IRS Issues 2007 Mileage RatesThe IRS issued the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including...
The New Jersey Supreme Court held on October 25 in a 4-3 decision that the state’s constitution requires that same-sex couples be granted the same legal rights as married heterosexual couples. However, the dissenters argued the majority didn’t go far enough in vindicating the rights...
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...