One of the benefits granted under the American Recovery and Reinvestment Act 2009 (ARRA) is a tax deductible amount from costs incurred for energy efficient home improvements. In the past, the government did give a similar incentive but it was removed in 2008 only to be reenacted in 2009, but bigger and better. This is good news to taxpayers.
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The IRS Goes Video
Ever since the enactment of the American Recovery and Reinvestment Act 2009 (ARRA), the IRS has been going on overdrive to explain the nature and implications of the various tax incentives under the Act to the American taxpaying public. In another act of reaching out to the people, the IRS has started its own YouTube channel.
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Foreign Banks to Comply with IRS Law
A new law for foreign banks compels them to divulge information about the deposits by their US account holders. Its objective is to nab US tax evaders who stash their money in accounts with foreign banks especially in the light of the confession of Swiss bank UBS of assisting its American customers in dodging taxes. The bank had to pay hefty fines and release details of several thousands of its US account holders to the IRS last year.
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The IRS has decided to relax the requirements on Americans who hold assets in foreign accounts, albeit slightly. For years, those who have accounts in foreign banks and other financial institutions worth more than $10,000 were required to fill in the Foreign Bank Account Report (FBAR) but a new push by Congress to get the IRS to stem tax evasion has seen the government agency come down hard on such taxpayers. Willful failure to submit or misrepresentation in the FBAR form entails a $100,000 fine or half the value of the account per year. Non-willful compliance with this regulation results in a $10,000 annual fine. Both these situations take no account of the amount of the infringements.
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Looking back at the horrific events of that fateful Thursday morning February 18, Americans are divided over what to think of Joseph Stack, the angry man who flew his single engine Piper Cherokee airplane into the side of the 7 storey IRS building in Austin, Texas killing one man other than himself and injuring scores of others. Some see him as a hero, others as a washed up coward and anything in between.
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