Happy Thanksgiving. . .
. . . from the Taxpayer Advocacy Panel!

First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify
WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contr

Education Credit Audit
Highlights Highlights of Report Number: 2009-30-141 to the Internal Revenue Service Commissioner for the Wage and Investment Division. IMPACT ON TAXPAYERS Tax credits are available to help taxpayers offset the costs of higher education. These credits are available to certain taxpayers who pay qualified education expenses for higher e

Virtual Worlds & IRS
Last week one of my law professors required the students to set up a Second Life account, and we attended class at the college of law’s virtual campus. Second Life is a “3D virtual world imagined and created by its residents.”   Businesses and universities are evolving with technology. Lately, there has been a lot of talk about the tax consequences of transactions that occur in virtual worlds. Statistics show that more than one billion dollars in virtual goods have been sold on Second Life, which of course catches the attention of the IRS. Second Life has its own currency; interestingly, you can even order pizza using the currency. The IRS already h

1040 Instructions to Include Information about the Taxpayer Advocacy Panel
The most exciting change to the 1040 instructions (Individual Income Tax Form) this year is the inclusion of information about the Taxpayer Advocacy Panel. This information will educate more taxpayer about our existence. Just about everyone has something to say about taxes and the IRS. As a federal advisory committee, we have the power to influence the IRS. After all, we are all working towards th