income tax returns

Temporary Suspension of "New Form" 8938

Starting in 2011, those taxpayers with foreign bank accounts and/or direct holders of foreign investments will have to file another informational tax form. This Form will be attached to their Form 1040, and does not replace the FBAR Form that … read more

IRS' Second (and Last) Settlement Offer of Reduced Penalties for Offshore Tax Evaders – Part 1

On February 8, 2011, the IRS announced a second special voluntary disclosure initiative called the 2011 Offshore Voluntary Disclosure Initiative (OVDI) which will be available through Aug. 31, 2011.  It will give taxpayers with undisclosed income from hidden offshore accounts … read more

Repeal of Comprehensive Form 1099 Filing Requirements

On April 14, 2011, President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011. The act repeals expansion of Form 1099 reporting under 2010’s Patient Protection and Affordable Care Act and Small Business … read more

2011 E-File Requirement for Paid Preparers

Beginning January 1, 2011, paid tax return preparers who prepare income tax returns for individuals, trusts and estates, such as Forms 1040, 1040A, 1040EZ, and Form 1041, and who reasonably expect to file 100 or more of these income tax … read more

Married Filing Jointly or Married Filing Separately?

Is it more advantageous for married couples to file income tax returns jointly or separately?  Unfortunately, the answer is not as simple as it may sound.  When filing separately, some credits and deductions are not allowed.  These include earned income … read more

Still Time Left!

At the moment the first time homebuyer credit (and the related long-term resident credit) has not been extended by Congress. These credits expired April 30, 2010.  However, if you entered into a binding contract prior to May 1, 2010, you … read more

Eight Facts about Filing Status

Every year, starting in the spring, millions of Americans begin the process of filing their Income Tax Returns.  During this process everyone must make a decision about what their filing status is.  Believe it or not this decision is actually … read more


There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.

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