Tax news

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.
Tax

House Votes to Repeal Estate Tax

Fifty-eight Democrats crossed party lines Wednesday to join Republicans in a vote to repeal the tax known as the Death Tax.The repeal of the estate tax, if made into law, would be phased in slowly over a period of 10 years, with most of the savings coming in the next decade. "If you want to protect your estate, don't die for 10 years," quipped Rep.
Tax

IRS Dragging its Feet on the Phone

Despite attempts to provide improved accuracy and response time among those answering the telephones at the IRS, this spring's callers are still met with busy signals and wrong information.A test performed by the government's own watchdog agency, the General Accounting Office, showed that on 368 test calls made to the IRS, 37 percent of the calls resulting in an inability to reach a real person, and a more alarming 47 percent of the calls that did go through produced wrong information from the IRS agents answering the telephone.The 47 percent error rate in providing information over the
Tax

Tax Tip: Alternative Minimum Tax

Before mailing your tax return, check to make sure you aren't subject to the alternative minimum tax (AMT). In recent years, more and more people have found themselves subject to the AMT, according to the IRS.The tax law gives preferential treatment to some kinds of income and allows special deductions and credits for some kinds of expenses. Taxpayers who benefit from these provisions of the law may have to pay an additional tax called the alternative minimum tax.
Tax

House to Vote on Estate Tax Today

President Bush's proposal to end the estate tax is scheduled to be discussed and voted on in the House of Representatives today. House Majority Leader Dick Armey, R-TX, predicts that approximately 60 Democrats will cross party lines to join Republicans in the vote to repeal the tax.The proposed bill to end the estate tax will begin with top estate tax rates being cut in 2002. The entire repeal of the estate tax will be phased in over ten years.The estate tax currently affects roughly 2 percent of the people who die each year.
Tax

Pay Taxes and Earn Frequent Flier Miles - Summer Vacation

For taxpayers that owe Uncle Sam money this tax season, the bite can now be softened a bit, knowing that your payment is getting you one step closer to that Hawaiian vacation you've always dreamed of.Official Payments Corporation has signed agreements with the IRS and this week
Tax

Taxpayer Rights - Do you Know Yours?

Do you know your rights as a taxpayer? Whether you file a Form 1040EZ or a complicated corporate return, you will benefit from knowing your rights as a taxpayer and being familiar with the IRS' obligations to protect them. The IRS had an area on its site that covers a wide range of topics from basic taxpayer information to details on IRS examination and collection procedures to getting assistance from the IRS.
Tax

House Approves Marriage Tax Cut

On Thursday, The House
Tax

Tax Tip: Extensions of Time To File Your Tax Return

If you can't meet the April deadline to file your tax return you can get a four-month extension of time from the IRS. The extension will give you extra time to get the paperwork in to the IRS, but it does not extend the time you have to pay any tax due.
Tax

House Approves Bush Tax Cut

In an unsurprising vote along party lines, the House of Representatives approved President Bush's budget, which incorporates a $1.6 trillion tax cut. The budget, if approved by the Senate, holds the government to a 4 percent increase in spending, and will become effective October 1, 2001.
Technology

Busy Season in Internet Age Equals Business as Usual

The results of a new survey produced by Jupiter Media Metrix, the global leader in market intelligence for the new economy, show that, in spite of increased access to the Internet by U.S.
Tax

Some Taxpayers Make Their Own Tax Cuts

book in which the tax-dodging secrets of the rich and famous are revealed. According to Mr.
Tax

IRS Appoints New E-Mail Czar

The Internal Revenue Service has announced the selection of Kevin Belden as the new Chair for the Electronic Tax Administration Advisory Committee (ETAAC). The ETAAC serves as a public forum for discussion of Electronic Tax Administration issues whereby taxpayers are encouraged to transact and communicate electronically with the IRS.Kevin Belden replaces Peter Hosokawa, who recently resigned from the committee. Mr.
Tax

Tax Tip: Where To File Your Tax Return

Once you complete your 2000 federal tax return, you can either file it electronically or mail it to the IRS. If you choose to mail your return, be sure to read your tax instruction booklet carefully to find the address of the IRS center for your area.For this year, the IRS has changed its filing locations for individual taxpayers in 12 states - Alaska, Colorado, Delaware, Idaho, Indiana, Kansas, Kentucky, Montana, Nebraska, Oregon, West Virginia, and Wyoming. This is part of a redistribution of work among the 10 IRS centers that will be completed in 2002.
Tax

The Streamlined Sales Tax System Project

The Streamlined Sales Tax Project is an effort created by state governments, with input from local governments and the private sector, to simplify and modernize sales and use tax collection and administration. The Project’s proposals will incorporate uniform definitions within tax bases, simplified audit and administrative procedures, and emerging technologies to substantially reduce the burdens of tax collection.

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