NO PERMITAN QUE SUS REMBOLSOS DE IMPUESTOS SUFRAN RETRASO WASHINGTON – El Servicio de Impuesto Internos, IRS, ya comenzó a recibir solicitudes de renovación para aquellos Números de Identificación Personal del Contribuyente, ITINs por sus siglas en inglés, programados para expirar a fines de este año. La agencia urge a los contribuyentes afectados por los…
Last year was a difficult one for the IRS with respect to security issues, and the agency is determined to improve security during this year’s filing. Electronic filing is particularly vulnerable because of the speed of the process — it is a favorite method among thieves who steal information from taxpayers and file fraudulent tax…
Undisclosed foreign accounts or income can trigger significant civil penalties. They can even carry potential criminal penalties. Since 2009, many U.S. persons with foreign accounts and income have come within the IRS’s enormous offshore enforcement efforts. Not everyone has entered the IRS Offshore Voluntary Disclosure Program (OVDP). Still, it can be the safest move, and the only…
The IRS has confirmed that tax audits are way down, caused by budget cuts and fewer IRS personnel. In fact, the number of audits dropped 16% just from the previous year, and that was the sixth year in a row for fewer audits. The chances of audit have always been low, but they have gotten even lower, considerably…
WASHINGTON ― The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2017. The rates will be: four (4) percent for overpayments [three (3) percent in the case of a corporation]; 1 and one-half (1.5) percent for the portion of a corporate overpayment exceeding $10,000;…
The IRS is blaming a shrinking budget and a dwindling staff as the reasons why audits of individuals have dropped to their lowest level in 13 years. In fiscal year 2016, just 0.7 percent of individual taxpayers were audited, either in person or by mail, which is the lowest audit rate since 2003, the Associated…
If you owe the IRS a whole lot of tax money, you may lose your ability to travel abroad… if you do absolutely nothing to address the debt. Oh, and if Uncle Sam ever gets around to enforcing that penalty. Back in December 2015, Section 7345 of the tax code went into effect and gave…
Congratulations! You made it through another year. What better way to start 2017 than with 17 great money-saving tax deductions? Use them to save money on your 2016 taxes if applicable, and keep them in mind to save on next year’s taxes as well. 1. Charitable donations: Donations to a qualified charitable organization are deductible…
Looks like the IRS is going to be a little more lenient on people who don’t disclose if they have health insurance. Under the Affordable Care Act, ACA, or Obamacare (whichever you prefer to call it) Americans must have health insurance coverage or pay a stiff penalty. For the 2016 tax year, the penalty could…
WASHINGTON — President Trump has a rocky history with the Internal Revenue Service, which he has complained audits him with unfair ferocity. Now he wants to significantly cut the tax agency’s funding at a time when it has already been bleeding staff and struggling to keep up with a flood of returns ahead of Tax…
