Tax news

Tax

IRS Hires New Transition Manager

The Internal Revenue Service continues its leap into the 21st century with the acquisition of Stan Ratcliffe, a seasoned manager and executive who has worked for Sabre Inc., Andersen Consulting (now Accenture), Electronic Data Systems Corp., Sprint, Northern Telecom, and Digital Equipment Corp.Mr.
Tax

Rules Change for Excise Tax Returns

The IRS has issued final regulations on the requirements for excise tax returns, payments, and deposits. These regulations are effective for calendar quarters beginning after September 30, 2001 and they relate to taxpayers who file Form 720, Quarterly Federal Excise Tax Return. The changes will be reflected on the fourth quarter Form 720 and its instructions.Filing dates. All Forms 720 are to be filed by the last day of the month following the quarter for which the return is made. The returns are due by April 30, July 31, October 31, and January 31.
Tax

Disaster Victims Entitled to Rapid Tax Refund

The IRS allows an itemized deduction for certain unreimbursed losses resulting from casualties and thefts. When a disaster loss occurs in an area that has been designated by the President of the U.S. as a Federal disaster area, as is the case in the five boroughs of New York and Arlington, Virginia, due to the recent terrorist attacks, individuals who suffer casualty losses stemming from the disaster may take certain steps to rapidly recover tax benefits.
Technology

H.D. Vest Discontinues Free Online Tax Prep

H.D. Vest Financial Services will no longer offer its free online tax preparation services, the company stated in a recent press announcement. Those who filed their tax returns using the free online service will continue to have access to their online information for three years after the filing date of the tax return. The free service was created with the hope of driving business to the other financial services offered by H.D.
Technology

Michigan Legislators Vote to Tax Internet Sales

The Michigan House of Representatives voted yesterday to allow Michigan to join other states in creating a uniform, nationwide system of collecting and enforcing sales tax on online sales. The bill passed 57-50, and now heads for the Senate.Conservative Republicans voted against the bill and spoke out after the vote. "The people don't want this policy. Government wants this policy," explained Rep.
Tax

National Business Group Urges Tax Cuts Now

The National Association of Manufacturers (NAM), the nation's oldest and largest broad-based industrial trade association, is urging Congress to consider accelerating the tax cuts that were made into law last year.NAM President, Jerry Jasinowski, explained that the nation was on the brink of recession before the recent terrorist attacks, and cautioned that those attacks likely pushed the economy into a recession.
Tax

IRS Offers New Disaster Relief Program

The Internal Revenue Service has announced the establishment of a special toll-free telephone number for taxpayers whose ability to meet their federal tax obligations has been affected by the September 11 terrorist attacks. People with tax issues related to the attacks can call 1-866-562-5277."This special number will help people cut through the red tape and get their tax questions answered quickly," IRS Commissioner Charles O. Rossotti said. "We don't want lingering tax questions to burden anyone during this challenging time."
Tax

Phase One of Tax Rebate Program Comes to an End

The last of the tax rebate checks that were included in the first phase of the tax rebate program have been mailed. Phase One of the rebate program included sending rebate checks of, at most, $600 for married filing jointly taxpayers, $500 for head of household taxpayers, and $300 for single taxpayers, to taxpayers who had filed their 2000 tax return on a timely basis.
Tax

New Charities To Get Speedy Treatment From IRS

In light of recent terrorist attacks and the quantity of new organizations wishing to provide relief to victims, the Internal Revenue Service has announced plans to streamline the process by which organizations can achieve tax-exempt status.
Tax

IRS Provides E-Mail Address to Attack Victims

Recognizing that some confusion may have arisen due to the many rule changes that have been announced recently by the Internal Revenue Service, the IRS has created an e-mail address specifically designed to provide access to quick answers for business taxpayers who were affected by the recent terrorist attacks.Businesses in need of assistance with answers to tax questions relating to the terrorist attacks may address those questions to corp.disaster.relief@irs.gov.
Tax

IRS Announces New Quarterly Interest Rates

The following quarterly interest rates for overpayments and underpayments of taxes will be effective for the calendar quarter beginning October 1, 2001:Interest will remain at 7 percent for overpayments Interest will remain at 6 percent for corporate overpaymentsThe overpayment rate for the portion of a corporate overpayment exceeding $10,000 will be 4.5 percentInterest will remain at 7% for underpayments Interest will remain at 9% for large corporate underpaymentsThe interest rates were announced in
Tax

Missed Deadline? IRS Issues Reprieve

Recognizing the continuing disruption to the national financial markets, transportation system, telecommunication and computer networks, as well as continuing security concerns that face our nation in this time of tragedy, the IRS and the Treasury Department have issued an extension of time for all taxpayers with filing deadlines between September 10 and September 24.
Tax

Department of Labor Extends Due Date for 5500s

Due to the tragic events currently facing our nation, the U.S. Department of Labor has announced an extension of the deadline for filing Form 5500 and Form 5500-EZ.
Tax

September 17 Tax Deadline: New Rates, New Rules

For most of America's taxpayers who make quarterly estimated payments, today is the deadline for making third quarter tax payments. The biggest change that will be noticed this quarter is a slight reduction in the tax rates. Taxpayers who revise their tax calculations on a quarterly basis will want to refer to the revised tax rate schedules that reflect the changes brought about by the Economic Growth and Tax Relief Reconciliation Act of 2001.
Tax

Breaking News: IRS Issues Additional Relief Measures

For immediate release:The Treasury Department and the Internal Revenue Service today announced initial administrative tax relief for individual and business taxpayers who are unable to meet their federal tax obligations because they were affected by Tuesday's terrorist attacks.
Tax

Emergency Tax Relief Bill Passed By House

Focusing on the immediate needs of the nation's distraught citizens, the House of Representatives overwhelmingly passed a bill that would reduce taxes on estates of Tuesday's victims and relieve their families of federal income tax for the year.In addition, any amounts received by the families of victims from the airlines and from the Federal Emergency Management Agency would be exempt from federal income tax.The Victims of Terrorism Relief Act, House bill 2884, passed with a 418-0 vote and it is assumed that the bill will sail through the Senate as well.House Ways and Means Committee
Tax

IRS Waives Penalties Following National Crisis

The Internal Revenue Service has announced that penalties will be waived for airlines that did not meet a Wednesday deadline for depositing taxes.This is the first of several announcements expected from the IRS over the course of the next few days.
Tax

Federal Employees Encouraged to Pay Back Taxes

The IRS is about to make some U.S. government employees pretty unhappy. The tax agency plans to implement a phase of its Federal Payment Levy Program whereby federal employees who owe back taxes will be subject to tax levies.Affected federal employees will be subject to a 15 percent levy on their federal salaries until debts have been paid. It is estimated that nearly 9,000 federal employees owe tax debts.Federal employees who wish to attempt to circumvent the levy program by making other payment arrangements should contact the IRS at 800-829-7250.
Tax

IRS Investigator Charged With Taking Bribe

William Koskos, an investigator with the IRS for 31 years, was charged Monday with accepting a bribe from a Detroit area builder from whom he was supposed to be collecting back taxes.The builder, Hudson Construction, owed the IRS more than $500,000. Mr.
Tax

Tax Deduction Available for Items Donated to Charity

One of the more creative things you can do with tax return preparation is donate household items to charity. Donating your used belongings is a total feel-good procedure.First, you feel good about emptying your closets and drawers of items you no longer use - the house is cleaner and less cluttered. Also, you feel good about providing useful items to needy people.

Pages