Amidst the spate of seemingly bad news hounding the nation, some good news has finally arrived. The rainbow indeed appears after the rain.
The Internal Revenue Service has announced a 1% interest rate cut for the calendar quarter beginning January 1, 2011.
The new rates will be:

three (3) percent for overpayments [two (2) percent in the [...]

In September of this year, the IRS lost a case (United States v. J. Bryan Williams) in which it tried to impose the 50% penalty for willfully failing to file a Foreign Bank Account Report, TDF 90-22.1 (FBAR). This appears to be the first case that has gone to court on FBAR penalties which did [...]

The IRS Nationwide Tax Forums are held for CPAs and other financial professionals to learn the latest from IRS leadership in the field of tax law, compliance, and ethics. Attendees may select from more than 40 seminars and workshops available and earn up to 18 continuing professional education credits. The following are the forum schedules [...]

In administering the letter of the laws enacted by the US Congress, the IRS tasks itself to take the specifics of these laws and translate them into detailed rules, regulations and procedures simplifying them to help those that are not familiar with the inner workings of the Service to easily understand these laws and how [...]

With the end of the fiscal year fast approaching, the Internal Revenue Service has announced that cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011 will, in general, remain unchanged, and that inflation adjustments for 2011 will be small. Highlights of the announcement are as follows:

The [...]

The bliss that is marriage! But a happy ever after, is not something that is handed over to anyone simply because they found a partner for life. Like everything in love and life, everyone must work hard to attain something.
A change in status means a change in a whole lot of things, including spending habits [...]

Solar Power users in New York can knock off up to $5000 in personal taxes if they are using solar power systems for residential heating, cooling, hot water or electricity. The New York State Energy Research and Development Authority (NYSERDA) also offers rebates to photovoltaic installers.
The credit, equal to 25% percent of the cost of [...]

The IRS is cautioning taxpayers against new tax frauds disguised as debt payment options on credit cards or mortgages. This new scam may also be marketed as a way to pay for outstanding tax liabilities or reducing taxes. This scam involves filing Form 1099-OID, Original Issue Discount, and/or bogus financial instruments such as bonded promissory [...]

The IRS releases and updates the list of State-Qualified Health Plans for New York to help qualified individuals and their families get their Health Coverage Tax Credit. The list provides information to help you decide which one is most appropriate for you and your family. The list is divided in two, each serving [...]

The Internal Revenue Service is encouraging small businesses to take advantage of the recent enactment of a federal legislation offering tax-saving opportunities to small businesses by hiring new workers and providing health care to their employees.
The American Recovery and Reinvestment Act of 2009 (ARRA) is expanding and extending the Hiring Incentives to Restore Employment Act [...]