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Taxation Legal News
IRS Gives Northeast Storms Victims Until April 26 To File Tax Returns
Taxpayers affected by the major storm that hit the Northeastern United States April 16 now have until Thursday, April 26 to file their tax returns, the Internal Revenue Service said today.
Earlier this week, the IRS gave taxpayers directly impacted by the storm an additional two days beyond the April 17 deadline to meet their tax filing obligations without incurring late filing and payment penalties. After further assessment of conditions across the region affected by the April 16 storm, the IRS has decided to allow affected taxpayers an additional seven days to fulfill their tax filing obligations.
Power outages and public transportation problems made it impossible in some cases for some taxpayers and tax professionals to meet the April 17 filing deadline.
Affected taxpayers can mark their paper tax returns with the words “April 16 Storm.” Taxpayers who e-file their returns can use their software’s “disaster” feature, if available.
Form 8308 is Report of a Sale or Exchange of Certain Partnership Interests
Report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items.
Newsroom
News about Taxation cases in Massachusetts and nationwide:
Is Estate Tax Reform Dead?
WASHINGTON, D.C. - Senate Republicans' attempt to push through a permanent cut in the estate tax before adjourning was nothing short of a... Read more >
2005 Federal Earned Income Tax Credit
Earned Income Credit Amounts Increase
The maximum amount of income you can earn and still get the credit is higher for 2005 than it is for ... Read more >
Definition:
Amount that taxpayers can claim for their eligible dependents. Each exemption reduces the income subject to tax. The exemption amount is a set amount that changes from year to year.
Meal Expense Deduction
Definition:
Generally, you can deduct only 50% of your business-re-lated meal expenses while traveling away from your tax home for business purposes. Also, you can generally deduct only 50% of certain reimbursements you make to your employees for meal expenses they incur while traveling away from home on business.
Dependent
Definition:
A person, other than the taxpayer or spouse, who entitles the taxpayer to claim a dependency exemption.
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