IRS Tax Amnesty

What is tax amnesty? Tax amnesty is an opportunity for taxpayers to file or amend tax returns in exchange for a waiver of penalty and partial interest. The Oregon tax amnesty program does not apply to taxpayers who already owe a tax debt, whether or not you’re making payments. When is tax amnesty? Applications must […]

IRS Decreases Business Mileage

IRS Decreases Business Mileage Rate to 55 Cents for 2009 Overview RS advises the public that the Internal Revenue Service is revising the optional standard mileage rates for computing the deductible costs of operating an automobile for business, medical, or moving expense purposes and for determining the reimbursed amount of these expenses that is deemed […]

Exclusion from Income for Certain Cancellation of Debt on Principal Residence

The Mortgage Forgiveness Debt Relief Act of 2007 allows individuals to exclude from gross income a discharge of qualified principal residence indebtedness (defined below). This exclusion applies to discharges made after 2006 and before 2010. Additionally, the basis of the principal residence must be reduced (but not below zero) by the amount excluded from gross […]