by Monica Mendoza Published: July 28,2011
Tags: IRS, phishing, phony e-mail, tax returns
Some Colorado Springs residents have received an e-mail notice from the IRS in recent days saying they are eligible for a refund. Sounds good, but it’s a scam. The IRS does not initiate communication with tax payers by e-mail, said Cheryl Solze, senior tax manager at Stockman Kast Ryan + Co., certified public accountants in Colorado Springs. “People [...] [...]
by Becky Hurley Published: September 7,2010
Tags: IRS, small business health care
The Internal Revenue Service has released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit. The IRS also detailed how tax-exempt organizations, which do not generally file tax returns, will claim the credit in 2011. A draft of Form 8941 can be viewed [...] [...]
by Rebecca Tonn Published: August 30,2010
Tags: IRS
The Internal Revenue Service is looking for input from business taxpayers about issues involving a controversy, a dispute or an unnecessary burden on taxpayers. The IRS would like recommendations for the Industry Issue Resolution program, in order to resolve business-tax issues that are common to a significant numbers of taxpayers. Prior feedback from businesses and associations has helped shape tax policy for [...] [...]
by Becky Hurley Published: May 27,2010
Tags: Form 1099, IRS, Self-employed, Small Business
Come 2012, small business owners can expect a 1,250-percent increase in the volume of paperwork associated with new federal regulations regarding 1099-form reporting, says the National Association for the Self-Employed. That certainly isn’t welcome news for small business owners, but it might not be so bad for accountants, who are likely to be hired to handle [...] [...]
by Rebecca Tonn Published: April 19,2010
Tags: IRS
The Internal Revenue Service is mailing postcards to four million small businesses and tax-exempt organizations to remind them about the recently enacted small-business health care tax credit. Signed last month by President Barack Obama, the Patient Protection and Affordable Care Act includes a credit - one of the first health care reform provisions to go into effect. The [...] [...]
by Rebecca Tonn Published: April 17,2010
Tags: IRS, Small Business
The risk of small-business owners being audited by the Internal Revenue Service has increased dramatically. As unsettling as that might sound, the IRS’ bark may be worse than its bite, because what hasn’t risen dramatically are the number of audits that have yielded any more dollars for the IRS. Nonetheless, the government has increased the number of [...] [...]
by Rebecca Tonn Published: February 17,2010
Tags: Alternative Minimum Tax, Internal Revenue Service, IRS
The Internal Revenue Service has made changes to the alternative minimum tax for 2009. Here are seven facts the IRS wants you to know about AMT changes. 1. Tax laws provide tax benefits for certain kinds of income and allow special deductions and credits for certain expenses. These benefits can drastically reduce some taxpayers’ tax obligations. Congress [...] [...]
by Rebecca Tonn Published: January 26,2010
Donations made to earthquake relief efforts in Haiti qualify for special tax relief provision on 2009 or 2010 tax returns. The Internal Revenue Service said that taxpayers who itemize deductions on Schedule A may qualify. A new IRS law, enacted Jan. 22, allows for special tax relief for cash (not property) contributions to specific charities after [...] [...]
by Rebecca Tonn Published: January 20,2010
The Internal Revenue Service has released the new home buyer credit Form 5405. The IRS will begin processing those tax returns in mid-February, after completion of testing and updating of systems to meet new requirements and deter fraud. The Worker, Homeownership, and Business Assistance Act of 2009 extended credit to a broader range of home buyers. [...] [...]
by Staff Writer Published: December 9,2009
Tags: Internal Revenue Service, IRS
With news and names strong enough to send chills to even the toughest of tax-evading mobsters, the Internal Revenue Service this week announced new criminal investigation chiefs. Victor Song will be the new chief of criminal investigations, and Rick Raven will serve as criminal investigation deputy chief. Criminal investigation is the IRS’ law enforcement arm. Its worldwide staff investigates and assists in the prosecution [...] [...]
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