Because the congress passed certain extenders very late last year, the IRS has to play catch up. The IRS has asked tax preparers NOT to e-file certain kinds of tax returns until they give the go-ahead, some time in mid-to-late February, 2011. What does this mean? Among the affected taxpayers are those that itemize, take the [...] Read more »
December 17: 2010 Tax Relief Act
Note: Much of the following is extracted from the Senate Finance Committee’s explanation of Reid-McConnell Tax Relief, Unemployment Insurance Reathorization and Job Creation Act, which incorporated the amendments to HR4853 that President Obama negotiated with the Senate and passed back to the House. There was some debate in the house about the Estate [...] Read more »
Casual Gambling Winnings & Losses Must Be Netted Daily
You are not a professional gambler, but you gamble a little. Over the long haul odds are that you are not a winner overall. The natural tendency for casual gamblers is to net their winnings and losses over the year and report the difference, if any, as income. What the casual [...] Read more »