Did I calculate my return correctly? Did I take all the deductions I’m entitled to? Do I qualify for a credit and should I take it? These are all samples of the many questions that cross many a taxpayer’s mind before they submit their returns to the Government. However, one thought–or rather plea–that’s almost always on the mind is: Please, just don’t Audit me.
NY tax commissioner Thomas Mattox recently deputized the entire staff of the NY Inspector General’s office in what is a being dubbed a pre-emptive “crime fighting” move. What was meant to be a quite ceremony has caused a stir because the new powers granted to the IG’s office allows them the ability to look at NY state employee’s tax returns–and potentially any other NY tax return that they dub “relevant” to an investigation–without the taxpayers consent. Mind you,...
Although most income you receive is taxable and must be reported on your federal income tax return, there are some instances when income may not be taxable.
If you have a tax liability with the Internal Revenue Service (IRS), you should be aware of what a tax lien is. A tax lien is a tool used by the IRS to enforce collection of an unpaid tax liability. It allows the IRS to take your assets—your checking account balance, your cars, even your wages—in order to satisfy the money you owe to them.
If you’re a Giant fan like me, you are probably a little groggy from celebrating the Giant’s win over the Patriots in Super Bowl XLVI last night. However, Antrel Rolle celebratory mood was probably dampened a little bit by a recent IRS ruling that he failed millions in taxes:
The State of Arizona is taking the first crack at trying to collect sales tax from amazon.com–the biggest online discount retailer. According to a filing with the SEC, Arizona calculated that Amazon owes the state & various cities $53 Million in uncollected taxes from March 1st, 2006 through December 31st 2010.
The IRS recently released a list of 5 tax tips for taxpayers who have recently married or divorced, and are planning on filing their taxes with a different last name than in years past. If you fall into this category, it is important to ensure that the name on your tax return matches the name registered with the Social Security Administration. A mismatch between the name shown on your tax return and the SSA records can cause problems in the processing of your return and may even delay your...
Fellow tax professional Dave Ramsey recently preformed a survey of 2000 taxpayers; about half of who prepared their own returns, and the other half who had them prepared professionally. This is what he found:
Citibank recently sent out 1099 forms to thousands of it’s clients indicating that their redeemed airline miles are taxable to the tune of 2.5 cents per mile and listed as miscellaneous income. This of course caused an immediate uproar not only because Airline miles could cost additional money in taxes, but also because if they’re not reported on your income tax return, the chances that the taxpayer will get hit by an Audit increases (not to mention additional penalties...
