WASHINGTON — The Internal Revenue Service announced today that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. To collect the money, taxpayers must file a 2013 tax return with the IRS no later than…
WASHINGTON — Taxpayers can get the most out of various tax benefits and get useful tips on preparing their 2016 federal income tax returns by consulting a free, comprehensive tax guide available on IRS.gov. Publication 17, Your Federal Income Tax, features details on taking advantage of a wide range of tax-saving opportunities. This includes tax…
Grundy Bank recommends these tips to help prevent tax ID fraud: –File early. File your tax return as soon as possible, giving criminals less time to file a false return using your information. –File on a protected wi-fi network. If you’re using an online service to file your return, be sure you’re connected to a…
What would you do if you knew someone else had your money? Claim it, of course. The Internal Revenue Service (IRS) is urging taxpayers to do exactly that: More than $1 billion in outstanding tax refunds remain unclaimed from 2013. That represents an estimated one million taxpayers who might have qualified for a refund but…
BOSTON (CBS) – No matter who prepares your return you are responsible for the information on your income tax return. You will owe the penalties and back taxes if your return is fraudulent. Some things to keep in mind when choosing a tax preparer: Check the Preparer’s Qualifications. Use the IRS Directory of Federal Tax…
Whenever you earn money, whether it’s through a freelance job or interest on a savings account, you’re required to report that income to the IRS and pay taxes on it as well. That’s why you should be on the lookout for 1099 forms in the months leading up to the tax filing deadline. You should…
Some normally law-abiding Americans are expected to face hefty fines and even the possibility of criminal prosecution and jail time when they refuse to pay federal taxes this spring. The actress Mia Farrow and activist Gloria Steinem are among the protestors pledging to withhold tax payments as a way to voice opposition to President Donald…
Dive Brief: The IRS says it won’t reject taxpayers’ 2016 income tax returns with missing healthcare information, says SHRM. Health information, as mandated by the Affordable Care Act, belongs on line 61 of Form 1040 and line 11 on Form 1040EZ. The IRS’ decision applies only to personal income tax filing and doesn’t affect employers’…
Each year, the Internal Revenue Service (IRS) issues a list of common tax schemes and scams they call the “Dirty Dozen.” Taxpayers can fall victim to these scams at any time, but they tend to peak during tax filing season. The keys to avoiding becoming a victim? Educate yourself about what’s out there and take…
WASHINGTON — The Internal Revenue Service announced today that publicly available information from approved applications for tax exemption using Form 1023-EZ, Streamlined Application for Recognition of Exemption, is now available electronically for the first time. The data on IRS.gov is available in spreadsheet format and includes information for approved applications beginning in mid-2014, when the…
