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Sole Proprietor Noncompliant Loss Deductions

Filed in News, Small Business by on October 13, 2009
Sole Proprietor Noncompliant Loss Deductions

Government Accountability Office report addresses impact of sole proprietor noncompliant loss deductions on tax gap. Ninety-five percent of all sole proprietors who reported losses in 2006 deducted some or all of their losses against other income, deducting a total of $40 billion, said the Government Accountability Office (GAO) in a report issued on Oct. 13. […]

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“IRS” Email Scam

Filed in Identity Protection, News by on October 2, 2009
“IRS” Email Scam

In recent weeks, a phony e-mail claiming to come from the IRS has been circulating in large numbers. The subject line of the e-mail often states that the e-mail is a notice of underreported income. The e-mail may contain an attachment or a link to a bogus Web page directing taxpayers to their “tax statement.” […]

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Large Tax Refund Delay

Filed in News, Refunds by on September 25, 2009
Large Tax Refund Delay

Problems persist with IRS’s handling of large dollar refund freezes. IRS has been paying an excessive and unnecessary amount of interest on improperly frozen large dollar refunds, the Treasury Inspector General for Tax Administration (TIGTA) said in a recent audit. The agency’s inability to promptly resolve some accounts with a large dollar refund freeze has […]

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Little Change for Tax Brackets in 2010

Filed in News by on September 17, 2009
Little Change for Tax Brackets in 2010

The inflation adjustment for tax brackets in 2010 will be near zero, the Tax Foundation predicts. The foundation releases unofficial projections for the personal exemption and other key tax deductions and thresholds, based on changes in the Consumer Price Index for All Urban Consumers (CPI-U), and calculated in accordance with Internal Revenue Code Section 1(f)(3). […]

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