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On Episode 5 of Your Tax Teacher Podcast, I discuss:

The Global Tax that was proposed by the U.N. this update

Federal Tax Update on the tax provisions expiring on December 31, 2012

State Tax Update

TN Ruling on Scholastic Book Nexus

NJ and KY Voluntary Disclosure & Amnesty Started or will start 10/1/2012

In depth discussion on Cancellation of Debt Income (Form 1099c) when it comes to a foreclosure principal home. The provision to allow the exclusion of foreclosed cancellation of debt income on a principal residence expires on December 31, 2012.

If you have an individual tax question, please send the question to

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