The new tax law requires an organization to meet the following new rules in addition to other non-profit legal requirements:Services – Must provide credit counseling services tailored to the specific needs and circumstances of the consumer;Loans – Cannot make loans to debtors;Credit Repair – Can...
New Jersey may apply its corporation business tax notwithstanding a taxpayer's lack of a physical presence in the state, according to the New Jersey Supreme Court. In a per curiam decision with national significance, the state high court held that the U.S. Supreme Court's holding...
A bill collector who cries wolf, making idle threats about how it could file lawsuits or refer a case to an attorney without intending to pursue either avenue, has more to worry about than not being taken seriously by debtors. According to the Philadelphia-based 3rd...
The federal government may not tax the money plaintiffs receive as compensation for emotional distress and other intangible injuries, a federal appeals court said Tuesday. The U.S. Court of Appeals for the D.C. Circuit struck down as unconstitutional a portion of the tax code that...
The American Jobs Creation Act of 2004 created section 6306 of the Internal Revenue Code allowing private collection agencies to collect taxes.Later this year private collection agencies will start calling to cllect for the IRS. If you are contacted by a collection agency, SAY NOTHING!...
The new Tax Law effective July 17, 2006 requires taxpayers to pay a NONREFUNDABLE 20% of the amount they offer in an Offer In Compromise with the offer. If they also offer to make monthly payments then they must begin the monthly payments.The 20%...
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...