Iris, your IRS helper, has a public service announcement for
you: It's not too late to get your stimulus payment. The IRS is
continuing to devote time and money trying to track down low-
income taxpayers, retirees, and veterans who might not be
required to file income tax returns, in an effort to get
everyone on the stimulus payment bandwagon. A new mailing is
going out to 5.2 million people, most of whom are not required
to file tax returns, suggesting they file a form to request
their rebate payment. Our tax dollars are of course paying for
all of these administrative costs. Is this merely an election
ploy to make the current administration look like the good
guys, or is this a subversive means of getting millions of non-
taxpaying citizens on the federal radar?
Listen to Iris's announcement.
Gail Perry, CPA
These cheques are a sore spot with me, in that I find the
economic stimulus checks to be one of the worst ideas anyone
has ever invented....
Read Liz Zitzow's Far and Away: Offshore Taxation blog and add
your own comments!
It's time to get review your clients' bank balances and help
them protect their life savings! TaxMama provides a solution....
Read Eva Rosenberg's Talk to TaxMama blog and add your own comments!
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The Internal Revenue Service is reminding qualifying retirees
and veterans that it is not too late to file for an economic
stimulus payment and announced it will send a second set of
information packets to 5.2 million people who may be eligible
but who have not yet filed for their stimulus payment.
Five filmmakers in association with Life is My Movie
Entertainment are traveling the United States this summer in an
effort to grasp America's growing issue, tax reform. The
documentary they plan to film is an unbiased, educational and
entertaining look into the potential reforms that are
inevitable come 2010 when the Bush administration tax cuts cease.
Indian tribal governments are urging Congress to enact
legislation that would prohibit the IRS from interpreting the
tax law in a way that limits the tax-exempt debt that Indian
tribes can issue, claiming that such limitations put the tribes
at a competitive disadvantage to state and local government,
according to a report in public finance newsletter, "The Bond Buyer."
The Internal Revenue Service is postponing until August 29,
2008 the time to file certain tax returns, to make certain tax
payments, and to perform time-sensitive acts for storm, flood,
and tornado victims in presidential disaster areas in six
states, mostly in the Midwest.
Earlier this month, the IRS met with several major accounting
firms that have foreign offices - a group which is thought to
include Ernst & Young, PricewaterhouseCoopers, KPMG, Deloitte &
Touche, BDO Seidman and Grant Thornton - to solicit their help
with the Qualified Intermediary program. That program began in
2000 and is designed to help the IRS track funds that may be
secreted in foreign accounts.
Former NFL quarterback Michael Vick, currently serving a prison
term for criminal conspiracy resulting from felonious dog
fighting, filed for Chapter 11 bankruptcy protection earlier
this month and has requested more time for preparing the
paperwork in his bankruptcy proceeding. Vick claims debts
ranging from $10 to $50 million and assets in the same range on
his bankruptcy application.