Tax Talk

  • IRS Attempts to Catch Up, Resumes processing refunds & Says Wait to Call

    The IRS has reopened phone lines and says that they expect an increased demand in phone services. Due to the back log of work due to the government shutdown, the Service politely requests that you wait to call or contact them based on the severity of your situation. The service expects to be caught up […]

    2014 PTIN Renewal Period Delayed Due to Lapse in Funding

    When asked about the status of the 2014 PTIN, the IRS stated, “Due to the lapse in government funding, the 2014 PTIN renewal season is delayed. An email or letter will be sent to all current PTIN holders notifying you when the 2014 renewal season opens.  The online PTIN system is still available for users […]

    Government Shutdown Over & IRS Open

    The government reopens! All governmental bodies should be open after the end of the shutdown and congress goes back to work. While offices are open, there is now a backlog of work for these governmental departments and workers, so keep in mind that call times could be longer than normal, even hours.  IRS phone lines […]

    IRS Operations During The Lapse In Appropriations

    (Taken from the website of the IRS) Due to the current lapse in appropriations, IRS operations are limited. However, the underlying tax law remains in effect, and all taxpayers should continue to meet their tax obligations as normal. Individuals and businesses should keep filing their tax returns and making deposits with the IRS, as they are required […]

    IRS Getting Stricter on Enforcing Preparer Penalties

    According to a report by TIGTA (requested by the IRS Oversight Board to determine its efficiency in using the existing requirements and penalty regime that applies to unenrolled paid tax return preparers) there are several areas where the IRS could improve.   The overall objective was to determine whether controls are in place to ensure […]

  • Nearly 2 Million Fewer Tax Returns Filed in 2009 vs. 2008

    The IRS released statistics showing total filing figures for the country along with individual state statistics also. One of the most notable statistics reported was that there was nearly 2 million (1,730,061) fewer tax returns filed for the 2009 tax year versus the 2008 tax year. Many sources relate this to the economic downturn in […]

    Newest Tax Filing Statistics Released

    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 […]

    Tax Credit for Hiring a Veteran Proposed

    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 […]

    Average Tax Prep Fees Remained Unchanged for Tax Year 2010

    Average fees for a 1040 individual tax return prepared during 2011 were $233, according to a survey of over 8,000 accountants and tax preparers across the country done by The National Society of Accountants.  This figure actually reflected a slight increase, 1.7%, over fees charged for preparing 2009 tax returns.

    Tax Implications of Federal Government passing Debt Ceiling Increase

    The bill to increase the US debt ceiling passed both the House and Senate Monday evening.  The bill raises the debt ceiling in several increments throughout the next year and gets us past the 2012 election.  A “super committee” comprised of both Republicans and Democrats will convene to approve another 1.5 trillion in borrowing for […]

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