recovery rebate credit

Feb 4, 2009 Author theSuperStar
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Early Filers Pile on Errors

To err is human — especially this year.

As if doing your tax return wasn’t tricky enough, it’s particularly easy to make mistakes this year, thanks in large part to the economic-stimulus payments sent out in 2008 to nearly 120 million filers. An early sampling of tax returns received by the Internal Revenue Service this year shows about 15% made mistakes involving what’s known as a “recovery rebate credit.” source.

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Possible deduction for interest paid on form 1040.: An article from: The Tax AdviserThis digital document is an article from The Tax Adviser, published by American Institute of CPA's on February 1, 1994. The length of the article is 897 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: A US district court in North Dakota found that the IRS should not have denied an interest deduction for interest paid on a tax deficiency incurred by a noncorporate trade or business and ordered further discovery to resolve whether the expenses were ordinary and necessary. The IRS had extended Internal Revenue Code Section 163(h)(1), which denied deductions for personal income expense, to interest on trade or business tax deficiencies. The district court relied on case law and the statute's failure to amend related sections dealing with trade and business taxation.

Citation Details
Title: Possible deduction for interest paid on form 1040.
Author: Janet Belter
Publication: The Tax Adviser (Magazine/Journal)
Date: February 1, 1994
Publisher: American Institute of CPA's
Volume: 25 Issue: n2 Page: 93(2)

Distributed by Thomson Gale
Confessions of a Tax Collector : One Man's Tour of Duty Inside the IRS (P.S.)Confessions of a Tax Collector : One Man's Tour of Duty Inside the IRS (P.S.)

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This P.S. edition features an extra 16 pages of insights into the book, including author interviews, recommended reading, and more.
The IRS Problem Solver: From Audits to Assessments--How to Solve Your Tax Problems and Keep the IRS Off Your Back ForeverThe IRS Problem Solver: From Audits to Assessments--How to Solve Your Tax Problems and Keep the IRS Off Your Back Forever
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What Your CPA Isn't Telling You:  Life-changing Tax StrategiesWhat Your CPA Isn't Telling You: Life-changing Tax Strategies

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