Members of the Obama administration, including Treasury Secretary Timothy Geithner, have come out in support of an extension for the first-time home-buyer tax credit, even as a report from the Treasury’s Inspector General for Tax Administration found there were no controls in place to identify erroneous claims. The report comes as Congress considers extending the [...]

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WASHINGTON — Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain.
The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit [...]

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WASHINGTON — A new Internal Revenue Service enforcement unit targeting the very wealthy will help the tax agency decode partnerships, offshore trusts and other complex techniques used to hide income, IRS Commissioner Doug Shulman said Monday.
Dubbed the Global High Wealth Industry group, the unit will launch “a small number” of audits of individuals with assets [...]

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Maintaining Solid Relationships with Clients, Investors and Vendors
Julia Rogers (Recessionwire)
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Oct 12, 2009 -
Jennifer D., [...]

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Economists are calling for congressional approval of an employer tax credit they say would help create jobs. Some problems exist, including a fear that companies will lay off workers now to claim the tax credit later, or that companies will be rewarded for hires they would have made anyway. Still, with unemployment mounting, congressional support [...]

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With the deadline quickly approaching, the Internal Revenue Service has reminded potential homebuyers that they must complete their first-time home purchases before Dec. 1 to qualify for the special first-time homebuyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far.  The [...]

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Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009.
Here are six important facts the IRS wants you to know about the new American Opportunity [...]

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Tax rate brackets and various tax benefits will remain unchanged or change only slightly in 2010 due to inflation, the Internal Revenue Service announced today.   By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits [...]

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The Internal Revenue Service has announced the availability of a new form to aid the processing of mortgage applications under the Home Affordable Modification Program (HAMP) as part of the Making Home Affordable Program. The new form will make it simpler for people, especially homeowners trying to modify or refinance their mortgages, to order copies [...]

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The Obama administration will order deep pay cuts for the 25 highest-paid executives at companies that received the most taxpayer money during the financial crisis, an official who participated in the decision said. The companies involved are American International Group, Bank of America, Chrysler, Citigroup, General Motors and the financing units of Chrysler and GM. [...]

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