Tax news

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.
Tax

Meet the 21st Century Taxpayer

A new report, The 21st Century Taxpayer: Tax Compliance Enters the Information Age, has been issued by the business and technology consulting firm, American Management Systems.The report, which analyses trends obtained through interviews with CPAs, CFOs, CEOs, entrepreneurs, taxpayers, and technology experts, reveals the following expectations of the taxpayer of the future: Continued desire for access to information
Tax

Tax Tip: Obtain a Copy of a Prior Year Tax Return

There are times when you may need a copy of your prior year federal tax return, a transcript of a return or tax account information. A phone call to the IRS at 1-800-829-1040 or a visit to the IRS Web site may easily solve your problem. There are several different options available depending on how quickly you need the information. If you need a photocopy of a previously processed tax return, complete Form 4506, "Request for Copy or Transcript of Tax Form," and mail it to the IRS address listed on the form for your area.
Tax

IRS Finds New Way to Track Tax Miscreants

Call it clever, or just plain dumb luck, but IRS agents in Alabama have stumbled upon a new way to track taxpayers who are not reporting certain income.
Tax

Tax Tip: Forms and Publications - How To Order

The Internal Revenue Service has many forms and free publications on a wide variety of topics to help you understand and meet your tax filing requirements. These forms and publications are available on the Internet, on CD-ROM, through fax on demand, over the telephone, through the mail, at local IRS offices, at some banks, post offices, and libraries, and even at some grocery stores, copy centers and office supply stores. If you know what form or publication you need, call the IRS toll-free forms number at 1-800-TAX-FORM (1-800-829-3676).
Tax

IRS Announces Extensions May Be Filed By Telephone

The following article is provided courtesy of CCH, Inc.The IRS has announced that taxpayers seeking extensions for filing their returns can automatically extend their filing deadline four months by phone, computer or by filing a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, by the April 16 filing deadline.
Tax

Ways and Means to Advance Marriage Penalty Relief Bill

The following article is provided courtesy of CCH, Inc.The House Ways and Means Committee plans to mark up marriage penalty relief legislation on March 22. Committee member Jerry Weller, R-Ill., said at a March 21 committee hearing that relief from the marriage penalty in the tax code should be a main priority of this Congress.
Tax

Tax Tip: Education IRAs Make College Costs Less Taxing

The Education IRA is an incentive to help parents and students save for higher education. Up to $500 may be contributed to a child's Education IRA each year, according to the IRS. Earnings on contributions will be distributed tax free provided that they are used to pay the beneficiary's post-secondary education expenses. Any individual who meets adjusted gross income (AGI) requirements can make a non-deductible contribution on behalf of a child under the age of 18. The AGI requirements are $95,000 for single taxpayers and $150,000 for married taxpayers.

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