Net Operating Loss Carryovers for Individuals The American Recovery and Reinvestment Act of 2009 (ARRA) provides individual taxpayers potential net operating loss (NOL) deductions. The IRS has provided opinions stating the ARRA applies to individuals. An “Eligible...
Offshore Accounts Get Hammered! The IRS is starting to prosecute UBS customers with Swiss and Offshore accounts that have not reported them. On March 28, the IRS issued a directive making this a high priority. If you are thinking of buying books or consulting services...
The IRS announced the following inflation adjustments for 2009: The value of each personal and dependency exemption, available to most taxpayers, is $3,650, up $150 from 2008. The new standard deduction is $11,400 for married couples filing a joint return (up $500),...
