Tag Archives: Internal Revenue Service

Tax Break for Mortgage Help, Not for Unemployment?

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The IRS has taken two positions which on the surface appear to conflict with each other.  Is anyone surprised?  On one hand they have given a break to folks getting incentives under the mortage assisance program.  On the other hand unemployment benefits are taxable income.  The IRS issued an official position concerning the taxability of incentive payments received by homeowners under the US Government’s Home Affordable Modification Program or HAMP. Revenue Ruling 2009-19 states that Revenuers will treat any incentives received by already struggling homeowners will fall under the exception carved into tax law that excludes welfare benefits. The law states Continue reading →

IRS Hiring Hundreds of New Agents

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The IRS is hiring hundreds of Internal Revenue Agents! What does this mean for taxpayers? Does this signal the beginning of a new era of heavy enforcement activity? Considering the fact that April tax revenue collected by the US government fell by more than 30%. It only stands to reason that the government will start some more heavy handed collection and enforcement and these new agents will be taking the field to do just that. If you have been putting off taking care of a tax issue, you should consider getting it settled as soon as possible.

The IRS has begun a major hiring effort to fill hundreds of critical jobs nationwide. Most of these Continue reading →