Archives for Tax Return

Obama Tax Compromise through 2012

The tax compromise extending Bush-era tax cuts has now been signed into law. It has cleared up some uncertainty concerning tax rates and deductions that made tax planning problematic for both this year and next. At the least, we hope the compromise brings certainty through 2012. The following main points summarize the compromise:
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IRS notices – CP 2000

Recently I’ve been helping clients with CP 2000 notices. Many people get panicked when they get this notice. Many times the IRS assumes the worst when they send this notice. What is a CP 2000 notice, basically the IRS received a 1099 indicating that the taxpayer is missing income.  For example , the IRS received a 1099 from Bank of America indicating you were paid $1,000 to your CD.  Most people I meet, never really
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