Tracy, CA--April 1, 2009-- TaxBrain.com®, America’s Online Tax Service™ (http://www.taxbrain.com) Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief. Taxbrain today announced new features to their online tax preparation software product that allows consumers to report cancelled debt from foreclosures and short sales; allowing them to reduce their tax liability.
TaxBrain.com is the online consumer brand owned and operated by Petz Enterprises, Inc. The California-based company competes head-to-head with industry heavyweights TurboTax® (http://www.intuit.com) and TaxCut® (http://www.hrblock.com) in the online preparation and filing of US tax returns.
According to Charles Petz, Vice President, Product Development of Petz Enterprises, Inc., “We take pride in our ability to accurately and swiftly implement new tax law requirements and updates to our product.” continued Mr. Petz. “Our professional relationship with the IRS, gives us the ability to provide tax payers access to benefits of the Mortgage Forgiveness Debt Relief Act of 2007 when they need it most.
Vincent Mangiapane, TaxBrain.com Online Tax Specialist explains, "Generally, when a taxpayer receives a 1099-C showing cancelled debt from a bank, the amount is considered taxable income. " Taxbrain has been enhanced to support exclusion of cancelled debt income related to a foreclosure or “short sale” of a person’s main home., " continued Mr. Mangiapane. " While using Taxbrain online tax preparation software, taxpayers should answer question number 36 of the Taxbrain Questionnaire™ appropriately and complete Form 982 on the TaxBrain Worksheets™ page."
About TaxBrain.com® The Online Tax Service™
TaxBrain.com is the only web-based tax solution delivering online preparation, filing, professional assistance and representation in all 50 states. TaxBrain.com is a full-service online tax center providing tax advice.
Petz Enterprises, Inc. (a closely-held California corporation) is a software development company and a leading provider of tax preparation and filing solutions for the professional and consumer markets, helping to automate and simplify federal, state and local tax compliance. PEI's Crosslink® line of professional tax software products enable tax practitioners and service bureaus to accurately prepare and file large volumes of individual tax returns. Founded in 1974, Tracy, CA-based PEI is dedicated to serving the needs of the professional tax community and individual taxpayers worldwide. For more information, visit http://www.petzent.com.
