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Federal Taxes
 Websites presented in alphabetical order Canceled Mortgage Debt and Taxes 
 This article discusses the tax implications of the 2007 Mortgage Forgiveness Debt Relief Act, which "provides some relief for homeowners who lose their house through foreclosure or short sales, or who restructure their mortgages with a lower principal amount." Topics include canceled debt at taxable income, separating acquisition debt and home equity debt, insolvency and bankruptcy exclusions, and reporting canceled debts. Includes links to IRS material. From a tax professional, written for About.com. http://taxes.about.com/od/income/ss/mortgage_cancel.htm Topics: Housing, Tax Filing Season Last updated Feb 9, 2009 The Centralized Authorization File (CAF): Authorization Rules
Compilation of documents about the CAF, which "contains information on third parties authorized to represent taxpayers before the IRS and/or receive and inspect confidential tax information on active tax accounts or those accounts currently under consideration by the IRS." Includes a FAQ, forms and publications, "Common Reasons for Power of Attorney (POA) Rejection," and related instructions and reference materials. From the Internal Revenue Service (IRS). http://www.irs.gov/businesses/small/content/0,,id=108383,00.html Topics: Tax Filing Season Last updated Feb 19, 2009 A Do-It-Yourself Year-End Bonus
This article describes how "most employees have the power to put at least a couple hundred extra dollars in their paychecks each month, starting this month. ... Simply tell Uncle Sam to back off a bit in biting into your paychecks." Includes an online calculator to help you determine if you should adjust withholdings to increase you take-home pay. From Kiplinger's. http://www.kiplinger.com/features/archives/2006/12/withholding.html Topics: Finance, Tax Filing Season Last updated Apr 4, 2008 Extension of Time to File Your Tax Return
"Need more time to prepare your federal tax return? This page provides information on how to apply for an extension of time to file. Please be aware that an extension of time to file your return does not grant you any extension of time to pay your tax liability." Includes links to forms for individual income tax returns, and forms for corporations and partnerships. From the Internal Revenue Service (IRS). http://www.irs.gov/formspubs/article/0,,id=98155,00.html Topics: Tax Filing Season Last updated Mar 1, 2007 Federal Tax Credits for Energy Efficiency
This site outlines the federal income tax credits available for home improvements (such as insulation and replacement windows, efficient cars, solar energy systems, and fuel cells). Updated with details about credits available for 2009 tax years and beyond. Includes links to relevant tax forms and notices. From the Energy Star program of the U.S. Environmental Protection Agency and the U.S. Department of Energy. http://www.energystar.gov/index.cfm?c=tax_credits.tx_index Topics: Energy, Tax Filing Season Last updated Oct 8, 2009 Highlights of 2008 Tax Law Changes: Tax Breaks Renewed, Recovery Rebate Credit, Homeowner Relief
This January 2009 release describes changes for 2008 personal income tax returns. Topics include economic stimulus payments being tax free, the alternative minimum tax (AMT) increase for one year, increased standard deductions for most taxpayers, first-time homebuyer credit, standard mileage rate adjustment, the earned income tax credit, and more. From the Internal Revenue Service (IRS). http://www.irs.gov/newsroom/article/0,,id=202106,00.html Topics: Tax Filing Season Last updated Jan 22, 2009 History of the US Income Tax
"If, in the midst of sorting receipts and studying the latest changes in the US income tax laws, you suddenly wonder 'What is the origin of this annual ritual in the weeks leading up to April 15th?'" visit this site. Features links to information from the Internal Revenue Service (IRS) and other resources, images from Library of Congress collections, and reading suggestions. From Ellen Terrell of the Library of Congress. http://www.loc.gov/rr/business/hottopic/irs_history.html Topics: Tax Filing Season Last updated May 7, 2006 How Income Taxes Work
A history of the federal income tax and basic explanation of the tax process. Includes overviews of alternative tax ideas (flat tax and national sales tax) and links to related information. From How Stuff Works. Note: some intrusive advertising. http://people.howstuffworks.com/income-tax.htm Topics: Tax Filing Season Last updated Jan 18, 2006 Internal Revenue Service (IRS)
The official IRS Web site provides federal income tax forms, information, and tips. Includes publications, warnings about tax frauds and scams, information about electronic filing, a place (in the Individuals section) for tracking the status of your refund, and more. Some information available in Spanish. Searchable. http://www.irs.gov/ Topics: Tax Filing Season Last updated Feb 9, 2005 Internal Revenue Service Topic 653: IRS Notices and Bills, Penalties and Interest Charges
This document summarizes the penalties for not filing and paying federal taxes by the April 15 deadline, listing specific interest rates and other penalty charges for late filing and payment. It suggests what to do if you feel you have reasonable cause for abatement of penalties or if you believe there is an error on your notice or bill. Includes links to relevant tax publications. From the Internal Revenue Service (IRS). http://www.irs.gov/taxtopics/tc653.html Topics: Tax Filing Season Last updated Apr 8, 2008 Internal Revenue Service: Economic Stimulus Payments — It's Not Too Late
Official Internal Revenue Service (IRS) information about the 2008 "economic stimulus" payments that were sent to U.S. taxpayers starting in May. "Eligible taxpayers will receive between $300 to $600 if single or $600 to $1,200 if married filing jointly." Provides payment scenarios, a FAQ, material for Social Security and veterans' benefits recipients, an alert about rebate scams, tax tips, and other details about the payment program. From the IRS. http://www.irs.gov/newsroom/article/0,,id=177937,00.html Topics: Tax Filing Season Last updated Aug 22, 2008 IRS e-file: : Filing Your Taxes Online
The Internal Revenue Service (IRS) explains its electronic filing (e-file) system and covers tax return information for individuals, businesses, and preparers. Includes information about "Free File Services" for eligible taxpayers. http://www.irs.gov/efile/ Topics: Tax Filing Season Last updated Apr 4, 2008 IRS Information Related to the American Recovery and Reinvestment Act of 2009
This page highlights key aspects of the American Recovery and Reinvestment Act of 2009 of interest to taxpayers and employers, including the Making Work Pay tax credit ("refundable tax credit of up to $400 for working individuals and $800 for married taxpayers filing joint returns"), Economic Recovery Payment (for Social Security recipients, veterans, railroad retirees), deductions for new vehicle purchases, expansion of first-time homebuyer credit, and COBRA premium subsidies. From the Internal Revenue Service (IRS). http://www.irs.gov/newsroom/article/0,,id=204335,00.html Topics: Finance, Tax Filing Season Last updated Mar 2, 2009 IRS Reminds Taxpayers They Can Use Stock Losses to Reduce Taxes
This press release from the Internal Revenue Service (IRS) reminds taxpayers that "they may be able to use their losses in the stock market to reduce their tax burden." Generally, realized capital losses are first offset against realized capital gains. ... Losses in excess of [the annual] limit can be carried forward to later years." Includes links to related IRS publications. http://www.irs.gov/newsroom/article/0,,id=103509,00.html Topics: Investing, Tax Filing Season Last updated Feb 2, 2009 IRS Speeds Lien Relief for Homeowners Trying to Refinance, Sell
This December 2008 press release from the Internal Revenue Service (IRS) announces "an expedited process that will make it easier for financially distressed homeowners to avoid having a federal tax lien block refinancing of mortgages or the sale of a home." Includes an audio file and links to related publications. http://www.irs.gov/newsroom/article/0,,id=201343,00.html Topics: Housing, Tax Filing Season Last updated Jan 5, 2009 IRS: Agriculture/Farmers
Compilation of forms and publications concerning tax laws affecting the agriculture industry. Find recent rulings and court cases, trends and statistics, tax tips, audit technique guides, and other details about taxes for farmers and small businesses. From the Internal Revenue Service (IRS). http://www.irs.gov/businesses/small/industries/article/0,,id=201608,00.html Topics: Agriculture, Tax Filing Season Last updated Feb 3, 2009 National Priorities Project Database
"The NPP Database breaks down federal expenditures and needs on education, energy, health, housing, hunger, labor, and poverty by state, county and school district." Data goes back to 1983. The National Priorities Project (NPP), is a "research organization that analyzes and clarifies federal data so that people can understand and influence how their tax dollars are spent." http://www.nationalpriorities.org/nppdatabase_tool Topics: Economics, Federal (U.S.) Government, Tax Filing Season Last updated Dec 12, 2008 The Tax Gap
"Find resources on this page pertaining to the tax gap -- the difference between the amount of tax that taxpayers should pay and the amount that is paid voluntarily and on time." Includes studies and statistics, and fact sheets (going back to 2006) on tax gap topics such as filing past-due returns, avoiding penalties, and reporting specific types of income. From the Internal Revenue Service (IRS). http://www.irs.gov/newsroom/article/0,,id=158619,00.html Topics: Tax Filing Season Last updated Apr 7, 2008 Tax Guide for Investors: Guide to Alternative Minimum Tax (AMT)
Plain-language guide to the alternative minimum tax (AMT), which is "an extra tax some people have to pay on top of the regular income tax. The original idea ... was to prevent people with very high incomes from using special tax benefits to pay little or no tax." Discusses items that can cause AMT liability, claiming AMT credit, and related topics. From a tax lawyer and author of books and training materials on investment-related tax topics. http://fairmark.com/amt/ Topics: Tax Filing Season Last updated Mar 22, 2007 Tax Information for Churches and Religious Orgs
Information about federal tax laws related to churches and religious organizations. Includes exemption requirements as defined in the Internal Revenue Code, filing requirements, and laws that may apply to a religious organization, such as those concerning unrelated business income tax and to political and lobbying activities. Also includes a link to tax information for charitable organizations. http://www.irs.gov/charities/churches/ Topics: Business, Constitutional Law & Civil Liberties, Government, Government, Religion, Social Issues, Tax Filing Season Last updated Apr 4, 2008 Tax Policy Center
This site features estimates, "tax facts," news, and analysis about potential changes in the federal tax system, such as the 2005 concepts of repealing the deduction for state and local taxes, and replacing the income tax with a tax on consumption. The center is a joint venture of the Urban Institute and the Brookings Institution. http://www.taxpolicycenter.org Topics: Tax Filing Season Last updated Apr 4, 2008 Taxes on Vacation Homes
This article discusses different tax scenarios for vacation homes. "Depending on how often you use your vacation home yourself, how often you rent it out and how long it sits empty, you will fall into one of three different tax categories." Also describes tax considerations for timeshares. From SmartMoney, a joint publishing venture of Dow Jones & Company and Hearst Communications. http://www.smartmoney.com/personal-finance/taxes/taxes-on-vacation-homes-9562/ Topics: Finance, Housing, Investing, Tax Filing Season Last updated Feb 14, 2009 Taxpayer Advocacy Service (TAS)
Collection of materials for this independent organization within the Internal Revenue Service (IRS) that helps taxpayers resolve problems with the IRS and recommends changes that will prevent the problems. Includes a history of the TAS, a description of who may use this free service, what information should be provided to the TAS, annual reports to Congress (with legislative recommendations and list of most litigated issues), and related material. From the IRS. http://www.irs.gov/advocate/ Topics: Tax Filing Season Last updated Mar 16, 2009 Taxpayer Advocate Service
This site explains the functions and services of the Taxpayer Advocate Service, an independent organization within the Internal Revenue Service (IRS). This service aids taxpayers with unresolved issues with the IRS. The site provides links to tax forms and other IRS tax information. http://www.irs.gov/advocate/ Topics: Tax Filing Season Last updated Feb 11, 2005 TRAC IRS
Examines the Internal Revenue Service's enforcement activities from many different perspectives. Economic data about the taxpayers in each of the nation's more than 3,000 counties — and the relative standing of each county — are available. Includes population, returns filed, average income reported, and percentile income rank. Also provides a history of the IRS and applicable laws. http://trac.syr.edu/tracirs/ Topics: Tax Filing Season Last updated Feb 9, 2005 Treasury Announces Mutual Agreement With Switzerland Regarding Tax Information Exchange
This 2003 press release describes how U.S. and Swiss authorities are working "to ensure that no safe haven exists anywhere in the world [such as in Swiss bank accounts] for the funds associated with illicit activities, including tax evasion." Includes the text of the Mutual Agreement under the current U.S.-Swiss Income Tax Convention, and letters from American and Swiss officials. From the U.S. Department of the Treasury. http://www.treas.gov/press/releases/kd3795.htm Topics: Tax Filing Season Last updated Apr 1, 2009 United States Tax Court
This official government site has both current and historical opinions of the court, searchable docket records for cases filed on or after May 1, 1986, court rules and forms, press releases, and general information about the workings of the court. http://www.ustaxcourt.gov/ Topics: Judicial Process, Tax Filing Season Last updated Jan 18, 2006 What Is the Tax Gap?
This 2007 paper "addresses issues related to measurement of the tax gap -- the difference between tax liability under the current Federal tax law and taxes paid. [It] discusses how the tax gap is defined, reviews the main components of the tax gap, and describes how the IRS estimates it, as well as some of the major methodological issues in and weaknesses of current estimates." Includes links to related research. From the nonpartisan Urban Institute. http://www.urban.org/publications/1001112.html Topics: Tax Filing Season Last updated Apr 7, 2008 |
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