Transfers of stock have important tax implications that often require the assistance of enrolled agents. A gift tax may apply to the donor of stock. In addition, the recipient of stock requires detail
So many different types of costs are involved in a real estate purchase that a special report is provided at closing. A frequent question of taxpayers is how much of the closing costs are tax-deductib
Starting in 2011, preparers of federal income tax returns are subject to the ethical standards described in IRS Circular 230. The rules in Circular 230 have always applied to certified public accounta
Each year tax deductions can save the vast majority of American taxpayers thousands of dollars in taxable income. ?While the IRS is only interested in claiming what the agency feels it is owed accordi
An important duty for tax preparer jobs is providing guidance to taxpayers about their record keeping. In fact, there is an ethical responsibility for a Registered Tax Return Preparer to assure that i
Taxpayers who are severely delinquent in paying federal income taxes are entitled to a special status known as Currently Not Collectible (CNC). This status is assigned by the IRS in cases where taxpay
There is no topic more hotly debated than capital gains—the amount by which an asset’s selling price exceeds its initial purchase price. The tax rules governing capital gains are also constantly
There are several important new tax breaks for taxpayers on the 2010 Form 1040, and several more have been eliminated all together. Some of these tax breaks are pretty straightforward, while others ar
Given the number of people who took advantage of the various incentives the Obama administration offered prospective homebuyers the past several years, the subject of how to go about claiming the firs
Foreign citizens who earn income in the United States are subject to US income tax. But calculation of the tax depends upon whether the individual is a resident or nonresident alien. One of the import
