According to a new report from the TIGTA, the IRS processed most tax returns on a timely basis during the last tax season, but challenges included problems with tax credits and more fraud attempts than the previous year.
Employers can claim a Work Opportunity Tax Credit by hiring veterans who start work before January 1, 2013, but they must file Form 8850 within twenty-eight days after the qualified veteran begins work.
Today’s Crime Watch includes coverage of a Barbados national sentenced to 114 months in prison and ordered to pay restitution of just under $1.7 million for devising and executing a stolen identity federal income tax refund fraud scheme.
The power still may be out for hundreds of thousands of residents in areas devastated by Hurricane Sandy, but at least the IRS is giving business people around the country another opportunity to help victims out.
With Congress still split along partisan lines following the election, it's uncertain whether the President will be able to marshal the bipartisan spirit needed to address two of the most pressing economic issues.
Following recent disaster declarations for individual assistance issued by the FEMA, the IRS announced November 2, 2012, that affected taxpayers in Connecticut, New Jersey, and New York will receive tax relief.
The IRS recently told a CPA to "put his whistle away" because he wasn't entitled to a reward for turning in a fraudulent taxpayer. Now the Tax Court has upheld the IRS' decision in a new case of first impression.
The IRS has issued an important reminder to 730,000 federal tax return preparers around the country: Don't forget to renew your PTIN for 2013. It has also cautioned tax professionals who must meet new competency tests to schedule their exams.
"Benjamin Franklin said, 'In this world, nothing could be said to be certain, except death and taxes.' At least with taxes, they keep changing." Thus starts a new YouTube video entitled "Medicare Investment Income Tax."
The IRS has announced various cost-of-living adjustments for 2013. Although inflation has remained on the low side this year, it was still high enough to move the needle on more than two dozen tax code provisions.