New-home sales plunge 33% to record low in May Economic Report - MarketWatch

New-home sales plunge 33% to record low in May Economic Report - MarketWatch

Swiss Bank Accounts

The Swiss Bank, UBS AG, has agreed to give the names of 4,450 American customers, suspected of tax evasion, to U.S. taxing authorities.

Government Checks No Longer In The Mail

Social Security, unemployment, veterans benefit, tax refund, railroad retirement, and government benefit checks must now be directly deposited into the recipient's bank account. Currently, 85% of Social Security checks are direct deposits. The alternative is Direct Express Debit MasterCard when there is no bank account.

It is safer, faster, and will save money – about $303 million over the first 5 years, then about $120 million a year.

Snowe Files Amendment to S Corporation Profits Tax Proposal

On Thursday, Sen. Olympia Snowe, (R-Maine) and Sen. Mike Enzi, (R-Wyoming) filed an amendment to HR 4213 to strike the tax provisions regarding professional service S-Corporations. The senators called S-Corporations "the major entrepreneurial form of business ownership that has been the single biggest job generator."

EA's Exempted from New York Registration Process

EA's will no longer have to register as NY Tax Preparers under NY Senate Bill 5710A, passed 58-0 by the Senate on June 7, 2010. The Assembly also passed the bill. It is on its way to the Governor for signature. Good job, NY EA Association for advocating for all EA's across the country.

Massachusetts DOR Bills Mailed in Error

Massachusetts Department of Revenue erroneously mailed bills last week to about 850 taxpayers. The bills charged a late filing penalty for tax returns properly filed by the extended May 11 deadline. Apparently, the due date on the DOR system was not changed! The assessments charged are incorrect. DOR will mail letters to taxpayers instructing them to disregard the notice. Questions can be raised with DOR at (800) 392-6089. DOR apologizes for the error!

City of Philadelphia Tax Amnesty

The City of Philadelphia is now offering its first tax amnesty program since 1986. Residents, workers, property owners, and business owners may pay back taxes, without penalty, and only half the accrued interest. The city realizes many of its residents and workers face difficult challenges in these harsh economic times. Call 1-(877) 323-4124 for details. The amnesty program ends June 25th, 2010.

Medicare Seniors

About 4 million Medicare seniors who fall into the "donut hole" of prescription coverage will receive a $250 check this month from SSA. The first checks will be sent June 10.