2 minutes read
The New York State Department of Taxation wants all tax returns filed electronically this year. In years past, they have assessed penalties to Paid Income Tax Preparers as an “incentive” to file returns they prepare electronically. This year, they have gone one step further. New York is now assessing penalties directly to the tax payer as well as the tax preparer:
2 minutes read
As reported today, 12/9/11, Republic Bank has settled with the FDIC to shut down it’s Refund Anticipation Loan (RAL) Business. As part of the settlement, Republic will pay a $900,000 fine, and completely shut down the RAL by April 30th, 2012.
1 minute read
The Small Business Community Association (SBCA) has selected R&G Brenner Income Tax to receive the 2011 Best of Business award in the field of Income Tax Preparation for the NY Metro Area. This is the second time that R&G Brenner has received this award. Thanks to all of R&G Brenner’s hard working associates and staff who made this award possible. And a special “thank you” goes out to all R&G Brenner clients. Is is due to your loyal patronage that R&G Brenner will be celebrating it 71st...
3 minutes read
This past June, New York became the 6th state to legalize same sex marriage. Regardless of ones individual beliefs concerning same-sex marriage, this much is clear: Tax laws–which are already complex & confusing–are that much more baffling for same-sex couples. This is mainly due to the fact that the Federal Government does not recognize same-sex unions. Same-sex couples must file separate federal returns, however they can file jointly in New York State and some other states that recognize...
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:
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
Current law allows a person to give someone up to $13,000 per year without having to file a Gift Tax return, Form 709. There is usually no tax due, the giver pays any tax, at the time but the form allows the IRS to keep track of gifts made in a person’s lifetime. Upon a persons death all reportable gifts will be used in the calculation of the Estate Tax, Form 706. Under current Federal law a person is allowed a $5,000,000 estate, tax free and the gifts reported on Form 709 will count towards...
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.