Income Tax

Posted on December 20, 2011

Tax Provisions Expiring December 31, 2011

There a few federal income tax deductions and other provisions that expire this year: Tax-free distributions from IRAs for charitable purposes –…

Read More…

Categories
Category: Income Tax
Posted on December 9, 2011

Tax Information for U.S. Citizens Living Abroad

U.S. citizens must report and pay taxes on their world-wide income, even if living in another country.    U.S. taxpayers are also…

Read More…

Categories
Category: Income Tax
Posted on November 7, 2011

U.S. Citizens Living in U.K. Get Credit for Non-Domicile Fee

The IRS recently issued guidance that U.S. taxpayers living in the United Kingdom can get a credit against their U.S. income tax…

Read More…

Categories
Category: Income Tax
Posted on September 1, 2011

Certain NC Coastal Counties Qualify for IRS Relief

The IRS has announced that residents of the following North Carolina counties qualify for filing and payment relief due to Hurricane Irene: Beaufort, Carteret,…

Read More…

Categories
Category: Income Tax
Posted on June 30, 2011

Today is the Deadline for Foreign Account Reporting

From IR-2011-70: WASHINGTON — The Internal Revenue Service today reminds everyone who has a bank or other financial account in a foreign country,…

Read More…

Categories
Category: Income Tax
Posted on June 25, 2011

4th Circuit Upholds Two-Year Innocent Spouse Limitation Period

The U.S. Fourth Circuit Court of Appeals, under whose jurisdiction North Carolina falls, overruled a Tax Court decision and upheld a Treasury…

Read More…

Categories
Category: Income Tax
Posted on

IRS Mileage Rate Increased to 55.5 Cents per Mile

From Announcement 2011-40: WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six…

Read More…

Categories
Category: Income Tax
Posted on June 10, 2011

An Apology from the IRS!

While it’s certainly not uncommon for taxpayers or tax preparers to make mistakes on tax returns, the IRS can also screw up,…

Read More…

Categories
Category: Income Tax
Posted on May 13, 2011

Additional NC Counties added to Tax Relief List

On April 22, 2011, I posted an IRS Notice about a tax relief program for victims of the April 16, 2011 storms…

Read More…

Categories
Category: Income Tax
Posted on May 3, 2011

Tax Breaks for Supporting a Parent

Taking care of an elderly parent may provide more than just personal satisfaction. You could also be entitled to substantial tax deductions…

Read More…

Categories
Category: Income Tax
TrustCounsel
Address: 1414 Raleigh Rd Ste 203, Chapel Hill NC 27517
Phone: 919.636.0950 | Toll Free: 800.201.0413 | Fax: 919.493.6355
ghgiddens@trustcounselpa.com | www.trustcounselpa.com