1 minute read
The IRS has extended the deadline to submit your 2010 income tax returns to Monday 4/18/11. New York State has also adopted the extended filing date and will accept 2010 tax returns as on time if electronically filed or mailed on or by Monday 4/18.
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The IRS has implemented a rewards program for whistle-blowers that will get them a portion of the taxes administered from the case if they notify the IRS of a discrepancy.
2 minutes read
Taxpayers are way more likely in recent years to receive an audit letter in the mail requesting documentation to verify income, deductions or credits claimed than they are to receive an in person examination.
3 minutes read
We all know better then to try to write off these outlandish expenses but it’s fun to see what some people are willing to do in order to save money on their taxes. Here are some of the crazy things people have tried to claim on their taxes, unsuccessfully of course.
2 minutes read
President Obama’s proposed budget for 2012 includes an increase in funding for the Internal Revenue Service enforcement efforts. Though Republicans talk of decreasing the IRS budget, the President believes that increasing the enforcement efforts will bring in additional revenue and assist in closing the deficit.
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Nearly 1.1 Million taxpayers did not file a federal tax return for 2007. New York taxpayers account for 62,600 of the tax returns that have not been filed. These returns have an average refund amount of $706 and account for approximately $78,405,000. These individuals who did not file, must submit their income tax returns by April 18th 2011 or forfeit their refunds to the IRS.
2 minutes read
With the unemployment rate soaring, more taxpayers than ever will qualify for the Earned Income Tax Credit. The Earned Income Tax Credit also known as EITC, is a refundable tax credit that was created to assist low to moderate income individuals and families. This year the EITC can mean up to $5,666 for some families, and that is only the federal credit. For those who live in New York there is an additional credit on the NYS income tax return as well. Take a look at the Federal income...
1 minute read
Due to newly enacted legislation companies that pay any individual or corporation for goods or services more than $600 will be required to issue a 1099 to report the transaction to the Internal Revenue Service beginning in 2012. This creates a financial burden on small businesses that may not have the means to track and report every transaction for the year.
4 minutes read
The First-Time Homebuyers Credit was a government initiative meant to increase the sale of homes in the United States. The credit has been offered for tax years 2008, 2009, and 2010. However there are some fundamental differences from year to year which may affect your current tax filing.
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Due to late changes in the law the IRS has delayed the processing of certain returns. Though the return cannot be processed until the newly announced date of Monday February 14th, there is no reason to delay the preparation of your returns.