IRS Tax Support

The Federal Reserve announced a series of new steps Sunday to help provide relief to a spreading credit crisis that threatens to plunge the economy into recession.
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The central bank approved a cut to […]

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Although the alternative minimum tax (AMT) was intended to apply to high-income taxpayers who take advantage of loopholes (called “tax preferences” in professional lingo), it can also apply to middle-income taxpayers who haven’t planned their taxes thoroughly enough. In fact, the AMT is hitting more and more taxpayers each year, and without annual patches, it […]

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Senate Democrats Mull Adding Retirees to Rebate Plan, Extending Jobless Benefits
Retirees living off Social Security are frustrated that they won’t get tax rebate checks through a bipartisan economic stimulus package before the House. Senate Democrats Friday began efforts to include them.

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The Senate is also considering an extension of jobless benefits […]

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Washington leaders have agreed on a $150 billion deal to stimulate the economy by giving workers rebates of as much as $600 or more.But it could be late spring or even early summer before Americans see any real cash.

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The goal for both Democrats and Republicans is to get […]

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Dear Bankruptcy Adviser,
How much of an Internal Revenue Service past debt can or will be cleared when declaring Chapter 7 bankruptcy?
– Joe Dear Joe,
It is possible to eliminate all delinquent taxes in a Chapter 7 bankruptcy. In general, there is a multiple-step test to determine whether tax debt can be eliminated. First, you should order […]

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