Monday 25th of September 2017 6:57:02 PM

Posts Tagged ‘tax preparation’

  • Irs Announces New Deputy Commissioner for Services and Enforcement

    Thursday 29th of August 2013 1:10:38 PM

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    Danny Werfel, IRS Acting Commissioner, announces that former IRS exec John M.  Dalrymple is now the new Deputy Commissioner for Services and Enforcement.

    “This is a critical leadership position for the IRS touching on everything from taxpayer service to tax enforcement issues,” Werfel said. “During John’s three decades at the IRS, he gained a wealth of first-hand expertise and experience in areas he will be leading. His insight and knowledge of the IRS will be an asset to help keep our core tax operations running smoothly.”

    Read More…

  • The IRS Sent me a Notice

    Friday 02nd of August 2013 4:07:14 PM

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    Has the IRS sent you a notice and you are not sure why? Well, the IRS urges that if they have sent you a notice, rather than call the IRS you can refer to this IRS page  for the reason of the notice!

    It can be as simple as “We’re reviewing your tax return” or “We are examining your return and we need documentation.”  If you pay attention, there is a code on your letter.  Match that code with the ones found on that IRS page from earlier to find the reason for your notice.

    You can read more about this here.

  • 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

  • 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

  • “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.

  • Energy Efficient Appliances Equal Tax Credit

    Monday 15th of July 2013 10:52:15 AM

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    Did you know that you can receive a tax credit directly from the IRS for having energy efficient appliances?  The tax credit applies to energy efficient dishwashers, clothes washers, and refrigerators manufactured after December 31, 2010.  You may claim a credit for each individual appliance.

    Tax credits range from $25 to $225 but there are certain stipulations and limits.

    You can read more about this and other IRS issues here.

  • IRS Releases a 3-Part Report to Fix Tax Exempt Applications

    Tuesday 25th of June 2013 11:13:52 AM

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    In Washington on June 24, 2013-Danny Werfel, Internal Revenue Service Principal Deputy Commissioner, releases a 3-part report describing the actions to fix issues that were discovered throughout the IRS’ review of tax exempt applications.  The report also describes how the applications will be improved and how it will smooth the processes at the IRS.

    Werfel said “It is critical that the IRS takes steps to ensure accountability, address the problems uncovered in recent weeks and improve the operations of the IRS to continue to carry out our critical mission on behalf of the public,” and “We have made a number of changes already, more are in the works and even more will develop as we move forward.”

    To read the full story, please visit the IRS website.

     

  • 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

     

  • Safeguard Your Tax Returns

    Saturday 06th of October 2012 5:52:52 PM

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    Not many are aware that safeguarding their tax returns is a way to avoid income tax debt.  Here are some examples on how it can be done:

    1. Comparing your pay stubs with your W-2 can avoid discrepancy in your tax return.
    2. Keeping a record of your tax filing forms and other important document used in tax returns for at least 3 years will save you in IRS tax audit. » Read More

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