The Internal Revenue Service is reminding U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2011, that they may have a U.S. tax liability and a filing requirement in 2012.
The New York State Tax Department announced this week to consumers and businesses that beginning April 1, 2012 items of clothing and footwear sold for less than $110 will be exempt from the state’s 4% sales and use tax. (Through March 31, 2012, such items up to $55 were exempt.)
“Why me?” is the plaintive cry from most taxpayers facing an examination from the IRS. You can ask the auditor why all day long, but he’ll just shrug and say, “I don’t know. I’m just doing my job.” Once in a while an auditor may give you her best guess as to why you were selected, but don’t count on it.
The IRS has failed to implement key components of its information security program, potentially putting at risk sensitive agency and taxpayer data, according to the federal government’s top watchdog.
In these tough times for state and municipal governments, the Department of Taxation and Finance wants to make sure it’s not losing a single dime. To that end, it’s focusing on multiple techniques, including public spiritedness and humiliation.
Parents may not realize that there are tax rules that may affect their child’s investment income. The IRS offers the following four facts to help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate.
The Deadline to file corporate tax returns (forms 1120, 1120A, and 1120S) is Thursday March 15th. Most corporate returns are required to be filed electronically therefore they must be sent to the IRS before midnight on the 15th. If for some reason you are filing a paper corporate tax return, the post mark on the envelope must show 11:59pm or earlier in order to avoid late filing penalties.
