Firm News

The Internal Revenue Service today announced a simplified option that many owners of home-based businesses and some home-based workers may use to figure their deductions for the business use of their homes. The new simplified option is available starting with…

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

The Internal Revenue Service released updated income-tax withholding tables for 2013 reflecting the changes by Congress to avoid the fiscal cliff. The updated tables, issued today after President Obama signed the changes into law, show the new rates in effect…

The net investment income tax will affect trusts and estates by creating planning opportunities and by imposing new income-tracking rules for the benefit of beneficiaries who may receive distributions with net investment income. The tax was created by the Health…

The IRS announced today that “Individuals and businesses making contributions to charity should keep in mind some key tax provisions that have taken effect in recent years, especially those affecting donations of clothing and household items and monetary donations. Rules…

The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2013. The rates will be: three (3) percent for overpayments [two (2) percent in the case of a corporation]; three…

The Internal Revenue Service today alerted employers and other taxpayers that because Hurricane Sandy is designated as a qualified disaster for federal tax purposes, qualified disaster relief payments made to individuals by their employer or any person can be excluded…

To help distressed homeowners lower their monthly mortgage payments, the U.S. Departments of the Treasury and of Housing and Urban Development established the Home Affordable Modification ProgramSM (HAMPSM) for mortgage loans that are not owned or guaranteed by Fannie Mae…

Some lenders today will require that you at least try for a short sale before they will consider a Deed In Lieu Of Foreclosure. Some people are in favor of doing a short sale because – It’s not a foreclosure.…

The Taxpayer Advocate Service (TAS) is designed to be a “safety net” for taxpayers who are experiencing problems with the IRS. However, because the TAS has been inundated with requests from six million to 12 million taxpayers who may be…