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Heath receives sentence for identity theft, tax fraud

Heath receives sentence for identity theft, tax fraud

Randall Vannoy Heath, 52, of Colorado Springs was sentenced Feb. 18 to serve 84 months in federal prison followed by three years of supervised release. Heath was found guilty of aggravated identity theft and for filing a false claim with the Internal Revenue Service, according to a U.S. Department of Justice news release. Heath was… Continue Reading Heath receives sentence for identity theft, tax fraud

The 16-day federal government closure has caused a one- to two-week delay to start reviewing 2013 taxes, the Internal Revenue Service announced. Set by federal statute, the April 15 tax deadline remains in place. The original start date of the 2014 filing season was Jan. 21, and with a one- to two-week delay, the IRS… Continue Reading Shutdown delays tax filing dates

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Repair regulations set to affect small biz

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Burying your head in the sand won’t make the new federal repair regulations go away. In fact, avoidance will only make things worse. With that in mind, here’s the lowdown on what your business needs to know about — to remain in the good graces of the Internal Revenue Service. Effective Jan. 1, these tangible… Continue Reading Repair regulations set to affect small biz

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IRS says $1.1 billion unclaimed from 2007

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Nearly 1.1 million Americans could receive tax refunds totaling $1.1 billion. That’s how much the Internal Revenue Service says is available to people who didn’t file federal income tax returns for 2007. To collect the money, however, these people must file a return for 2007 no later than Monday, April 18. The IRS estimates that half… Continue Reading IRS says $1.1 billion unclaimed from 2007

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IRS softens lein, back-tax payment policies

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The Internal Revenue Service has changed its policies, to help make it easier for small business owners and individuals to pay back taxes and avoid tax liens. The IRS has modified its use of tax liens and some of its collection methods – including its offer-in-compromise program and installment payment plans. IRS Commissioner Doug Shulman announced the… Continue Reading IRS softens lein, back-tax payment policies

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Paperwork just got easier for a lot of small nonprofits. The Internal Revenue Service has raised the financial threshold for tax-exempt organizations. Instead of a $25,000 threshold, as of the Jan. 1, 2010 tax year, nonprofits with annual receipts of up to $50,000 can file the e-Postcard, or Form 990-N. This means that many more of… Continue Reading IRS raises nonprofit threshold for e-Postcard filing

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Tax-preparers need ID number by Jan. 1

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More than 17,000 Colorado tax-return preparers need to renew their preparer tax-identification number. As of Jan. 1, the Internal Revenue Service will require the use of a tax-identification number on all federal returns prepared by paid tax-return preparers. This week the IRS sent notices to  Colorado tax professionals to remind them to renew. Tax professionals… Continue Reading Tax-preparers need ID number by Jan. 1

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IRS random payroll audits

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As part of a National Research Project, the IRS’s Employment Tax Policy Division will conduct 2,000 employment-tax audits each year for the next three years. The examinations will include 2008 Forms 941 – the Employer’s Quarterly Federal Tax Return – and will focus on the following issues: (1) worker classification (employee vs. independent contractor), (2)… Continue Reading IRS random payroll audits

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Top 10 IRS reminders for IRA money

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If you haven’t made all the contributions to your Individual Retirement Account that you want to make – don’t worry, there might still be time. Here are the top 10 things the Internal Revenue Service wants you to know about setting aside retirement money in an IRA. 1. You may be able to deduct some… Continue Reading Top 10 IRS reminders for IRA money

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Capital gains and losses are not just items to remember for business taxes – they apply to personal taxes as well. When preparing your personal or business tax returns, keep in mind that capital gains and losses can impact your tax return. The Internal Revenue Service has 10 facts about gains and losses and how… Continue Reading Capital gains, losses, not just for business taxes

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