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Haiti donations qualify for 2009 tax relief

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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… Continue Reading Haiti donations qualify for 2009 tax relief

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IRS debuts new home credit form

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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… Continue Reading IRS debuts new home credit form

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Tax criminals beware Song, Raven

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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… Continue Reading Tax criminals beware Song, Raven

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IRS to conduct 6,000 random business audits

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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 IRS to conduct 6,000 random business audits

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More time allowed to report hidden offshore income

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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 More time allowed to report hidden offshore income

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Tax credit information on YouTube and iTunes

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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 Tax credit information on YouTube and iTunes

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Tax extension deadline change

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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 Tax extension deadline change

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Stimulus tax-break deadlines loom

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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 Stimulus tax-break deadlines loom

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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 Recovery Act allows $8,000 first-time homebuyer tax credit

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Just what has the IRS been up to?

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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 Just what has the IRS been up to?

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