Tax Accounting Standards
February 28th, 2007
Question: I received a ltter from the internal revenue service stating we would be receiving a stimulus check for1200.00
not that I am complaining, but we owe the irs, we have been on a paymnt plan with them where they take money out of our account every single month. says that the check will be mailed on May 30th. Are we really going to get one owing back taxes? or is this just a standard letter that goes out to everyone before they actually mail them?
Answer: The Letter you received from the IRS was to inform you how much Stimulus payment you qualified for. The IRS is required by law to apply Stimulus payment first to any outstanding tax liability, then to any other defaulted federal debt, like student loans, and any back child support. If only the fact that you have an outstanding tax liability then the IRS will apply the Stimulus payment there. If any money is left after the tax liability is paid in full the IRS will mail you a check for the balance. You can visit www.irs.gov or call the IRS at (800) 829-1040 to confirm my answer.
Richmond-area property assessments dropping slightly
Average home-sale prices in central Virginia dropped sharply during the past year, but tax assessments for 2010 will fall less dramatically, according to the first signals from Richmond-area assessors. While the Virginia Association of Realtors says the average sale price for a home in the area fell 11.7 percent in the third quarter of 2009 compared with the previous year, the early word from …
Will convergence of accounting standards lead to convergence of tax policies
Posted in 
Tags: