Wednesday, May 15, 2013
The agency apologized last week for automatically sending Tea Party and similar groups through multiple hoops before the 2012 election.
President Obama this week said efforts by IRS employees to target new conservative groups for extra scrutiny were "outrageous," echoing many administration critics who charged that the measures were politically motivated. "I have got no patience with it, I will not tolerate it, and we will make sure that we find out exactly what happened on this," Obama said in a news conference Monday. The Wall Street Journal reported that an Inspector General's report concludes there was widespread targeting of conservative-linked groups for aggressive questioning, but that no one outside the IRS was involved in establishing the practice. (The report was released Tuesday.) Former IRS Commissioner Douglas Shulman, an appointee of President George W. Bush…
Monday, April 15, 2013
Tax Day is Monday - The Internal Revenue Service says taxpayers who need more time to file don't need to panic.
Can't file your tax returns by the Monday, April 15 deadline? Extensions are available. Those who haven't finished completing their returns can get an automatic six-month extension. The fastest and easiest way to get the extra time, the IRS says, is through this Free File link — use the free service to electronically request an automatic tax-filing extension on Form 4868. Filing this form gives taxpayers until October 15 to file a return and allows individuals to avoid a late-filing penalty. To get the extension, you must estimate your tax liability and also pay any amount due. Can't pay the full amount you owe the government? Click here to find out about setting up payments. You might also be interested in reading:
Thursday, April 11, 2013
Would you be comfortable having the IRS as a Facebook friend? Or maybe even a friend of a friend?
As procrastinators rush to file their tax returns before Monday's deadline, reports surfaced that the Internal Revenue Service could use social media sites, such as Facebook and Twitter, to check up on tax cheats. Mediabistro.com shared a report that the IRS will be checking into individual Facebook and Twitter accounts for improprieties. The report does say that, according to the IRS, it would only be in cases where a tax form raises a red flag. It is not clear, though, just how far into social media sites the agency intends to go. However, it might not be a good idea to display your Caribbean vacation photographs on your Facebook page if you've reported a big loss on your tax return. Social media sites have already contributed to the …
Sunday, February 17, 2013
The Internal Revenue Service reports experiencing high traffic on its online “Where's My Refund?” tool.
Sunday, February 17
(For tax services in Lilburn, click here for a listing in Lilburn-Mountain Park Patc.) The deadline to file tax returns isn't until April but taxpayers appear to be filing early and are already asking, Where's my refund?" “Due to the large number of inquiries and to avoid service disruptions, the IRS strongly urges taxpayers to only check on their refunds once a day,” the IRS said, according to a report by Accounting Today. “IRS systems are only updated once a day, usually overnight, and the same information is available whether on the Internet, IRS2go smartphone app or on IRS toll-free lines. While 'Where's My Refund?' is updated nightly, your account will not change that frequently.” According to the report, nine out of 10 taxpayers …
Monday, February 11, 2013
April 15 is just around the corner. Here are some indications you should look to someone else to prepare your taxes before the big day gets here.
Monday, February 11
According to a DailyFinance post, there are far too many tax preparers out there with good intentions who are too incompetent to do the job. Warnings signs include someone asking you to lie about your charitable donations, the preparer not asking for the proper financial records and someone not giving you their credentials. Read the full list of signs, with details, by clicking here. Looking for reputable tax professional in Lilburn? Click here to access the Lilburn-Mountain Park Directory for businesses offering financial services. See also: Don’t miss any Lilburn news. Subscribe to Lilburn-Mountain Park's free newsletter, like us on Facebook and follow us on Twitter.
Monday, January 21, 2013
It's tax time again in Lilburn and elsewhere. Standard deductions will increase, but the ceiling for itemized deductions decrease in 2013, plus other changes that will affect your taxes this year.
The Internal Revenue Service recently announced annual inflation adjustments for tax year 2013, including the tax rate schedules, and other tax changes from the recently passed American Taxpayer Relief Act of 2012. The tax items for 2013 of greatest interest to most taxpayers include the following changes. Details on these inflation adjustments and others are contained in Revenue Procedure 2013-15, which will be published in Internal Revenue Bulletin 2013-5 on Jan.28, 2013. Other inflation adjusted items were published in October 2012 in Revenue Procedure 2012-41. -News release from the Internal Revenue Service
Sunday, January 13, 2013
The IRS has announced a delayed start to the 2012 tax filing season.
You'll have to wait a bit if you are used to filing your annual tax return at the earliest possible date. The Internal Revenue Service has revised its opening date for tax season -- pushing it eight days to January 30, 2013. The tax filing deadline is Monday, April 15 The IRS will begin accepting tax returns on Jan. 30, 2013. Most taxpayers should be able to file on that date though some revised forms may not be immediately available. You can blame the delay on the federal "fiscal cliff" crisis and the new tax bill Congress passed just after Dec. 31. You can find more information in this Forbes article. Electronic filing season was originally set to start on Jan. 22 this year. As a result of the delay, nobody will get a refund in January, …