IRS Cost Basis Reporting Requirement Delayed
3 minutes read
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Banks Get 1 Year Delay For Basis Reporting
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Tax Tips & News: Tax & Financial News (11)
Tax Shelter Audits; Supreme Court Limits IRS To 3 Years
1 minute read
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.
Important April 30th Deadline For NYS Businesses
2 minutes read
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.
April 17th Deadline To Claim 2008 Refunds
2 minutes read
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...
Tax Tips For Those Working Overseas
5 minutes read
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:
No Passport If You Owe IRS $50,000+?
4 minutes read
If he were in charge of travel, the Soup Nazi might say, “No Passport for you!” In real life, travel may seem unrelated to taxes, except perhaps for those annoying airport taxes on international destinations. But a bigger tax and travel connection could keep you at home—permanently.
NY Sales Tax Exemption on Clothing Goes Into Effect
2 minutes read
The New York State Tax Department announced this week to consumers and businesses that beginning April 1, 2012 items of clothing and footwear sold for less than $110 will be exempt from the state’s 4% sales and use tax. (Through March 31, 2012, such items up to $55 were exempt.)
6 Reasons The IRS May Audit You
5 minutes read
“Why me?” is the plaintive cry from most taxpayers facing an examination from the IRS. You can ask the auditor why all day long, but he’ll just shrug and say, “I don’t know. I’m just doing my job.” Once in a while an auditor may give you her best guess as to why you were selected, but don’t count on it.
TIGTA: IRS Failed To Properly Screen 77% Of New Hires
3 minutes read
The Treasury Inspector General for Tax Administration today released Inspection of the Employee Pre-Screening Process (2012-IE-R003) and found the following:
IRS Lacks Adequate Data Protections
3 minutes read
The IRS has failed to implement key components of its information security program, potentially putting at risk sensitive agency and taxpayer data, according to the federal government’s top watchdog.