Your friendly Internal Revenue Service auditor might soon be knocking at the door. The IRS is set to begin reviewing the tax records of 5,000-6,000 randomly chosen businesses this November, according to an update from the National Association for the Self Employed. The audit process is expected to take three years to complete, both for [...]
Continue reading …The Internal Revenue Service is extending the deadline for voluntary disclosure of unreported income from hidden offshore accounts. Taxpayers now have until Oct. 15 to make that disclosure, the IRS said, adding that there will be no further extensions. Under rules issued in March, taxpayers with hidden offshore accounts originally had until Sept. 23. Officials [...]
Continue reading …The Internal Revenue Service is getting its groove on. Video and audio products that can help taxpayers take full advantage of 2009 tax provisions in the American Recovery and Reinvestment Act are now available online. The Internal Revenue Service has launched a YouTube video site and an iTunes podcast site for taxpayers. The site at [...]
Continue reading …The Internal Revenue Service has moved up the tax extension deadline for partnerships, trusts and estates from Oct. 15 to Sept. 15, beginning with 2008 tax returns. Partnership returns are due April 15, but extensions historically were due six months later. “This will give tax preparers and individuals time to prepare their returns,” said Bernard [...]
Continue reading …The American Recovery and Reinvestment Act of 2009 provides numerous tax breaks and incentives. But, many have expiration dates. To deduct state and local taxes on the purchase of new cars, light trucks, motor homes and motorcycles under the new vehicle purchase incentive, the vehicles need to be purchased before the first of the year. [...]
Continue reading …Interest rates cannot go lower, and home prices are down these days. So, if you’re purchasing a home this year, be sure to claim the new $8,000, first-time homebuyer tax credit, which is part of the Recovery Act. Internal Revenue Service Commissioner Doug Shulman said there are several different ways for homebuyers to receive this [...]
Continue reading …During fiscal year 2008, the Internal Revenue Service collected more than $2.3 trillion in taxes and processed more than 250 million returns and filed more than 101 million returns. Want to know what else the IRS is up to? It’s all in the annual IRS Data Book, which was posted on the Web today. The [...]
Continue reading …The Internal Revenue Service has a Web site for employers to claim credit for the COBRA medical premiums they pay for their former employees. The information, available at IRS.gov, includes an extensive set of questions and answers about the requirements set forth as part of The American Recovery and Reinvestment Act of 2009. The site [...]
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