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Tag Archives: IRS

Washington Man Found Guilty for Filing False Liens Against Officials

After filing false liens against four federal government officials, a Washington state man was sentences to 41 months in prison Monday, the Justice Department and the Treasury Inspector General for Tax Administration (TIGTA) announced. Ronald James Davenport of Chewelah, Washington filed more than $20 billion in false liens on properties of a U.S. attorney and the court clerk of the Eastern District of Washington, an assistant attorney, and an IRS revenue officer, according to the evidence presented at trial in December 2009.

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Obama Proposes Extending Tax Waiver on Mortgage Debt Forgiveness

Obama's FY2013 budget proposal includes an extension of the Mortgage Forgiveness Debt Relief Act of 2007. The Act ensures that homeowners who received principal reductions or other forms of debt forgiveness on their primary residences do not have to pay taxes on the amount forgiven. The administration is proposing an extension that would apply to any amounts forgiven before January 1, 2015. Otherwise, short sales and even modifications that reduce the debt qualify as income to the borrower.

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Congressmen Propose Using Retirement Funds to Pay Mortgages

Two Georgia congressmen are proposing a bill they believe will help some homeowners keep up with their mortgage payments and avoid foreclosure. Sen. Johnny Isakson and Rep. Tom Graves have introduced the Hardship Outlays to protect Mortgagee Equity (HOME) Act, which would amend the Internal Revenue Code of 1986 to provide penalty free distributions from certain retirement plans, which a homeowner could use to cover mortgage payments on a principal residence.

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Fiserv Hires Former IRS Deputy Commissioner as EVP and COO

Fiserv, Inc. recently hired Mark Ernst as EVP and COO. Ernst began his new role this week, providing leadership in integrated product delivery, service quality, and the company's operational effectiveness objectives. Most recently, Ernst was deputy commissioner of operations support for the Internal Revenue Service (IRS). He also held key executive positions at H&R Block, Inc. and Bellevue Capital.

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Washington Weighs Trimming Mortgage Interest Tax Deduction

Members of the commission created by President Obama to shrink the federal deficit published a proposal this week that would significantly scale back the mortgage interest tax deduction. One recommendation would reduce the deduction amount by 20 percent. The second calls for the exclusion of second residences, home equity loans, and mortgages over $500,000. The proposal has drawn criticism from industry groups who say now is not the time to wrench incentives from a housing industry struggling to get back on its feet.

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Subprime Bond Insurer Ambac Files Chapter 11

Ambac Financial Group has filed for Chapter 11 bankruptcy, according to an announcement issued by the company after the market closed on Monday. The company insured billions in subprime mortgage securities during the housing boom, but has taken hit after hit since the market collapsed. Ambac says it was unable to raise additional capital as an alternative and could not reach an agreement with its debt holders. The IRS has also been investigating Ambac's accounting practices related to $700 million in tax refunds.

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Homebuyer Tax Credits to Cost Federal Government $22B

The three versions of the homebuyer tax credit are expected to result in revenue losses to the federal government of about $22 billion, according to estimates just released by the Government Accountability Office (GAO). Looking at Internal Revenue Service (IRS) filings through July 3, homebuyers so far have claimed $23.5 billion under the housing stimulus provisions, about a third of which was in the form of interest-free loans that will eventually have to be repaid. California ranks first among the states, with the most homebuyer tax credit dollars claimed.

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