Tax news

Tax

IRS Announces 'No Rule' Areas

The Internal Revenue Service has issued a packet of revenue procedures designed to clarify areas on which the service will not provide guidance to taxpayers in the form of letter rulings or determination letters.
Tax

Marriage or Divorce? Check Your Social Security Number

The IRS reminds newlyweds and the recently divorced to make sure names on their tax returns match those registered with the Social Security Agency (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill and reduce the size of any refund.For newlyweds, the tax scenario can begin when the bride says "I do" and takes her husband's surname, but doesn't tell the SSA about the name change.
Tax

IRS Form 2848 Is A Must For Military Personnel Being Deployed

If you have clients or a loved one being sent overseas in the next few months, then make sure they have the IRS FORM 2848. The IRS Form 2848 "Power of Attorney and Declaration of Representative" enables a spouse to sign the couple's tax return, easing the way for trouble-free tax filing. When you complete the form "Power of Attorney and Declaration of Representative", you must show the type of tax, the tax form number, and the year or period(s) for which the power is granted.
Tax

EFTPS-Online: Pay Your Taxes Over The Internet

If you’re going to owe taxes when you file your federal tax return, consider paying over the Internet through the Electronic Federal Tax Payment System (EFTPS). EFTPS-OnLine is fast, easy, convenient, and secure. The government does not charge for this service.You can enroll in EFTPS-OnLine via an official government site on the Internet, using a user-friendly Web interface. After enrollment, you will receive a confirmation kit by mail with instructions for obtaining an Internet password. For added security, a unique Personal Identification Number (PIN) will be mailed to you.
Tax

Faster Refunds Through Direct Deposit

Want a faster refund? The IRS says that more taxpayers are choosing direct deposit as the way to get their federal tax refunds. The payment is more secure — there is no check to get lost. And, it’s more convenient — no special trip to the bank to deposit a check! Be sure to ask your tax preparer to request direct deposit, or follow the instructions for "Refund" on your tax return.Nearly 40 million people had their tax refunds deposited directly into their bank accounts during the 2002 filing season, a 17 percent increase from the year before.
Tax

DOL Issues Final Rules on 401(k) Blackout Periods

Starting this week, workers with 401(k) retirement plans received new federal protection with the Labor Department’s announcement of a law requiring plan administrators to provide 30 days’ notice of blackout periods.Congress enacted the blackout rules as part of the Sarbanes-Oxley Act of 2002.
Tax

Bush Addresses Tax Relief And The Economy

President Bush's State of the Union Address included strong references to tax cuts that the President believes will bolster the economy. The speech focused on four goals, the first of which addressed the tax and economy issue. "Our first goal is clear," said President Bush.
Tax

Forms and Publications

If you use a tax preparer, you usually won't need to worry about which forms to file or how to complete those forms - that's in part what the preparer is paid to know. However, there may be occasions where you want to review the contents of a form or read a publication so you can become better informed on taxes that you owe.The Internal Revenue Service has many forms and free publications on a wide variety of topics to help you understand and meet tax filing requirements.
Tax

Grant Thornton, Community Bankers, Suggest Tax Fixes

The Independent Community Bankers of America, in cooperation with Grant Thornton, has released a comprehensive study outlining a menu of federal tax relief and simplification measures to improve the country's economy.The 50-page study, "Community Bank Tax Relief and Simplification Options," was developed by the community banking sector to suggest policies that should be enacted to assist small businesses and individuals, and increase the viability of community banks to serve these customers.The Top Ten Tax Fix
Tax

Toll-Free Telephone Service

The IRS provides various services through its toll-free telephone numbers. You can order forms and publications, listen to prerecorded tax information, check on the status of your refund, or ask questions about your tax return.
Tax

IRS Announces New Features For Tax Professionals

The Internal Revenue Service has launched a new and expanded e-subscription service available through IRS.gov for taxpayers, tax professionals, small business owners and the news media.Subscribers to the e-service lists will get timely, specialized information sent via e-mail on topics such as state practitioner meetings, news releases, filing season tax tips and other programs.To subscribe to any of the services, visit "e-News Subscriptions" on the IRS Web site.Among the new features:E-Ne
Tax

Need a Copy of Your Tax Return Information? Call The IRS

There may be times when you need a copy of your prior year federal tax return, a transcript of a return or tax account information. If you had your taxes prepared by a tax professional, you should contact them for copies.
Tax

Tax Materials And Assistance in Spanish

If you need federal tax information in Spanish, you can find it in the form of recorded tax topics, free tax publications and toll-free telephone assistance from the Internal Revenue Service.TeleTax is a toll-free automated service, in English and Spanish, providing helpful tax topics and refund information. You can find a list of the 151 TeleTax topics in the instructions for Form 1040, 1040A or 1040EZ. TeleTax can also help you if it's been at least four weeks since you filed your return and you want to check on the status of your federal refund.
Practice Management

IRS Provides Inventory Valuation Method For Auto Remanufacturing

The Internal Revenue Service today issued guidance that provides an inventory valuation method for rebuildable motor vehicle cores. In the remanufacturing industry, worn or used parts (cores) are rebuilt when received from customers and other sources.The guidance was released as part of the Industry Issue Resolution (IIR) program. The IIR program, launched by the IRS in 2001, tackles issues submitted by taxpayers, associations and other groups representing businesses.
Tax

IRS Guilty of Fraud, Acted Deceptively

The 9th U.S. Circuit Court of Appeals has accused the IRS of committing fraud and acting deceptively with regard to the agency's favored treatment of two pilots who ratted out 1,300 other pilots, all of whom participated in a flaky investment scheme over 20 years ago.The IRS is accused of setting up secret agreements with the two pilots, John Thompson and John Cravens, in exchange for testimony against the other pilots. Mr.
Tax

Taxpayer Rights a Priority For IRS

The law requires the IRS to protect taxpayer rights, and in its day-to-day operations, the IRS and its employees make taxpayer rights a top priority. This includes explaining those rights to taxpayers, keeping taxpayer information private and confidential and being professional and courteous.Besides what is expected of IRS employees, taxpayers have many other rights. They have the right to have someone represent them before the IRS and to accompany them to any meeting with IRS employees.
Tax

Summary of 2002 Tax Law Changes For Individuals

There are plenty of changes in the tax laws this year. Every taxpayer is affected in some way by the new rules that affect individuals.
Tax

Budget-Challenged Municipalities Step up Tax Collection Efforts

When times are good and city coffers are bulging, the effort to get consumers to comply with obscure tax laws often is not strong. But with city and state governments facing budget crises all across the United States, any method of squeezing additional revenue has become an acceptable strategy.The art of mining consumer data for possible tax liability is growing among city revenue officers. Municipalities in California, for example, are reviewing state records and sending out bills to people who often don't even know they owe money.
Tax

E-File Helps Refunds, Payments

Are you one of the almost 100 million taxpayers who will receive a refund this year? The IRS says that requesting direct deposit and filing your tax return electronically (e-filing) will put that money in your pocket faster and easier.Every year, more taxpayers find out how safe and easy it is to have their tax refund deposited directly into their checking or savings account. This option is available for both e-filers and paper return filers.When you file electronically, your refund will be issued within three weeks, about half the time it would take if you filed a paper return.
Community News

NY Tax Preparer Jailed For Padding Clients' Expenses

A Bronx tax preparer was sentenced to a year and a day in jail for her role in preparing false income tax returns for clients. Some would say she got off too easy, considering the maximum sentence would have been five years in jail and business ethics are at an all-time low. The tax preparer who got the jail time was part of a father/daughter tax preparation service. The Internal Revenue Service charged her with fudging deductions and inflating personal expenses for items such as charitable contributions, job-related expenses and medical and dental expenses.

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