We have been reading about a rule change adopted by Fannie Mae. The rule addresses "derogatory events" on a mortgage applicant's credit report. Derogatory events are things like bankruptcy and foreclosure.
We are continuing our discussion from our Sept. 22 post.
Sales tax is kind of an odd duck. Consumers complain about paying sales tax, but the seller is actually responsible for remitting the tax to the state or the city (or the state and the city). The seller bases the tax payment on his or her gross receipts, and in some states the seller then has the option of passing the tax on to customers.
Sales over the Internet are taxable. The question is, who pays the tax, the seller or the purchaser?
Lots of people miss a deadline at work now and then. Construction workers, for example, may find themselves behind schedule because of weather or supply issues. If the tile for the bathroom is on backorder, if a tradesman isn't available, if the project itself changes -- these are all legitimate reasons for a project to run long.
We are returning to our discussion from Aug. 9, 2014. The subject is the federal government's ability to garnish Social Security Disability insurance benefits to pay off tax debt.
Although you might be the most conscientious taxpayer in Georgia, that salutary personal trait might have little meaning in the event of a major financial setback that materially challenges your ability to timely discharge outstanding tax debt.
The stories about the problems with the U.S. Department of Veterans Affairs have been in the headlines for a while. The hope is that the bill President Barack Obama signed into law this week will actually overhaul the department.
We are continuing our discussion of foreign asset reporting and a few IRS rule changes that should make compliance easier for taxpayers. Most of the changes are the result of the Foreign Account Tax Compliance Act of 2010. The IRS is hoping that a streamlined process and some significant incentives will encourage taxpayers to report now, even if they have spent the last 10 years deliberately hiding assets deposited in foreign banks.
There is a kind of romance about Swiss bank accounts. Criminals and oil barons -- perhaps that's redundant -- deposited funds there, and that money could not be traced back. That meant the funds could sit there, accumulate interest and elude detection by the IRS. And that meant that the account holder did not have to pay taxes on the money.