NY Delays All Refunds Until April 1st
3 minutes read
The income tax refund checks will be in the mail, but with a two-and-a-half week delay.
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Tax Tips & News: Tax & Financial News (18)
IRS Audits More Wealthy Americans
3 minutes read
The Internal Revenue Service is intensifying its scrutiny of wealthy Americans.
New York To Name Tax Delinquents
2 minutes read
In an effort to shame those that owe the state taxes, New York has taken the extraordinary (and desperate) measure to name the 500 biggest tax delinquents (individuals & businesses) on their website www.nystax.gov.
IRS Has 1.3 Billion In Unclaimed Refunds!
2 minutes read
The IRS has reported that more than 1.4 million tax payers are due over $1.3 BILLION in unclaimed refunds because they have not filed a 2006 tax return. These refunds are still available, but only if a 2006 tax return is filed before April 15th, 2010. After that, the government gets to keep your refunds.
Tax Preparers Vs. Tax Software
8 minutes read
I recently read an article that breaks down the differences in the two most popular tax preparations software; Intuit’s TURBOTAX and H&R Block’s AT HOME (previously knows as TAX CUT). I am going to post some of the interesting findings and add R&G Brenner’s comments underneath:
New York State To Delay Refunds…Again!
3 minutes read
It appears that for the third year in a row, NY state is planning on delaying refunds to New York taxpayers. The last two years, the state was savvy in delaying refunds by issuing a blanket letter requesting “additional documentation” in order to release refunds. However, in many cases, the state already had all the documentation in order to process refunds. In light of the current budget crisis, it appears New York State can no longer beat around the bush.
First-Time Homebuyer Credit Under Tremendous Scrutiny by IRS
2 minutes read
The First-Time Homebuyer Credit (FTHC)–where qualifying taxpayers can receive up to an $8,000 tax credit–is under tremendous scrutiny by the IRS as it has been earmarked this year as a credit that is likely to be abused. This is not surprising considering the huge amount of money the IRS could stand to lose due to erroneous claims. However, those that legitimately qualify for this credit MUST be diligent in the documentation they provide in order to receive this credit. The IRS has just...
Five Tax Changes for 2009
2 minutes read
As you get ready to prepare your 2009 tax return, the Internal Revenue Service wants to make sure you have all the details about tax law changes that may impact your tax return.
Tax Preparers Sue H&R Block
2 minutes read
Two H&R Block Tax Consultants have filed suit against H&R Block stating that they allegedly violated the Fair Labor Standards Act.
NY State Form 1099 G No Longer Being Mailed
1 minute read
In an effort to slash over $700,000 from their budget, NY State has eliminated the mailing of form 1099-G (Statement for Recipients of State Income Tax Refunds) to New York taxpayers. 1099-G’s are issued to taxpayers that receive NY State refunds–which are considered taxable income on the following year’s income tax return.