IRS released new information today highlighting increases in EITC preparer fraud penalties.  The standard monetary penalty has increased from $100 to $500 per compliance issue on returns filed after 12/31/2011.  For more information on avoiding preparer compliance penalties visit the IRS’ EITC Website for more information.  This recent update was just released today, 11/7/2011, and […]

IRS statistics show that approximately 4% of all returns including schedule C income eventually get audited.  Half of these returns are audited due to a random selection and the other half are chosen based upon a scoring assessment based upon IRS standardization charts for different acceptable business expenses.  The IRS released that the most common […]

It takes approximately 1 year for the IRS to tabulate and release statistical information related to tax filings.  They have just finished compiling tax and demographic information for the 2009 tax year, filed starting January of 2010.  This year should be of significant relevance as it is the first set figures relating to the recession […]

President Obama just recently proposed a new tax credit for hiring veterans that have recently returned from combat overseas.  The credit ceilings would range from $4,800 to $9,600, depending on the longevity of the position these veterans are employed for and the length that they have been unemployed and if they have any disabilities.  This […]

For many taxpayers, getting a tax refund is a very anticipated and needed source of money. Taxpayers will earmark tax refunds for rent or other large bills that regular pay has not been able to cover. A delay in getting a tax refund can cause taxpayers significant stress so in an effort to reduce stress, […]