Tax news

Tax

Tax Tip: Free Help From the IRS

Sometimes when you are preparing your federal tax return, you need a little help. The IRS offers free assistance by computer, telephone, fax, and in person. The IRS can assist you with obtaining forms, publications and answers to a wide range of tax questions. If you qualify, IRS can even help you find free tax preparation.How to get help: Personal Computer - With your personal computer and Internet connection, you can access a wealth of free tax information at www.irs.gov.
Tax

Bush Plan Calls for Retroactive Tax Cut

President Bush is wasting no time in promoting his plan for a comprehensive tax cut that would benefit all Americans, slashing the lowest tax rate to 10% and the highest rate to 33%. Recalling the early days of the Reagan era, Bush claims a massive tax cut at this time will stimulate the economy.
Tax

Tax Tip: 1040A Users May Report Mutual Funds Distributions

Some taxpayers with capital gains may now use the shorter Form 1040A. If your only capital gains or losses are capital gains distributions from mutual funds, and you are otherwise eligible to use Form 1040A, you may report these gains on line 10 of the 1040A. If you must use Form 1040 for some other reason, but have no other capital gains or losses, you can skip Schedule D and report your capital gains distributions on line 13 of the 1040, checking the box to indicate that Schedule D was not required.
Tax

H&R Block Launches 'Ask A Tax Advisor'

H & R Block debuted its "Ask a Tax Advisor" service, last week, which enables H & R Block customers instant access to H & R Block tax experts around the country. H&R Block's new "Ask a Tax Advisor" service allows customers quick, customized answers from H&R Block tax professionals for only $19.95 per solution. Using e-mail, live chat or phone, a Block professional will attempt to answer the taxpayer's specific tax questions.
Tax

Revised IRS Form W-9 Available

The IRS form W-9, Request for Taxpayer Identification and Certification, has been revised effective immediately. The new version of the form is available for downloading on the IRS Web site.The primary change to the W-9 form is a requirement that the person filling out the form identify himself or herself as "U.S. Person," as opposed to a "Foreign Person." The phrase, U.S. Person, includes resident aliens.
Tax

Intuit Offers Free On-line Tax Filing

Now in its fourth year, the Quicken Tax Freedom Project provided by Intuit, the maker of Quicken and TurboTax software, offers free on-line tax filing for all individuals and families with adjusted gross income of under $25,000, a $5,000 increase over previous years.Using the TuboTax for the Web software, Intuit is able to provide an interactive question-and-answer process in which taxpayers can enter information about their tax returns.
Tax

Tax Tip: What is Your Filing Status?

Your filing status on your tax return is a category that identifies you, based on your marital and family situation. It is an important factor in determining whether you must file a return, the amount of your standard deduction and your correct amount of tax. If more than one filing status applies to you, you may choose the one that will give you the lowest tax, according to the IRS.There are five possible filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child.
Tax

New Tax Resource for Mexican Business

If you have clients or subsidiaries who do business in Mexico, a new resource is now available to help navigate the waters of corporate tax planning. WorldTrade Executive, Inc., a leader in publications covering international finance, law, tax and cross-border trade, announced today the launch of its newest publication, "Practical Mexican Tax Strategies".
Tax

Have Tax Return, Need Mailing Address

Anyone mailing federal individual tax returns this year should double-check the mailing address before dropping that form in the mail.
Tax

IRS's Digital Daily Bids Farewell

To taxpayers and tax practitioners everywhere:On January 6, 1996, despite a blizzard and a government furlough, the IRS Digital Daily debuted -- on schedule and well within budget. This grass roots effort was the IRS' first Internet presence and developed by a staff of four. We worked hard with one goal in mind: making it easier for people to get the tax information they need.
Tax

Tax Tip: Who Must File A Tax Return?

There are some instances where you may not be required to file a tax return. But the IRS reminds you to keep a few things in mind. First, over 70 percent of all individual filers of federal income tax returns are due a tax refund, and it may be to your advantage to file, even if you are not required to. Next, the law requires you to file a tax return if your income is above a certain level.
Tax

Tax Tip: Which Form --1040, 1040A, or 1040EZ?

If you are filing a tax return on paper, you should use the simplest form for which you qualify. The simpler the form, the less chance for an error that may cost you money or delay the processing of your return. The simplest IRS form is the Form 1040EZ. The 1040A covers several additional items not addressed by the EZ. And finally, the IRS Form 1040 should be used when itemizing deductions and reporting more complex investments and other income. Here are a few general guidelines on which form to use.
Technology

H.D. Vest Launches Free Tax Return Program for 2001

H.D. Vest has launched the 2001 version of its free tax prep web site. For the second year in a row, H.D. Vest will be offering free preparation and e-filing of their tax returns for consumers. The site has added several features for 2001, including the opportunity to open and fund an Individual Retirement Account (IRA) online and a paperless option with the new self-select PIN from the Internal Revenue Service. Users can also set up a free personalized Web site, MyHDVEST.com.
Tax

Oops! IRS Letter to Taxpayers Contains Misinformation

The IRS has issued a news release indicating that 286,000 letters were sent to people who claimed the Earned Income Tax Credit on their 1999 tax returns raising questions about whether these people were entitled to claim the credit.The letter contained some misinformation about where taxpayers should call to resolve child custody issues. The letter mistakenly directed taxpayers to contact state revenue agencies.
Tax

Tax and Accounting Software Publishers

ACCPAC International - A division of Computer Associates InternationalAPPX Software, Inc.ASI Communications - Application software specializing in ATM and point-of-sale transactionsAQSoftware, Inc. - Contribution calculation productsAbacus Accounting SystemsAccounting S
Tax

Bush Tax Plan Promotes Charitable Giving

Citing a desire to make it easier for faith-based and community organizations to offer social welfare programs, President Bush is moving ahead with an initiative to allow non-itemizers a tax deduction for charitable donations. House Ways and Means Committee member Jennifer Dunn (R-Washington) has indicated her willingness to introduce the legislation. A similar bill introduced by Dunn in the 106th never reached fruition.
Tax

Tax Tip: What To Do If You Haven't Received a Form 1099

If you received certain types of income, you may receive a Form 1099 for use with your tax return. You should receive these forms from the payer by early February, according to the IRS. Payers have until Jan. 31 to mail these forms to you. If you have not received an expected 1099 by a few days after that, contact the payer. If you still do not get the form by February 15, call the IRS for help at 1-800-829-1040.In some cases, you may obtain the information that would be on the 1099 from other sources.
Tax

IRS to Cross-Reference K-1 Information

We all know the IRS cross-references information between W-2 forms and 1099 forms and the tax returns of the recipients. If there is a discrepancy between what the recipient reports on his tax return and the amount on the official form, a correspondence is initiated in which the IRS attempts to straighten out the matter.The IRS has not attempted any such cross reference with K-1 forms, those forms that show your share of ownership in a partnership, trust, or s corporation. Until now.
Tax

'Tax Talk Today' Provides Advice for Practitioners

The IRS is sponsoring a series of web events this spring designed to provide a live Q&A forum for tax practitioners. The first of these monthly events is scheduled for Tuesday, January 30, from 2:00 to 3:00 p.m., Eastern time.

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