In this article BAC Morsa Images | Digitalvision | Getty Images To help narrow a homeownership gap among Black and Hispanic-Latino communities, Bank of America is launching new zero down payment, zero closing cost mortgage products to help people in minority communities buy their first homes. The program — called the Community Affordable Loan Solution — will be available to […]
Whether you intended to be a landlord or you fell into it because you had vacant property you couldn’t or didn’t sell, owning rental property is a source of income and it affects your tax return. Knowing the rules can help you maximize the tax advantages of owning rental property and help you create a strategy to help lower your […]
Two-buck chuck; easement does it; mismanagement; and other highlights of recent tax cases. Swampscott, Massachusetts: Tax preparer Boris Shadari, 46, has been sentenced to 30 months in prison and two years of supervised release in connection with a scheme to inflate federal refunds and divert a portion to accounts that he and conspirators controlled. In March, Shadari pleaded guilty to […]
A few weeks ago, I had the privilege of testifying before members of the New Mexico legislature regarding policies that could generate greater economic growth and promote more stable revenue streams for the state. That afternoon, I heard a particular comment raised more than once: there are many factors that influence why a business might locate in a particular state. […]
Idaho Governor Brad Little (R) has called a special session for September 1, 2022, to consider another round of tax reform and relief legislation that would return surplus revenue to taxpayers while making the state’s tax code more economically competitive. House Bill 1 would move Idaho to a flat income tax structure, reduce the rate from 6 to 5.8 percent, exclude […]
dmphoto | E+ | Getty Images There’s good news if you’re eligible for student loan forgiveness: It won’t trigger a federal tax bill. And while some may still owe state taxes, it may be fewer borrowers than expected. It depends on whether and when states conform to federal tax laws, including the American Rescue Plan of 2021 provision making student […]
The Internal Revenue Service is making progress on its backlog of unprocessed tax returns, as it’s asked by the American Institute of CPAs to extend its recently announced penalty relief through the end of the year. The IRS reported Monday it has reduced the number of unprocessed individual returns received this year 2022 to 8.7 million, as of Aug. 19, […]
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