The Supreme Court has ruled that the Internal Revenue Service has only three years to impose additional taxes in a tax shelter case, instead of six years like the government wanted.
This year, your federal income tax return was due on Tuesday, April 17. That’s because the usual deadline, April 15, fell on a Sunday, and a federal holiday, Emancipation Day, fell on April 16. If you didn’t file your return on time despite the extra two days, here’s what to expect.
This question seems simple but is important. After all, if you’re a U.S. citizen or permanent resident, you must report your worldwide income to the IRS even if you’re paying tax on it somewhere else. See Expats Lobby For Tax on Residence, Not Worldwide Income. Moreover, you must file an FBAR every year disclosing your bank accounts if their aggregate value exceeds $10,000 at any time during the year…The penalties for either failure are big, potentially even...
The April 17th deadline has come and gone, however if you made a mistake or omission, you’ll need to file an amended return. The following are 5 tips to consider when filing your 1040x.
April 17 has come and gone, and New Yorkers have filed their returns, or at least filed for an extension. But for many New York businesses, April 30 is another key date.
The deadline to file 2008 tax returns for unclaimed refunds, and 2011 tax returns with balances due for is Tuesday, April 17th. The statute of limitations to file returns for refunds is 4 years. Any refunds that are not claimed become the property of the IRS and/or State(s). The IRS has over $1 Billion in unclaimed refunds averaging approximately $637. The primary reason for the majority of these unclaimed refunds is that while many taxpayers were under the...
More than 6.32 million Americans (excluding military personnel) live abroad in over 160 countries, according to the Association of Americans Resident Overseas (AARO). In this article, we discuss the tax rules and regulations that affect U.S. citizens and resident aliens residing overseas:
It’s one of the worst tax time scenarios: You discover while doing your taxes — or you just know without even doing them —that you owe taxes, and you don’t have the cash. What should you do?
