Wednesday 22nd of November 2017 6:38:18 PM

Posts Tagged ‘unfiled tax returns’

  • 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

  • “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.

     

  • 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.

  • 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.

  • Goodbye DOMA, Hello Tax Refund!

    Friday 28th of June 2013 10:44:34 AM

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    This week has been monumental for same sex marriages with the abolition of DOMA ( Defense of Marriage Act). The federal government will now recognize same sex marriage as well as welcome the unions to joint taxes, retirement, estate and employee benefits.

    Due to the ruling finding DOMA unconstitutional gay/lesbian couples may now take another look at their already filed tax returns. Thanks to the Supreme Court ruling same sex couples might have the opportunity to amend their US tax returns, provided they live in states that recognize same sex marriages! That means that nearly 100,000 tax returns may need to be amended!

    Same sex couples are waiting for guidance from the IRS. They are looking for answers as to how to proceed.  Currently the IRS defines a married couple as “husband and wife.”  There is question as to whether that term will be adjusted due to the legalization of same sex marriages.

    See More….

    Reuters

    USA Today

    CS Monitor

  • 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

     

  • IRS Tax Problems

    Thursday 01st of December 2011 6:39:22 PM

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    Tax Problems?
    Millions of Americans today owe back taxes to the IRS. Unfortunately, when you owe back taxes regardless of the amount, the IRS will eventually put you into collections which starts with letters and leads to wage garnishments, bank levies, liens and so fourth. Once IRS issues get this far, you need help (or if it has not got to this point be proactive and seek help).

    Again from the IRS imposing tax liens to bank levies, wage garnishments to the IRS closing your business (if you are a business owner and / or seizure of your assets. The IRS is powerful at collections and has lot’s of collection tools that in many cases destroy individual, business and family finances. The good news is taxpayers also have a tremendous amount of tax resolution tools should you decide to exercise your rights. With the help of a tax resolution professional, you can keep the devastating effects from the IRS to a minimum and delay processes as needed. Here at 911 Tax Relief we feel it is our job to help you explore your options by listening and understanding your unique tax and current financial situation.

    » Read More

  • 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

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