My Tax Blog

  • Holiday Office Hours

    From our family to yours, Federal Direct would like to wish everyone a safe and happy holiday season!  Federal Direct corporate offices will be closed on Christmas Eve December 24th and Christmas Day December 25th. Merry Christmas and Happy Holidays!

    IRS May Fine 122,133 Paid Tax Preparers $345 Million in Penalties

    Last tax season marked an increasing level of noncompliance by tax preparers with the Internal Revenue Service’s due diligence reporting requirements for the Earned Income Tax Credit, according to a new report reviewing the IRS’s performance during the delayed tax season. The report, from the Treasury Inspector General for Tax Administration, found that as of […]

    2014 Tax Season Opens on January 31st

    According to IR-2013-100, the IRS plans to open the 2014 filing season on January 31. The IRS cautioned that it will not process any tax returns before January 31, so there is no advantage to filing on paper before the opening date. Until tax season officially begins, the stockpiling rule doesn’t apply. The April 15 […]

    New IRS Commissioner Koskinen Approved

    John Koskinen, a 74-year-old multimillionaire with a resume full of accomplishments, will be the new Commissioner of the IRS. The Senate Finance Committee approved his nomination Friday.

    Tax Prep Fees on The Rise

    According to Accounting Today, average fees for tax prep are rising. While it certainly does depend on which forms you need, all tax prep fees are steadily increasing a few percentage points, and will very likely continue to rise as the individual mandate is facilitated through tax filing.

  • IRS Not Conducting Church Audits and Getting Sued

    The Freedom From Religion Foundation is suing the IRS for failing to enforce the ban on churches contributing to/intervening with political campaigns. Separation between Church and State? Not lately. The IRS says that the audits are on hold until finalizing rules that requires “high-level” official to approve the examinations.  The Freedom From Religion Foundation believes […]

    The IRS Ripped off Its Shirt to Reveal Green Flesh Atop Muscles Made of 1099-Ks

    Yes, it’s true. The IRS has recently become the green-fleshed Hulk of our governmental body.  This year the IRS has been on a roll changing things to improve the system, prevent fraud, smash identity theft, and, in the writer’s opinion, get it’s act together before facilitating the facilitation of the individual mandate come 2014.  Really, […]

    Important 2012 Form Changes on 8812, 8867 & 8863

    The IRS has recently made changes to various forms that are not related to the upcoming legislation. Several forms that relate to the Additional Child Tax Credit and Education Credits have been updated to include questions for verification of the claim for the credit.  The Education Credit Form 8863 now includes entries for the institution’s […]

    Important Update: Finalized ITIN Regulations

    Today, the IRS released updated procedures to strengthen the Individual Taxpayer Identification Number (ITIN) program. The IRS has decided to keep many of the rules that have been in place during the Interim Period relating to original documents and certified copies from issuing agencies. Taxpayers applying for themselves will need to include original documents or […]

    Sickness NOT Enough To Beat Late Filing Penalties

    A woman with a plethora of health problems made several large taxable gifts to her daughter, but failed to make the gift tax return by the filing date. The woman was down with pneumonia and heart palpitations. She had cataract surgery and knee replacement surgery during the same time period. The court refused to waive […]

  • Holiday Office Hours

    From our family to yours, Federal Direct would like to wish everyone a safe and happy holiday season!  Federal Direct corporate offices will be closed on Christmas Eve December 24th and Christmas Day December 25th. Merry Christmas and Happy Holidays!

    IRS May Fine 122,133 Paid Tax Preparers $345 Million in Penalties

    Last tax season marked an increasing level of noncompliance by tax preparers with the Internal Revenue Service’s due diligence reporting requirements for the Earned Income Tax Credit, according to a new report reviewing the IRS’s performance during the delayed tax season. The report, from the Treasury Inspector General for Tax Administration, found that as of […]

    2014 Tax Season Opens on January 31st

    According to IR-2013-100, the IRS plans to open the 2014 filing season on January 31. The IRS cautioned that it will not process any tax returns before January 31, so there is no advantage to filing on paper before the opening date. Until tax season officially begins, the stockpiling rule doesn’t apply. The April 15 […]

    New IRS Commissioner Koskinen Approved

    John Koskinen, a 74-year-old multimillionaire with a resume full of accomplishments, will be the new Commissioner of the IRS. The Senate Finance Committee approved his nomination Friday.

    Tax Prep Fees on The Rise

    According to Accounting Today, average fees for tax prep are rising. While it certainly does depend on which forms you need, all tax prep fees are steadily increasing a few percentage points, and will very likely continue to rise as the individual mandate is facilitated through tax filing.

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