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Posts Tagged ‘back tax help’

  • Highway Use Tax Coming Up

    Monday 26th of August 2013 11:33:50 AM

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    If you are a the owner/operator for a commercial vehicle weighing greater than 55,000 lbs then you should know by now that the Highway Use Tax is due on September 3.   This gives tax payers an additional 3 days to pay the tax.  Normally it would have been due on August 31 but since that falls on a Saturday the IRS has allowed for an additional 3 day extension with no penalty.

    The form to be used in this case is FORM 2290.  Although tax payers have the option to manually fill out the form and mail it in, the IRS encourages tax payers to submit it electronically.  Also, if you are reporting more than 25 vehicles at once it is mandatory that you do e-file.

    To read more about this story visit the IRS at http://www.irs.gov/uac/Newsroom/Reminder:-For-Most-Truckers,-Highway-Use-Tax-Return-Due-Sept.-3

  • IRS Opens Online Registration for FATCA

    Wednesday 21st of August 2013 4:45:39 PM

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    The IRS has officially opened the online registration for the Foreign Account Tax Compliance Act (FATCA).

    The system was designed for financial institutes that are required to register with the IRS to meet FATCA responsibilities.

    The application is a web based service with 24 hour accessibility.

    Starting in January 2014 the IRS expects all financial institutions to be registered with this application.

    For the full story you can visit http://www.irs.gov/uac/Newsroom/IRS-Opens-Online-FATCA-Registration-System

  • Real Housewives of Tax Evasion

    Tuesday 30th of July 2013 12:21:16 PM

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    Seems as though celebrities can’t keep themselves away from the spotlight even if it means being indicted on 39 counts of fraud and tax evasion.

    This morning in New Jersey, ‘Real Housewives of New Jersy’ stars Teresa and Joe Giudice were set free on a combined $1Million bond after Judge Cathy Waldor indicted them on fraud charges.

    Neither Joe or Teresa are allowed to leave the country or even travel past New York and New Jersey. To ensure this Judge Cathy Waldor ordered them to give up their passports!

    Forty-one year old Teresa her 43-year-old husband are accused falsifying their income in order to obtain several loans. This occurred prior to the reality TV show in 2009.  They also falsified financial records when filing a bankruptcy.

    To read more about this story see http://www.nydailynews.com/entertainment/gossip/real-housewives-stars-court-article-1.1412468

  • “First Lady” of Tax Fraud Gets Busted!!

    Thursday 18th of July 2013 4:36:47 PM

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    Self proclaimed “First Lady” of tax fraud Rashia Wilson, 27 years old, of Tampa Florida taunted the IRS for years about openly stealing close to $3 Million when in fact its actually about $20 million.  Rashia used social media to show off the piles of money that she was proud to say she took from the IRS.

    She taunted the the IRS and “dared” them to get her.  Well, her luck came to an end because the IRS did catch up with her.  Now Rashia Wilson has been sentenced 21 years in prison for wire fraud and aggravated identity theft, both crimes rooted from tax fraud.

    To read the full story see The Tampa Bay Times.

     

  • Payroll Companies Busted!

    Wednesday 17th of July 2013 11:48:28 AM

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    Most US employers subcontract payroll and associated tax responsibilities to intermediary payers such as payroll service suppliers.  If the company that is being outsourced is trustworthy they can help employers tremendously by collecting and consigning payroll taxes (on behalf of the employer) in a judicious manner.

    Most of these third-party payroll companies generally provide good and on time service however, lately there has been a number of these payroll companies that have been prosecuted for pilfering the funds planned to pay payroll taxes.

    If you are concerned about protecting you and your business against crimes like this you may visit the IRS website for more information. You can also see a list of successfully prosecuted payroll companies here.

  • IRA Withdrawal; Taxed or Not Taxed?

    Friday 12th of July 2013 2:23:09 PM

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    Generally withdrawals from IRAs (individual retirement accounts) as well as other tax deffered retirement plans are in fact taxable by the federal government. You should also expect to pay state income taxes on these withdrawals. The only exceptions would be if you reside in one of the seven states that do not impose state income taxes. The following would be those seven states: Alaska, Florida, Nevada, South Dakota, Texas, Washington state and Wyoming.

    Luckily that is not always the case.  As reported by Market Watch of the Wall Street Journal “Some states don’t tax retirement-account withdrawals at all, and others exempt a portion from taxation, sometimes only for retirees above a certain age or with income below certain thresholds. It generally depends on the state you live in when you take the distributions, but it can get confusing.” Read the full story here.

  • Tips for Common Tax Issues

    Monday 08th of July 2013 3:29:18 PM

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    • Did you miss the April 15 deadline to turn in your taxes?  The IRS has all kinds of tips in the event that this occurs, you can read more HERE.
    • If you are looking for Summer Tax Tips you can visit the IRS website or click here.
    • Do you feel like you are victim of identity theft?  The IRS can help you here
    • If you need help filing your US taxes while traveling abroad please click here.
    • Forgot your Electronic Filing Pin? Get help here.

  • Inconsistency within IRS in Closing Delinquent Accounts

    Wednesday 24th of October 2012 6:01:30 PM

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    In the report of Treasury Inspector General for Tax Administration (TIGTA), some IRS employees are found not complying properly with the procedures of closing the accounts of delinquent taxpayers including the asking for manager approval.

    TIGTA identified in their audit with the IRS that 136 currently not collectible cases were encoded incorrectly in the database. There are closing codes in the IRS database that did not match with the case documentation.

    IRS said that they will look thoroughly about this matter and will plan for remedial action. They also agreed with the recommendations of the TIGTA. One of the recommendations is to implement security reviews and reports containing an evaluation to the assistor’s use of system command codes.

    source: Treasury Inspector General for Tax Administration

     

  • You Can Count On TIGTA

    Monday 22nd of October 2012 4:49:37 PM

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    Last week, TIGTA announced that the IRS failed to inform an approximately 1.45 million taxpayers that they can qualify for IRS tax relief in particular those who acquired a penalty that is closed to 181 million US dollars. However, wavers for paying tax penalties called First-Time Abate waver can only be obtained by a taxpayer who had demonstrated full compliance in the past 3 years.

    TIGTA and IRS met half way when they agreed with TIGTA’s recommendation of identifying the First-Time Abate waiver as compliance tool so that the taxpayers will be fully aware that there is a relief given by the IRS to those who have good past compliance history.

    Once again TIGTA proved their worth and concern for all US taxpayers. And so when there is a need to know about the IRS latest activities, seek for TIGTA latest information by visiting their official website. You can also go further in your research on today’s important tax news and useful tax tips by visiting this official blog of 911taxrelief.com.

     

  • October 15 Filing and Paying of Taxes

    Monday 15th of October 2012 5:59:37 PM

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    October 15 is the deadline of most tax filings and tax payment extensions set by IRS tax help.

    Below are the classifications made by the IRS to guide taxpayers in paying and filing for their tax returns.

    Deposit payroll taxes for September if the monthly rule applies

    For Individuals: File 2011 Form 1040A or 1040EZ if you timely requested a 6-month extension

    For Electing Large Partnerships: File 2011 Form 1065 if you timely requested a 6-month extension

    File for 2011 Form 5500 if you timely requested an extension on Form 5558.

    In exemption for the deadline, members of the military or those who are serving in Iraq, Afghanistan and other combat zone localities still have some time to file for their tax returns and pay for their due taxes. Also included in the exemption to file and pay later are those taxpayers (residing in Louisiana and Mississippi) that were affected by the Hurricane Isaac.

    source: irs.gov

     

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