Blogs

The Treasury Department will soon come up with new rules regarding offshore assets of U.S. taxpayers. Foreign Account Tax Compliance Act (FATCA) is set to publish its new regulations for increasing compliance regarding foreign financial assets in January, 2013.After the busting of a Swiss banking scandal, it was found that millions of dollars were hidden... Continue reading →

Demand for money in tax shelters in various foreign countries to be brought back into the country is rising. The Treasury Department is soon going to publish new rules regarding offshore assets of U.S. taxpayers. After missing the September deadline, the new rules are expected to be published in January, 2013.Foreign Account Tax Compliance Act... Continue reading →

Everybody is talking about the expiring of tax breaks in 2012, but there were many big and small tax breaks that have already expired. This year and the coming year will see additional taxes for some, but most taxpayers will be paying more because of the expiring of many tax breaks. Some individual taxes that... Continue reading →

There has been much talk about the expiring of many tax breaks in 2012 because the country is facing a fiscal cliff. But this phenomenon of expiring of tax breaks is not unique to this year. Last year too, many individual and corporate tax breaks expired.Relief from the alternative minimum tax that cost $132 billion... Continue reading →

December is the month of looking back at the year, but with the country looking straight ahead at the fiscal cliff, everybody is talking about the coming year. The new year will see the end of many tax breaks, but that is nothing new. The beginning of 2012 also saw the end of many tax... Continue reading →

With the introduction of increased payroll taxes on wages, and tax on investment income, the new year will bring additional taxes for the rich. Taxes on investment income will hurt the wealthy because it includes interest, dividends and capital gains. Many are already planning to shift their investments to cut down on the taxes. Whether... Continue reading →

The end of the year will be marked by talk of increase in taxes. The economy is slowly recovering, and to help it get back to its feet, the government is looking to get money from wherever it can.Although increase in income tax for the rich has not seen the green signal yet, there are... Continue reading →

The many tax breaks that American taxpayers had been enjoying for some years now are soon to expire. One of the major tax breaks that will end with 2012 is sales tax deduction, i.e. if it is not renewed. With the economy in trouble, there is little likelihood of the expiring tax breaks to be... Continue reading →

As the new year is approaching, American taxpayers’ worries about the expiry of many tax deductions that they had been enjoying till now is increasing. Shoppers are unhappy that the federal deduction for state and local sales taxes will no longer be there come January. That will mean that after 31st December, 2012, you will... Continue reading →

Habitual shoppers can feel the pinch of losing federal deduction for state and local state taxes. This Christmas, shoppers can enjoy the benefits of the tax break, but starting Jan 1st, 2013, sales tax deduction expires. Worse news is that apart from this deduction, more are in line. Beginning next year, the country will see... Continue reading →