Income Tax

Today is the Deadline for Foreign Account Reporting

Posted on: June 30th, 2011
From IR-2011-70: WASHINGTON — The Internal Revenue Service today reminds everyone who has a bank or other financial account in a foreign country, or who has signature authority over such an account, that they may be required to report the account to the U.S. Department of the Treasury by June 30 each year....

4th Circuit Upholds Two-Year Innocent Spouse Limitation Period

Posted on: June 24th, 2011
The U.S. Fourth Circuit Court of Appeals, under whose jurisdiction North Carolina falls, overruled a Tax Court decision and upheld a Treasury regulation that provides for a two-year statute of limitation on claims for innocent spouse relief...

IRS Mileage Rate Increased to 55.5 Cents per Mile

Posted on: June 23rd, 2011
From Announcement 2011-40: WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. ...

An Apology from the IRS!

Posted on: June 10th, 2011
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Additional NC Counties added to Tax Relief List

Posted on: May 13th, 2011
On April 22, 2011, I posted an IRS Notice about a tax relief program for victims of the April 16, 2011 storms in North Carolina. As of May 9, 2011, residents who live in or own a business in the following counties are eligible:...

Tax Breaks for Supporting a Parent

Posted on: May 3rd, 2011
Taking care of an elderly parent may provide more than just personal satisfaction. You could also be entitled to substantial tax deductions even if your parent doesn’t live with you....
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