Cormier & Rea announce additional office at 483 Summer St, Ste 2000, Arlington, MA
Blog posts concerning Federal Income Tax tips, changes, updates, news and more
* * Congress Approves AMT Patch * * Yesterday, the House approved the previously passed Senate version of the Tax Increase Prevention Act of 2007 (H.R. 3996). The president is expected to sign the bill. The Act provides for a one-year patch of the AMT for 2007 but does not offset the revenue cost with …
Businees owners operating from home should read the attached article which clarifies some home office deductions and recordkeeping requirements. Read more at: http://www.cnn.com/2007/LIVING/worklife/10/12/home.office.taxes/index.html
* * IRS to Begin New National Research Program for Individuals * * The IRS announced plans to launch a new National Research Program (NRP) reporting compliance study for individual taxpayers that will provide updated and more accurate audit selection tools and support efforts to reduce the nation’s tax gap. The study will start in …
For taxpayers who owe the IRS and can’t afford to pay the full amount, installment agreements are available. Effective Monday January 1, 2007 installment agreement user fees have increased. The fee for direct debit is $52.00 (funds transferred directly from your account). Non-direct debit installment agreement will cost $105.00. Taxpayers with incomes at or below …