If you’ve been griping about IRS service, put your money where your mouth is! The Treasury is now accepting nominations for volunteers to serve a 3-year term on the National Taxpayer Advisory Panel (TAP). The TAP’s mission is to listen to taxpayers, identify issues that affect them, and make suggestions to the Secretary of the Treasury, the Commissioner of Internal Revenue, and the National Taxpayer Advocate for improving IRS service and customer satisfaction.
Volunteers must make a personal commitment of 300 to 500 hours annually and be U.S. citizens. They must also pass an IRS tax compliance check as well as an FBI background investigation.
Go to www.improveirs.org to complete the online application. Submission runs from March 19, 2012, through April 27, 2012.
Debt secured by a principal residence or second home to the extent of the excess of fair market value over acquisition debt. An interest deduction is generally allowed for home equity debt up to $100,000 ($50,000 if married filing separately).