Tax Tips & News: Tax & Financial News (5)

Will the New Congress Be Able to Make Any Progress on Tax Reform?

4 minutes read

After the November 4th elections this year, it was widely expected that Republicans would take a majority in the House and Senate. Republican leaders campaigned toward victories on promises of change, though it is unclear just how much change will actually be accomplished. While the Obama administration has for years been interested in tax reform, particularly concerning American companies using a technique called “inversion” to repatriate their profits, given the GOP’s...

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2015 Tax Season Delayed

2 minutes read

R&G Brenner has just been informed by our commercial tax software provider, that the IRS has indicated that the 2015 tax season (for filing tax returns for tax year 2014) will be delayed AT LEAST until January 23, 2015.  This means the season could potentially be delayed even beyond 1/23.

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“Worst Filing Season Ever” Predicted For Taxpayers

3 minutes read

IRS Commissioner John Koskinen recently suggested that the 2015 tax filing season could be misery for taxpayers and IRS employees alike. Between extensive wait times to speak to a representative, implemented laws that have not yet been reflected in the tax code and congressional gridlock, this may be the worst tax season on record.

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October 15 Tax Extension Deadline

1 minute read

The deadline to submit 2013 tax returns to the IRS for taxpayers who elected to file extensions is Wednesday, October 15th.  Failure to do so may result in the penalties and interest assessed on due taxes.  Please note, that if you did not file your taxes yet, and did not file for an extension, your taxes were due on April 15th and you are already accruing penalties and interest on any taxes due.

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Is the Tax Code Becoming More Complicated? You Bet.

4 minutes read

Is the Tax Code Becoming More Complicated for 2013 Taxes? You Bet.

Because the U.S. tax code is nearly 4 million words in length already, it’s hard to imagine how it could get more complicated. But that’s what happened for 2013’s taxes: The government continued its trend of tweaking rules, changing procedures, and generally complicating how taxes work. Some taxpayers may find the changes wrought by the new complications helpful, while others...

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What To Do If You Missed The Obamacare Deadline

4 minutes read

The Affordable Care Act, also known as Obamacare, has been the law of the land since March 23, 2010. Under the provisions of the law, nearly every American is required to have an insurance plan on or before April 15, 2014 in order to avoid certain penalties mandated under the Act. After many separate repeal attempts and a lengthy court battle that resulted in a 5-4 Supreme Court decision upholding the law, more than 8 million...

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Contractor Hired To Process NY State Tax Returns Made Mistakes & Cost Millions

1 minute read

A recent review of New York State Industries For The Disabled–the contractor hired by New York State to process mail-in tax returns–revealed a tremendous amount of mistakes and excessive overtime that cost taxpayers Millions of dollars:

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NY Suspending Drivers Licenses For Those That Fail To Pay Taxes

4 minutes read

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IRS: $760 Million In Unclaimed Refunds

13 minutes read

The IRS currently has over $760 Million in unclaimed refunds from tax year 2010, and the clock is running out for taxpayers to claim them.   Any rightful refunds from 2010 not claimed by April 15, 2014 will become the property of the US Government.  The majority of these refunds are in excess of $571 each. 

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How Taxpayers Are Affected By 2014 IRS Budget Agreement

4 minutes read

The 2014 Omnibus Appropriation Bill—the piece of legislation that is responsible for allocating funding for the entirety of the federal government—was recently finalized and released. With the economy still recovering, it came as no surprise that the bill announced budget cut after budget cut for a variety of departments. Slightly bewildering, though, was the large cut to the Internal Revenue Service, whose funding is now sitting at levels that mirror 2009.

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