Tax news

Tax

Ready, Aim, Fire: Shootists Target IRS

Taking out their aggression toward the high taxes they have to pay, about 75 people paid $2 per bullet to enjoy a little target practice by shooting at IRS tax forms.The event was sponsored by the Michigan Militia and its Wayne County brigade and was held on a remote farm in Shiawassee County, Michigan.
Tax

Pennsylvanians Get Two Extra Days to File Taxes

The Pennsylvania Department of Revenue is big on e-filing. So, the agency encouraged residents to use the state's Web site to e-file tax returns this year. And e-file they did. In droves. So many people exercised their option to e-file tax returns with the Pennsylvania Department of Revenue that the state's computers couldn't handle the traffic.
Tax

Tax Writer Wins Pulitzer Prize

New York Times business writer, David Cay Johnston, has won the Pulitzer Prize award in journalism for his distinguished beat reporting.Mr. Johnston covers taxes and the IRS, and won the prize for, "penetrating and enterprising reporting that exposed loopholes and inequities in the U.S. tax code, which was instrumental in bringing about reforms." In the past year, Mr. Johnston has shown how, in 1999, the poor were for the first time more likely to have their tax returns audited than wealthy taxpayers.
Tax

Tax Tip: Credit For the Elderly Or the Disabled

You may be able to take the Credit for the Elderly or the Disabled if you are age 65 or older, or if you are retired on permanent and total disability, according to the IRS. Like any other tax credit, it's a dollar-for-dollar reduction of your tax bill.
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Tax Tips for Last Minute Filers

With the tax filing deadline close at hand, the Internal Revenue Service offered some tips for those still working on their tax forms:Put your social security number on the return - it's not on the label. Double-check your figures. Sign your form.Attach all required schedules.Send your return or request a filing extension by April 16 -- April 17 for those in New England and New York State north of Westchester and Rockland counties.
Tax

Tax Software Found to be Buggy-Top 15 Problems

Are you having problems running your tax software this spring? If so, the problem may be with the software and not with you. MSNBC has uncovered the top 15 tax software problems that are affecting individual tax preparers this spring.TurboTax The tax computed by TurboTax software varies from the amount found in the tax tables.
Tax

CA Residents are Prime Targets for IRS Audits

For six years, Californians have been the most favored recipients of IRS audits, according to IRS statistics. Although audit rates have dropped nationwide over the last few years, California residents have not experienced the slow down.
Tax

Tax Tip: Capital Gains and Losses

Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. While you must report all capital gains, you may subtract only your capital losses on investment property, not personal property.Capital gains and losses are classified as long-term or short-term, depending on how long you hold the property before you sell it.
Tax

Centerprise Appoints Michael Berent COO

Centerprise Advisors, Inc., the nation's 16th largest professional services firm, has added Michael Berent to its senior management team as the firm's Senior Vice President and Chief Operating Officer - Professional Services.As COO, Mr. Berent will be responsible for leading and managing the strategic development, integration and operating performance of Centerprise. Centerprise offers accounting, litigation support and business planning services to middle market companies.
Tax

Health Tax Credit Added to Bush Tax Cut

As the Bush budget makes its way through Congress, more goodies are being added to sweeten the pot for taxpayers.
Tax

Top Ten Overlooked Deductions

It's not too late! If you haven't filed your tax return yet, perhaps you can cash in on these most-frequently-overlooked deductions.
Tax

Tax Cheating Flourishes in Kinder, Gentler Era

The Internal Revenue Service fears that recent staff and financing cutbacks at the IRS have resulted in a proliferation of tax cheating.
Tax

Tax Tip: E-File Helps Refunds, Payments

Are you one of the more than 90 million taxpayers who will receive a refund this year? Requesting direct deposit, and filing your tax return electronically with e-file will put that money in your pocket faster and easier, according to the IRS.Every year more taxpayers are finding out how safe and easy it is to have their tax refund direct deposited into their checking or savings account. This option is available for both e-filers and paper return filers.With e-file your refund will be issued in half the time it would take if you filed a paper return.
Tax

IRS Reports Problem with TeleFile System

A reported glitch in the IRS's TeleFile system may leave certain file-by-phone users waiting and waiting for their refunds.
Tax

Pros And Cons of E-Filing

The California Society of Certified Public Accountants has published a list detailing the pros and cons of the tax return e-filing process versus paper filing.Here, in a nutshell, are their findings:Pros of e-filing:Speedier processing timeNearly all forms available online, so most taxpayers can use the serviceAutomatic extensions of time, including the second extension, may be filed on-lineIRS quickly detect
Tax

IRS Discusses Payment Options as Deadline Nears

The following article is provided courtesy of CCH, Inc.The IRS has enumerated the various payment options and the installment payment program that are available to those taxpayers who cannot make full payment on their tax obligations. Checks or money orders should be made payable to "United States Treasury" and should include a social security number, a daytime phone number and the year and type of tax form being filed.
Tax

TurboTax Glitch Sends Taxpayers Scurrying

A small number (approximately 150,000) of taxpayers are affected by a security glitch in the TurboTax software, according to reports from Intuit.The problem, which has been corrected, occurred when users took advantage of a new TurboTax feature to automatically download investment data into their tax return preparation forms.
Tax

Five Tips for Your Meeting With a Tax Preparer

Jackson Hewitt Tax Service, the nation's second largest tax preparation service behind H&R Block, offers the following tips for making your meeting with a tax preparer quick and efficient:Bring all income-related documents including W-2 forms, 1099 forms, Schedules K-1, bank statements
Tax

104-Year-Old Tax Collector Reelected

Crete, Illinois Republican, Emma Schweer, has once again been elected to the post of Tax Collector for Crete Township. The 104-year-old Mrs. Schweer ran unopposed for the seat she has held since 1965.Mrs. Schweer's late husband held the seat from 1933 to his death in 1965, at which time Mrs. Schweer was appointed as his replacement.
Tax

Tax Tip: Ten Ways to Avoid Problems at Tax Time

Looking for ways to avoid the last-minute rush for doing your taxes? The IRS offers these tips: ORGANIZE YOUR TAX RECORDS. Tax preparation time can be significantly reduced if you develop a system for organizing your records and receipts. Start with the income, deduction or tax credit items that were on last year's return.DON'T PROCRASTINATE. Resist the temptation to put off your taxes until the last minute.

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Voice of the Editor

What makes a company a great place to work? Experience, a ConnectEDU company, uses criteria that include benefits, career advancement opportunities, culture, and work/life balance to form its annual list of the Best Places to Work for Recent Grads. BDO USA and Ernst & Young both made the Top 25 list. Read what makes these firms stand out and find out what can be done at your firm to entice college grads.

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