Taxpayers often have radically different opinions of the Internal Revenue Service than tax professionals — which offers practitioners some opportunities. The taxpayers you work with may not talk about the Internal Revenue Service much, but look at it this way: If they didn’t have some kind of feeling about the IRS, you’d probably never meet…
In many cases, IRS can audit 6 tax years not 3. So if you are thinking you only need to look over your shoulder for three years, that isn’t always so. For example, the usual three years is doubled to six if you omitted more than 25% of your income. Note that if you overstate your cost basis…
Does your preparation for tax day start with a trip to the liquor store, or perhaps a one-way ticket to Costa Rica? Taxes are unpleasant, but drinking or fleeing the country is not the answer. Tackle your taxes head-on with solid preparation, and the experience may turn out to be more pleasant than you thought…
For many Americans, tax season is a bit of a double-edged sword. On one hand, Americans have to deal with the tax-preparation process, which, if you itemize your tax deductions, or if you’re self-employed, can be quite cumbersome. The Internal Revenue Service (IRS) estimates that taxpayers spent 8.9 billion cumulative hours complying with federal tax laws…
The IRS apparently caused a stir when it recently issued revised instructions for Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, that allows an automatic six-month filing extension for 2016 calendar-year C corporations. In a brief notice posted to its website on Feb. 8, the…
If you got married, had a baby, went through a divorce, picked up a side gig or were widowed in 2016, there was a lot to keep track of. One of the biggest items is to tell the IRS. In all of those situations, there are important tax consequences to your return. Here’s a look…
WASHINGTON (NEWS10) – The IRS says it will not reject tax returns that do not include Obamacare disclosures during the time of filing. On January 20, President Donald Trump signed an executive order that directed federal agencies to exercise authority and discretion available to them to reduce potential burden. The IRS says it is currently…
WASHINGTON — The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its 2017 list of tax scams known as the “Dirty Dozen.” Since the first Offshore Voluntary Disclosure Program (OVDP) opened in 2009, there have been more than 55,800 disclosures and the IRS has collected…
For most people these days, tax return preparation is done by someone else. The IRS statistics bear this out. According to IRS data, most U.S. taxpayers used paid preparers. Even lawmakers who pass the tax laws generally do not–or cannot–prepare their own tax returns. With over half our returns being prepared by someone else, it…
WASHINGTON – The Internal Revenue Service said mid-February marks the agency’s busiest time of the year for telephone calls. The IRS is reminding taxpayers who have questions about their tax accounts to be prepared to validate their identity when speaking with an IRS assistor. This will help avoid the need for a repeat call. The…
