HERO ACT - Increased IRA Deductions for Armed Forces Appropriately enough, President Bush signed the Heroes Earned Retirement Opportunities Act of 2006 — the HERO Act, for short — into law on Memorial Day of this year. This new federal law expands retirement...
IRS Announces Hybrid Cars that Qualify for a Tax Credit Last year's Energy Policy Act replaced the $2,000 clean-fuel burning deduction with a tax credit that is potentially worth much more. The tax credit for hybrid vehicles applies to vehicles purchased or placed in...
The Tax Increase Protection and Reconciliation Act changes the rules for Offers in Compromise (OIC), eliminating the breathing room a taxpayer has while waiting for the IRS to accept or reject an OIC. That is not good news. Starting with OICs filed on or after...
Bankruptcy filings are drying up at a level not seen in at least two decades and there’s no telling for sure when — or if — that phenomenon will stop. An analysis of the latest filing figures reveals bankruptcy actions are plummeting more...
Credit Counseling companies, claiming non-profit status are frequently shams and simply profit-making businesses in disguise. The IRS has shut down credit counseling agencies responsible for 41% of the revenue from such agencies. Click Here for the full IRS report.see: http://www.TaxEsq.com...
Guidance Issued on Vehicle Depreciation Deduction Limits (Rev. Proc. 2006-18)Tables indicating limitations on depreciation deductions for owners of passenger automobiles, including electric automobiles, trucks and vans first placed in service during calendar year 2006, have been issued by the IRS. Also provided are tables indicating...
CNNMoney.com report that just over 1.2 million individual income tax returns were audited in fiscal year 2005, according to a report released March 17, 2006 by the Internal Revenue Service.That represents a 21 percent increase from a year earlier. That follows a 19 percent increase...
Collection Agencies to Hassle TaxpayersThe Internal Revenue Service awarded contracts on March 9, 2006 to three firms to participate in the first phase of its private debt collection initiative.The firms are:The CBE Group Inc., Waterloo, Iowa.Linebarger Goggan Blair & Sampson, LLP, Austin, Texas.Pioneer Credit Recovery,...
HR Block Sued by NY Attorney GeneralMore than half a million eager savers signed up for H&R Block's Express IRA product in recent years, and plenty of them are probably wondering how to unravel that decision now.With its steep fees and low interest rates, H&R...
NJ Supreme Court rules to limit rent-to-own interest rates to 30%The state Supreme Court ruled on March 15, 2006, that the rent-to-own industry is subject to the state's 30 percent interest rate cap. Groups such as New Jersey Public Interest Research Group have contended the...