IRS Looks to Distribute $760 Million in Unclaimed Tax Refunds
The Internal Revenue Service is giving the Mega Millions jackpot some serious competition, with tax refunds totaling $760 million ready to be handed over to an estimated 918,600 taxpayers who did not file a federal income tax return for 2010.
The Obama, Congress, Koskinen Tax Triangle
In decades past, and the last year especially, it has become clear that congressional office holders have more trouble working with each other than against each other. While that would be totally acceptable if our mail goal as a nation, as a people was complete stagnation, this is a real problem when applied to our […]
RTRP Ruling Upheld – IRS Cannot Enforce Requirements
The U.S. Court of Appeals for the District of Columbia has upheld the District Court ruling in the case of Loving vs. IRS, affirming that the IRS does not have the authority to regulate tax return preparers. The ruling was issued on Tuesday, Feb. 11, 2014. This means that the IRS cannot require tax preparers […]
DC District Court Upholds Obamacare Tax Credit Provisions
Another day, another lawsuit. This time the plaintiffs argued that the IRS’s interpretation of the ACA was contrary to the statute, which, they asserted, authorizes tax credits only for individuals who purchase insurance on state-run exchanges, but not on federal exchanges. The court ruled “that the plain text of the statute, the statutory structure, and […]
IRS Using More Automation For Taxpayers
The IRS is working on switching over to more automated tax payer services intended to reduce the cost of manpower required to handle tasks that can be easily handled with online applications. Amendments are now trackable on the IRS’s website. Your refund can be tracked, as well. You can get your transcripts on the website. […]
IRS Newswire: Tax Scam Abusing College Tax Credit
The IRS has released a warning to the public in regards to tax schemes that promise higher refunds to those with low income. The IRS would like to specifically warn the elderly, church members, and working families. Under this scheme, the promoter claims to be able to obtain a tax refund or “non existent stimulus […]
No More Recapture Reminders for 2008 First Time Homebuyers
The IRS will no longer send out reminders to First Time Home-buyers who purchased a home in 2008. The credit in 2008 was essentially an interest free loan from Uncle Sam. Most people pay back the loan in 15 years (15 installments of $500 through his/her tax return). Undoubtedly and obviously, the IRS will still […]
IRS Alert: Audit Compliance Initiative Projects for March 2012
The IRS regularly conducts national, regional and local compliance initiative projects (CIPs) to study perceived areas of noncompliance. The IRS uses the data from these projects to develop more comprehensive projects and allocate its audit resources in the areas showing significant noncompliance. Projects to be conducted through March regard Schedule C filers, taxpayers taking duplicate […]
1 Billion in Outstanding 2008 Tax Refunds!
Be sure to inform your clients that they have until April 17th this year to file for 2008 tax refunds credits. The IRS estimates that there is over 1 billion dollars in unclaimed refunds still waiting for returns to be filed. Many people feel that they do not need to file tax returns due to […]
File with Paystubs…Substitute W2s Now Accepted!
Many offices have clients who have been struggling to get official W2s from their employers. Now that we have hit February 14th the IRS will accept these returns with a substitute W2 form attached (form 4852). This will allow you to e-file the tax return as long as you have the employers EIN, which can […]