4 minutes read
As the April 15th Deadline rapidly approaches, there are still hundreds of thousands of taxpayers expected to file the final week of the tax season. The late start to the tax season and the fact that we are getting reports from clients that they still have not received all their tax documentation in order to file is making this last minute crunch even more magnified. Here are some last minuted tax-tips (even if you’ve filed already)
1 minute read
The following short video reviews some important information and common mistakes that taxpayers often make which can subject their tax returns to an Audit:
1 minute read
The IRS currently has $917 Million for clients in unclaimed refunds for taxpayers just like you, that have not filed a 2009 tax return. If these returns are not filed by the April, 15th deadline, your money then becomes the property of the U.S. treasury. The most common reason for not filing a tax return is that many workers believe they did not make enough money to have to file a return. This very well may be true however, if you worked, you most likely...
4 minutes read
As many taxpayers now know, this tax season has been anything but a walk in the park. The irresponsible last minute negotiations of our elected officials saved us from going over the fiscal cliff, but it also delayed the filing season by two weeks–the latest start to the tax season in history. Even with the late start of the tax season, many forms were not ready to be accepted by the IRS. Only last week did the IRS finally announce that all tax forms were...
2 minutes read
H&R Block (HRB)–the largest public retail tax preparation company in the United States–has confirmed that they have filed many tax returns containing certain delayed credits too early, causing their clients refunds to be delayed. The primary issue is the Education Tax Credit which was not accepted for electronic filing until recently (February 22nd). This has prompted the IRS to send letters to HRB clients instead of their expected refunds....
0 minute read
The following IRS Video explains the new area where Health Insurance coverage is to be reported on future W-2s.
2 minutes read
According to a recent article, refunds are being delayed for some lower income taxpayers; especially those that file for the Earned Income Tax Credit (EITC). The primary reason for the delay is these taxpayers tend to file early, and these returns are particularly susceptible to Identity Theft & fraud. Highlights include:
2 minutes read
If you recently changed your name (most commonly due to a recent marriage or divorce), the following are some valuable IRS tax tips to follow to ensure your tax return is not negatively impacted due to the name change:
5 minutes read
Nothing brings on the cold sweats like an official letter from the Government; particularly the IRS. Like being pulled over by the police while driving, thoughts of everything you have ever done (or may have done) wrong begin to flood your mind. There are two different classes of IRS Audits: Correspondence Audits & Desk Audits.
4 minutes read
Identity theft has become a huge problem for the IRS. Last year alone, there were nearly 650,000 cases of Identity Theft reported to the IRS. Some believe the skyrocketing amount of cases are a direct result that the IRS now requires all tax returns to be filed electronically. The IRS has implemented “digital safeguards” this year to intercept returns which they deem have a high probability of identity theft, and have deployed a task force of 3,000...