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If a return is filed with the wrong address or a taxpayer moves after filing for their refund, the check is returned to the IRS and held there until someone claims it. This year 9,662 New Yorkers checks have been sent back to the IRS as undeliverable. Of these checks there are over 1,000 owed to Long Islanders.
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Democrats were pushing to extend Bush’s Tax Cuts for those taxpayers who make an amount equal to or less than $250,000 for married or $200,000 for single. However, Republicans were looking to extend the tax cuts for all income levels, keeping the original tax cuts in place.
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When planning a wedding, the last thing on your mind, is Income Taxes. However if you get married by the 31st of December you are treated as married for the entire year. Your filing status can have a large effect on your taxes so keep that in mind when planning.
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If you have not received your refund and your tax return was submitted more than 6-8 weeks ago, your check may have been sent back to the IRS.
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The Better Business Bureau, one of the country’s best known consumer watchdog groups, is being accused by business owners of running a “pay for play” scheme in which A plus ratings are awarded to those who pay membership fees, and F ratings used to punish those who don’t.
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Taxpayers are waiting on pins and needles for the important decisions regarding income tax cuts or increases to be made by Congress. Will Bush’s tax cuts be extended or should taxpayers expect a surprise come tax time? Congress reconvenes on November 15th and hopefully we can get some answers quickly. Every year we wait for a patch to be issued that will apply inflation rates to the tax laws regarding Alternative Minimum Tax (AMT).
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The Internal Revenue Service has been plagued with phishing schemes in recent years. Taxpayers beware that the IRS will never contact you via email, so anything that you receive via email that says it is from the IRS is actually not.
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Last week H&R Blocks stocks plummeted to the lowest they’ve been since 2001, after news that the national chain may not be able to offer Refund Anticipation Loans (R.A.L.) for the upcoming tax season. More recently the stocks are teetering up and down as news about their legal dispute with H.S.B.C., the bank they use to offer Refund Anticipation Loans, continues to be discussed.
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The ladies of R&G Brenner walked to raise funds and awareness for Strides Against Breast Cancer at Jones Beach.
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To taxpayers who have outstanding I.R.S debts, the promise of debt relief is one that is quickly welcomed. However, those of us in the tax business know that such relief is not easily attained and any resolution involving income tax will require a lot of hard work and time. Even after putting in much effort a good outcome is still not guaranteed. Beware of companies that make the audit or tax abatement process seem easy, because it is anything but.