President Obama & the republican nominee Mitt Romney have clear differences regarding their proposed tax changes. However, there are a lot of open questions on how they actually intend to implement these changes. Who’s plan do you favor, and who’s plan is more realistic in accomplishing their stated goals?
The IRS recently announced that it plans to increase audits of small businesses in the hopes of closing a $450 Billion gap. This announcement is interesting because it come on the heals of a recent report that most audits of small businesses turn up nothing. The eight significant audit areas the IRS will be concentrating are:
Not every interaction with the IRS must necessarily induce flop sweat.
Case in point: A few years ago a friend of mine decided his income taxes had become sufficiently complicated to merit hiring an accountant. After examining previous tax returns, the accountant discovered my friend had claimed the standard deduction for two years when he should have itemized expenses. He filed a couple of amended tax returns and voila – the IRS wrote him checks...
The Internal Revenue Service has been looking the other way instead of rooting out fraud when people apply for taxpayer identification numbers, Treasury Department investigators said Wednesday, exposing a shortfall with both financial and national security implications.
By Christine Benz | Morningstar – Sun, Jul 29, 2012 7:00 AM EDT
A slew of Bush-era tax laws are set to expire at the end of 2012, affecting the tax rates on everything from dividends to capital gains to ordinary income and estates. But a lot remains unsettled, too, particularly given that we’re in the midst of an election year and the direction of tax rates remains a key bone of contention.
Posting in the Portfolio Design/Management forum of Morningstar.com’s...
Software problems, fraud, deficits & understaffing have all contributed to refund delays at the IRS. CBS’s Asa Aarons offers some help to those that are still waiting for their refunds:
