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taxes: IRS and “forgiven” mortgage amount(s) - PowerteamHomes.com - 01/16/12 01:04 PM
Some of you keep asking if the IRS will go after stressed sales homeowners for the
forgiven amount they did not pay via the sale of their home that closed for much less than the mortgagenote. Back in 2010 and reported on our Monday’s MEMO’s we gave you the details on it: a two(2) year “stay” on that making it to December 31, 2012.
However, the IRS came up with certain restrictions on it (as they always do), and will revieweach case independently based on the following and more:• Amount forgiven vs. amount actually owed on the mortgage• Value of home … (0 comments)

taxes: New IRS Rules Aim to Give Relief to Struggling Taxpayers - The Paul Paterakis Power Team - RE/MAX - 03/10/11 03:23 PM

The IRS recently announced changes to its procedures on filing liens with the hope of assisting taxpayers and small businesses in climbing out of their debt obligations.

In order to understand the impact of these changes and how they will affect your client, it is first necessary to be familiar with how a federal tax lien can affect, and possibly terminate, the sale of one’s property.

A federal tax lien gives the IRS a legal claim to a taxpayer’s property for the amount of an unpaid tax debt. A lien informs the public that the IRS … (1 comments)

taxes: Initiative to eliminate 8109 Federal Tax Deposit Coupons beginning in 2011 - PowerTeamHomes.com - 11/29/10 11:48 AM
The U.S. Department of the Treasury recently announced an initiative designed to increase the number of electronic transactions and reduce the amount of paper processing done by the agency. The newprogram will reduce dependency on paper in several ways, one of which impacts Form 8109.
Electronic Federal Tax Payment System Businesses currently permitted to use Form 8109 federal tax deposit coupons for deposit of payroll tax liabilities will be required to use the IRS Electronic Federal Tax Payment System (EFTPS) beginning in 2011. The only exception will be very small employers whose tax liability is less than $2,500 quarterly.These employers will … (0 comments)

taxes: “Playing” with the IRS code to stimulate the economy won’t be easy - 11/08/10 03:20 PM
The top earning 10% of households pay 73% of all federal income taxes. That’s the exclusive club we are in as tax payers!Consider the fact that a full 47% of U.S. households currently do not pay any income taxes at all. Thebottom 40% of nearly half of the taxpayers actually make a profit on federal taxes—they pay no tax andget a check from the government.
… (1 comments)

taxes: Feds announced a significant increase in the amount of Mortgage Backed Securities that they intend to buy - 03/18/09 07:19 PM
3/18/09 Feds announced a significant increase in the amount of Mortgage Backed Securities that they intend to buy.  In addition to the earlier pledge to buy $500 billion between now and June, they indicated that they are intending to purchase an additional $750 billion in MBS.  Moreover, the Feds also indicated their plan to buy $300 Billion in Long Term Government Treasuries (something that they have been hinting at for 2 months)On the news, MBS prices improved 125 basis points.  Given this improved pricing, watch for improved rates this afternoon and tomorrow.  In my opinion, once this action has been fully priced in during the next … (2 comments)

 
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Paul N. Paterakis Lake Zurich, Long Grove, Hawthorn Woods, Kildeer Real Estate

Lake Zurich, IL

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The Paul Paterakis Power Team-Remax Showcase Homes For Sale

Address: 7159 RFD, Long Grove, IL, 60047

Office Phone: (847) 388-7551

Cell Phone: (847) 366-3455

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