4 minutes read
Even in the face of severe federal & state deficits, many tax benefits are due to raise for tax year 2012 (calendar year 2013). By law, tax provisions are required to keep pace with inflation. The new dollar amounts affecting most taxpayers are:
1 minute read
Oct. 17 is a key deadline for millions of individual taxpayers who requested an extension to file their 2010 tax returns. The IRS expects to receive millions of tax returns from taxpayers who used Form 4868 to request a six-month extension to file their returns.
4 minutes read
The old adage that “you get what you pay for” is compounded when applied to free income tax preparation…In fact, a free tax return may cost taxpayers more than they bargained for. The title of a report filed by the Treasury Inspector General for Tax Administration (TIGTA) sums it up frankly: Accuracy of Tax Returns, the Quality Assurance Processes, and Security of Taxpayer Information Remain Problems for the Volunteer Program.
2 minutes read
The Internal Revenue Service’s Voluntary Disclosure Program which offers reduced penalties and zero jail time for those that report illegally stashed income in overseas shelters is working. A similar program was implemented in 2009, and between these two programs, over 30,000 tax evaders have disclosed income from accounts in 140 countries, netting the IRS over $2.25 Billion dollars in back taxes, penalties and fines.
2 minutes read
The NY State Department of Taxation has extended tax deadlines for NY taxpayers living in regions that President Barak Obama has declared disaster areas inflicted by Hurricane Irene & Tropical Strom Lee.
1 minute read
The Internal Revenue Service is making it easier for some “innocent spouses” to escape liability for their husband or wife’s tax debt.
2 minutes read
It seems that the end of the year brings with it great uncertainty about our taxes. Tax cuts enacted by Congress in 2001 and 2003 are set to expire, this could mean higher taxes for some Americans.
2 minutes read
The IRS has confirmed that the proposed New Requirements for Federal Tax Return Preparers will begin by the end of this year and will be enforced for the coming tax season in 2011. Tax Return Preparers will be required to register with the IRS by obtaining a Preparer Tax Identification Number (PTIN) which is unique to each Tax Preparer and will allow the IRS to track how many returns and which returns each individual tax preparer prepares each year. Return preparers will be charged an...
1 minute read
Thanks to the efforts of Mr. Charles Freret, the following fax was sent by the Vice President of TurboTax. If you are a taxpayer that has used Turbotax and filed with a 1099R for tax years 2007, 2008 or 2009, you should contact Mr. Meighan via fax at 858-408-2714
14 minutes read
Last week, I did a blog post about Mr. Charles Freret who went on a one-man crusade to expose a flaw in the popular do-it-yourself tax program: Intuit’s TurboTax. You can read that article & post here. After Mr. Freret read the aforementioned post, he contacted R&G Brenner and agreed to sit down for an exclusive interview. Mr. Freret’s story of persistence to discover the truth is incredible. What he uncovered along his journey is TurboTax is miscalculating tax returns on a large scale. And...