stunning blow to the Internal Revenue Service’s efforts to regulate the tax preparation profession, a federal judge struck down the IRS’s licensing requirements for tax preparers on Friday, including testing and continuing education.

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