- Penalty Relief for Financially Distressed Taxpayers
- The IRS has new penalty relief for the unemployed and certain self-employed individuals on failure-to-pay penalties, which are one of the biggest factors a financially distressed taxpayer faces on a tax bill.
- You Can Still Change Your Mind!
- If you made a conversion from a traditional to a Roth IRA, there is a good chance the entire conversion is taxable. Generally, people plan those conversions for years with low income or when the stock market is down and the IRA value at the time of the conversion is low.
- Tax Evasion Can Lead to Deportation for Aliens
- Don't get caught with your hand in the government's pocket, especially if you are not a U.S. Citizen. Case in point: Mr. and Mrs. Kawashima have been U.S. resident aliens since 1984 and own restaurants in Southern California.
- President Signs Payroll Tax-Cut Bill
- On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012 (HR 3630). This law extends the 2% reduction in employment taxes and a like adjustment in SE taxes through December 2012.
- You Still Have Time!
- One of the earliest lessons in life is that actions have consequences, and approaching retirement age without a substantial nest egg is one of those consequences. But if you are in this situation, you are not alone, as millions of other Americans are faced with the same need to save enough to retire comfortably.
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