R&G Brenner

Taxpayer Advocate Scolds IRS

3 minutes read

In the wake of the newly imposed regulations governing paid tax preparers, Nina E. Olson of the office of The National Taxpayer Advocate–an IRS watchdog–issued a report faulting the IRS on collecting delinquent taxes. She called it “…an astonishing lack of transparency as to what is included in these revenue figures and how they are computed,”. After the IRS reported $118 Billion in collected delinquent taxes, the figure turned out to be more like $86 Billion. This 27% difference was...

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Happy New Year!

0 minute read

R&G Brenner wishes you a Happy New Year for 2010.

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Is 'Friending' in Your Future? Better Pay Your Taxes First

4 minutes read

Tax deadbeats are finding someone actually reads their MySpace and Facebook postings: the taxman.

State revenue agents have begun nabbing scofflaws by mining information posted on social-networking Web sites, from relocation announcements to professional profiles to financial boasts.

In Minnesota, authorities were able to levy back taxes on the wages of a long-sought tax evader after he announced on MySpace that he would be returning to his home town to work as a real-estate broker and gave his...

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Congress Gives Buyers of New Cars a Break

2 minutes read

If you’re planning to buy a new car this year, you might also be eligible for a shiny new tax break.

Part of a recently enacted economic-stimulus law allows many taxpayers who buy a new “passenger vehicle” this year to deduct the state and local sales and excise taxes on their 2009 federal income-tax returns, to be filed next year, the Internal Revenue Service says.

Car buyers are allowed to take this special new deduction whether or not they itemize their deductions. That’s an important point...

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States Try to Tap High Earners

3 minutes read

The governor and Democratic lawmakers in New York will attempt to patch an $18 billion budget deficit by imposing much higher taxes on the richest residents, joining several states considering such a move this year.

Under a proposal by Gov. David Paterson, New York would follow California and Maryland in pushing its top earners into higher tax brackets that are several percentage points more than what most earners pay. And New Jersey is considering raising its top-tier income taxes even higher,...

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New Yorkers Still Waiting for State Tax Refund Checks

3 minutes read

Queens therapist Tracie James filed her state income tax return last month.

Brooklyn customer service rep Marcia Clement filed hers a few weeks later.

And Sharon Jenkins, a Manhattan receptionist, sent off hers even earlier – in the beginning of January.

James, Clement and Jenkins have something in common, though they wish they didn’t. They still haven’t received their state tax refunds.

“We don’t know what the holdup is, but whatever it is, it’s unfair,” Jenkins, 38, said. “They don’t have any...

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Haven’t received your New York State refund? Did you know?

18 minutes read

“If an application for refund or credit is filed with the commissioner of taxation and finance… the commissioner of taxation and finance shall grant or deny such application in whole or in part within 6 months of receipt of the application…”

“If any overpayment of tax…credited or refunded within 45 days after the last date prescribed for filing the return of such tax…or within 45 days after such return was filed, whichever is later…, no interest shall be allowed under this section on any such...

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State Amnesty Plan Lets Delinquent Taxpayers Catch Up

4 minutes read

Howard Weitzman and state officials are expected to announce a not-so-new, limited state tax amnesty program that forgives those who pay what they owe and promise to pay on time in the future.

But the key to the program — and what may well make it unique — is that you can’t participate in it if you don’t confess to a nonpayment of which the state is unaware.

The Voluntary Disclosure and Compliance Program has been in effect since September but, despite $50 million that is being collected from...

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Upside of Down? Selling Stocks for Tax Losses

7 minutes read

Hidden in the market’s hideous performance is a unique opportunity for investors to cut their tax bills for years to come.

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IRS has $1.3 Billion for People Who Have Not Filed a 2005 Tax Return

3 minutes read

WASHINGTON — Unclaimed refunds totaling approximately $1.3 billion are awaiting over a million people who did not file a federal income tax return for 2005, the Internal Revenue Service announced today. However, to collect the money, a return for 2005 must be filed with the IRS no later than Wednesday, April 15, 2009.

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