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TAXING TIMES™
THIS WEEK'S NEWS THAT AFFECTS
YOUR ESTATE & FINANCIAL PLANNING...
THIS WEEK'S TAX NEWS:
- IRS Relief From Taxation Of Cancelled Foreclosure Income
- IRS Provides Info About "Stimulus" Checks
- All Small Nonprofits (Except Churches) Must File A Tax Return
THIS WEEK'S FORECLOSURE NEWS
- Congress considers plan to require lenders to exercise forbearance.
- Is someone in your household łupside down˛ with a mortgage? We can walk you through your options.
Simple Summaries:
- Current tax law requires that forgiven debt be taken into your income in the year that it happens. This would include if Dad forgives repayment of the $30,000 loan for that new SUV, or your employer forgives the advance against your salary if the company has a good year. And it also includes the loan that evaporates when a lender forecloses and takes your house back. So, if you borrowed $300,000 and the value of the taken property is now $150,000, you may have $150,000 of debt that just goes away. That $150,000 must be taken into your income, and taxes paid at your (now higher) tax bracket rate.
- There is huge confusion about who will receive a tax rebate and what steps you must take to assure that. Go to the full story for an explanation and a link to the forms you will need. Millions of people who normally donąt file will have to file a tax return to receive their checks.
- Small charities who traditionally have not had to do reporting or tax returns to the IRS if they earned under $25,000 per year must now report. There is no paper form, but we have the link to the electronic form, and all the information you need to file. Failure to file for three years will mandate IRS to terminate your tax exempt status.
PUBLICATIONS & NEWS ARTICLES available upon request.
Phone: 480-595-7462 Cell: 480-239-7770 Email: saravannucci@att.net
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