The Joint Committee Released Their Explaniation of American Taxpayer Relief Act (ATRA) of 2012. This document, prepared by the staff of the Joint Committee on Taxation in consultation with the staffs of the House Committee on Ways and Means and the Senate Committee on Finance, provides an explanation of tax legislation enacted in the 112th…
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The Internet Sales Tax Exemption About To Expire?
U.S. states could collect millions of dollars in online sales taxes, with members of both parties in Congress sponsoring legislation that would resolve states' decades-long struggle to tax businesses beyond their borders. A bipartisan group of 53 lawmakers in the Senate and House backed the Marketplace Fairness Act of 2013 last Thursday, Febuary 15, 2013,…
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How to Report Your Tribal Trust Settlement to the IRS? Up Dated
On Friday, February 15, 2013 we posted How to Report Your Tribal Trust Settlement to the IRS? Since then the IRS announces the publication of Notyice 2013-16, which updates and supersedes Notice 2013-1. Notice 2013-1, 2013-3 IRB 281, provides guidance on the federal tax treatment of per capita payments that members of Indian tribes…
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Are You an IRS Audit Target? Part I
The IRS said it audited more than 1million individuals in fiscal 2012 for the sixth year in a row, collecting more than $50 billion for the third consecutive year. While those numbers might seem high, audit rates are really quite low. The IRS’ audit rate is roughly 1.03 % of all tax returns filed. The…
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