Tax news

Tax

E-Filing Up to 30 Percent

While the numbers show that most professional tax return preparers use computers to prepare tax returns but still give their clients a paper tax return to mail to the IRS, the tide is shifting, and this year 39.4 million tax returns - approximately 30% of all returns expected to be filed - were filed electronically.
Tax

Retirement and Pension Bill Ready for House Floor

The House Committee on Education and Workforce has approved a retirement security bill, the tax aspects of which met with approval from the Ways and Means Committee earlier this week.The Comprehensive Retirement Security and Pension Reform Act of 2001, H.R. 10, will go before the entire House the week of April 30.
Technology

Senate Bill Provides Tax Credit to Businesses for IT Training

A bipartisan group of senators has introduced a bill that will provide business owners with tax credits to offset the cost of information technology training costs for employees.The bill would provide a dollar-for-dollar tax credit for the first $1,500 spent, per employee, on IT training.
Tax

When Can You Expect Your Tax Refund?

For those of you who are waiting impatiently for your tax return, or for those of you who have clients pestering you about when they can expect their refund, here is the official word from the IRS. Taxpayers who e-filed their tax returns can expect their refunds to be processed according to this schedule: Refunds for tax returns that were submitted between March 29 and April 5 should have been direct deposited on April 13.
Tax

Representative Saxton Goes to Bat for Small Investors

The following article is provided courtesy of CCH, Inc.The current method of taxing mutual funds investors is discriminatory, unfair and economically counterproductive, according to a new study released on April 23 by the Joint Economic Committee (JEC).
Tax

Your Taxes: Student Loan Interest Deduction

The student loan interest deduction is one of the most misinterpreted areas of recent changes to the tax laws. The rules for deducting student loan interest are confusing (like most tax rules). Many taxpayers who think they ought to be able to take the deduction, can’t, and many who qualify don't know how the deduction works. Here, in a nutshell, are the rules to follow.The deduction for student loan interest is not an itemized deduction, so you don't have to file Schedule A to claim this deduction.
Tax

IRS: Protect Yourself from Audit Risk

Even though the amount of resources the IRS is devoting to auditing tax returns seems to be waning, there still remains the overpowering risk of an audit to every tax return. A recent article published by Fortune Small Business provides individuals and business owners with several tips for avoiding tax audits.Here are some items to keep in mind as you save documentation during the year for your 2001 tax returns. This is a list of items likely to draw unwanted attention to your tax return.
Tax

Microsoft Employees Face Tax Nightmare

Seattle bankruptcy attorneys are reaping unexpected profits from employees of Microsoft who exercised stock options and placed the stock in margin accounts, only to watch the value of Microsoft stock plummet while their income tax bill soared.Some of these Microsoft stock owners found themselves in the unfortunate position of having to sell the shares of stock with depleted value in order to pay off their margin accounts, leaving them with little or no equity and unpaid tax bills on the exercise of t
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.
Tax

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

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

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

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.

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