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Posts Tagged ‘free tax debt 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

  • Sales Tax Holidays Coming Up

    Friday 26th of July 2013 3:45:30 PM

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    Many states will soon be having their sales tax holidays. During these particular days sales tax will not be imposed on purchases. Yes, that means what you see on the sales tag is what you will pay, no more.  The best part, if you are planning on back-to-school shopping, wait until August because most states’ sale tax holiday begin then!

    Here is a list of all the states’ sales tax holiday dates. Unfortunately not all states honor a sales tax holiday! If you are lucky enough to live in one of the listed states then take advantage!

     

  • IRS Cancels Furlough Day

    Monday 22nd of July 2013 10:47:57 AM

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    Finally some good news for IRS employees; The IRS will be cancelling the previously scheduled furlough day for July 22. The reason for the cancelled furlough day is because the continued effort to cut costs has been successful.

    Consequentially, all IRS offices including help lines will be open as regularly scheduled and all IRS employees will be paid for July 22, 2013.  This includes the employees of the Taxpayer Advocate Service.

    The IRS urges to use their online services to answer common question such as “Where is my Refund?”

    For more information about this and other IRS news you may visit http://www.irs.gov/News-&-Events

  • I’m Not a Player, I Just Don’t Pay My Taxes A Lot!

    Monday 24th of June 2013 11:25:02 AM

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    Rapper “Fat Joe” is facing two years in prison in addition to a hefty $100K fine for not paying federal taxes on unfiled income.  He plead guilty in a federal court in Newark last Thursday.  “Fat Joe” failed to file his income taxes on more than $3 million of earnings.  In 2007 he failed to file a reported $1.3 million in income and royalties then again in 2008 with $1.4 million, and also in 2009 and 2010 there is about $1 million of unfiled income taxes.

    According to Assistant U.S. Attorney Joseph Mack the tax loss to the US government was just over $700,000. “Fat Joe’s” attorney, Jeffrey Lichtman of New York, insisted that there was no intent to mislead the IRS. Lichtman said “This is a guy who had been paying his taxes for years when he was making a significant amount of money… He changed accountants and errors were made. We were in the process of addressing this when we received notice that there was a criminal investigation.”  Lichtman also insisted that this is not a tax evasion crime instead simply failure to file tax returns.

  • Electronic Tax Administration Advisory Committee Delivers Annual Report

    Thursday 20th of June 2013 2:54:08 PM

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    In a meeting today The Electronic Tax Administration Advisory Committee (ETAAC) has made public its 2013 Annual Report to Congress.  According to the IRS the report highlights 5 groups of recommendations on issues regarding the electronic tax administration.

    Highlights of the report include suggestions on the following key results:

    • Support standards for safety measures, privacy and fraud deterrence
    • Provide incentives for e-filing employment tax returns
    • Expand access to data and online tools
    • Leverage relationships in the electronic filing community
    • Fund CADE 2 and the 1040 Modernized e-file (MeF) programs

    See the full report here.

  • Gifts Can Be Taxed, Too!

    Wednesday 19th of June 2013 9:40:30 AM

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    Planning on giving someone a gift? Expect the IRS to impose a gift tax.

    The gift tax is a tax on the reassignment of assets from one person to another, granted the giver does not receive anything in return for the gift. The gift tax applies regardless of the donor intending the reassignment to be a gift or not.

    Gift tax can also be imposed for the transfer of property.  A property gift would also include money or the income generated from the property in question.  Again, this only applies if the giver does not receive anything in return for the gift of the property.

    Keep in mind that if you sell something at below its entire value or if you a loaning out money at a reduced or no interest loan, this may also qualify as a gift.

    In any and all gift tax occurrences the donor is who pays the gift tax. For more information on the gift tax please visit the IRS website.