Wednesday 22nd of November 2017 6:33:44 PM

Posts Tagged ‘tax questions’

  • 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

  • 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.

  • 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.

     

  • Results of 9th Business Tax Climate Index

    Thursday 11th of October 2012 5:48:25 PM

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    Tax Foundation (TF) reports show that states not having one or more major statewide taxes such as corporate income tax, sales tax or personal income tax favor good result compared to states having those kinds of tax.

    States of Wyoming, South Dakota, Nevada, Alaska, Florida, New Hampshire, and Montana are included in the top ten list of the 9th State Business Tax Climate Index whereas Maryland, Iowa, Wisconsin, North Carolina, Minnesota, Rhode Island, Vermont, California, New Jersey, and New York placed at the bottom list.

    In the case of New York, even though it registered moderate corporate taxes, the state ranked bottom due to the records of being the worst individual income tax, 6th worst unemployment insurance tax, and 6th worst property tax.

    Tax Climate Index is being used by US taxpayers, business leaders, and government policymakers to determine the situation of each state tax system based from the TF comparative report.

    source: tax-news.com

  • The IRS Can Increase Collections By Reducing the Time Between Balance Due Notices

    Tuesday 08th of November 2011 11:32:02 PM

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    WASHINGTON — The Internal Revenue Service (IRS) could potentially collect additional revenue each year by reducing the time elapsed between notices it sends to taxpayers who owe taxes, the Treasury Inspector General for Tax Administration (TIGTA) concluded in a report publicly released today.

    The IRS sends a series of balance due notices to taxpayers with unpaid tax liabilities. TIGTA determined that the first notice was the most effective notice by a wide margin because the first notice closed the most cases, collected the most money, and generated the most taxpayer responses.

    » Read More

  • Don’t Fall Prey to Tax Scams – IRS Tax Tips

    Monday 07th of November 2011 4:38:08 PM

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    Annually, the IRS classify a list of common tax scams called the “dirty dozen.” The IRS attempts to educate taxpayers about the scams that can end up causing them great financial harm and future stress. The list will serve as their reminders for their taxpayers to be very careful in handling their own tax return. Be guided with an old saying – “If it seems too good to be true, it probably is.”

    » Read More

  • High Dollar Cases Are Going to the Field: Meaning More Scrutiny, Aggressive Collections and Quicker Resolution

    Wednesday 02nd of November 2011 6:00:05 PM

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    This is HUGE news, Beginning, October 1st (yes it has already begun), the IRS is transferring all cases that were previously handled by the “High Dollar Unit” to local Revenue Officers out in the field. High Dollar cases are tax problems with more than $100,000 owed. You can expect an Army of very ambitious Revenue Officers to start aggressively collecting and make a name for themselves.
    So, the Offer in Compromise cases that were handled locally are now going back to the central Offer in Compromise units in Memphis and New York. The Army of IRS agents that handled these cases locally will now be assigned to the infamous High Dollar cases going out to local offices around the country. Again, this is a game changer and we can expect a lot of new activity.
    Essentially, the High Dollar Unit and the OIC Unit switched jobs. Now the High Dollar Unit cases are going to be handled locally in the field by Revenue Officers in offices close to where you live, scary. You can be certain about one thing, these cases are going to be handled swiftly and scrutinized more than ever. One positive is for clients that hire 911Tax Relief, we will be dealing directly with a person locally and have the opportunity to show the human side of the case that can make all the difference in the world.

  • What Happens if you don’t file your Tax Returns?

    Monday 10th of October 2011 5:57:55 PM

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    It is very important that you clearly understand the ramifications of not filing past due returns as well as the steps that the IRS will take against you. Taxpayers who fail to file a past due return or returns are subject to the following IRS actions:

    1. Hefty Penalties and Interest will be assessed and will dramatically increase the amount of tax due. Your tax debt essentially begins to grow daily.

    » Read More

  • Tax Preparer Policy Changes

    Wednesday 05th of October 2011 7:23:25 PM

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    As always, there are upcoming changes but this change is focusing on the Tax Preparers.

    Beginning next year, the IRS will impose an annual requirement of 15 hours of competency training as part of its continuous education program for tax preparers. However, this month the IRS will start setting competency tests for lot’s of tax preparers across the country. This test will be a 120 question test, with a 2 hour limit. Many people feel this will help tighten up the tax preparation industry.

    » Read More

  • Currently No Collectible – Status 53 – “The Process”

    Wednesday 14th of September 2011 8:10:45 PM

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    We outlined the basics of the process for putting together a request for Status 53. As always, it is important you understand the process but we feel a tax professional is essential in getting the best results.

    The Process – Should be done with the assistance of a professional with experience in this area.

    Complete the form 433-F with all relevant information. This document needs to be done perfect, very important.

    » Read More

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