Frustrated taxpayers are encountering ever longer wait times on phones when seeking assistance from the Internal Revenue Service as tax season draws to a close, according to the head of the union representing IRS employees. The declining IRS workforce this tax season is unable to provide adequate service to millions of taxpayers calling on the…
It’s that time of year again…tax season. For many small business owners, taxes top the list of business-related concerns. In fact, the National Federation Of Independent Business (“NFIB”) Small Business Economic Trends survey, released earlier this year, revealed that 20% of businesses cite taxes as their biggest problem. With April 15th fast approaching, more and…
Tax preparers share their clients’ strangest misconceptions It’s amazing what clients can walk in with: overflowing shoeboxes, demands for a refund in cash, insistence that you do their return before all others. Taxpayers try to deduct everything from unborn children and kids’ weddings to speeding fines, groceries and massages. Many also walk around with some…
Do you owe more tax than you can afford to pay when you file? If so, don’t fail to take action. Make sure to file on time. That way you won’t have a penalty for filing late. Here is what to do if you can’t pay all your taxes by the due date. • File…
If you believe that you will not be able to file your tax return by the due date (generally April 15) you can apply for an automatic six-month extension of time to file, by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. With the 6-month extension, you…
April 1 – Last Day to Withdraw Required Minimum Distribution Last day to withdraw 2014’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2014. Failing to make a timely withdrawal may result in a penalty equal to 50% of the amount that should have been withdrawn. Taxpayers who became…
Even though tax season is getting close to the end, there are still some important tips that accountants and tax preparers can share with their clients by April 15, and beyond. Greg Rosica, a tax partner at Ernst & Young and a contributing author to the EY Tax Guide 2015, pointed to the impact of…
Are you an early filer or do you like to wait? I guess some of that depends on whether you are getting money back or you owe! When my clients owe money to the government and we have gone down every route there could possibly be to reduce their taxes, I remind them about their…
As we get into the final stretch of filing season, it is fulfilling the predictions made at the start. “This filing season should be a doozy,” predicted Tom Wheelwright, a Scottsdale, Ariz.-based CPA. “Between the Affordable Care Act, the new Section 263(a) repair regulations and the inability of the IRS to answer the calls that…
Although Republicans are outlining a proposal to provide an “off ramp” for states and consumers to exit the Affordable Care Act, and the Supreme Court is hearing oral arguments on a legal challenge to the federally-operated health exchange, state exchanges have been up and running. While tax preparers are fielding questions on the ACA, the…
