2013 Medicare Taxes
Aug 30, 2012
Effective January 1, 2013, the Health Care and Education Affordability Reconciliation Act of 2010 added an additional 0.9% Medicare tax on wages and net self-employment income exceeding $200,000 for si...
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Exceptions to the Taxability of Cancellation of Indebtedness Income
Jul 24, 2012
Under well established income tax principles, when a borrower receives loan proceeds he or she does not include the amount in gross income because of the corresponding obligation to repay the loan...
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Trust Fund Recovery Penalty
Jun 06, 2012
Employers who fail to properly withhold and pay employment taxes may be personally liable for a portion of the unpaid payroll taxes, referred to as "trust fund taxes."The trust fund portion consists of...
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Foreign Account Tax Compliance Act (FATCA)
May 18, 2012
Continuing its enforcement efforts of foreign account disclosure, Congress passed the Foreign Account Tax Compliance Act (FATCA) as part of the 2010 Hiring Incentives to Restore Employment Act (HIRE)...
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Tax Lien versus Tax Levy
May 17, 2012
Many people use the terms "lien" and "levy" interchangeably but they are two very different IRS enforcement and collection tools. Taxpayers should be aware of the differences.
When a tax liability is ...
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