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 […]
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.
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.
John Koskinen, President Barack Obama’s nominee to run the U.S. Internal Revenue Service, said at a Senate panel’s confirmation hearing that he would work to restore the public’s trust in the tax agency. “With 95,000 employees and the range of challenges the agency faces, mistakes will happen,” Koskinen said today in prepared testimony for the […]
The IRS is starting this year’s Earned Income Tax Credit due diligence compliance audits of return preparers. To select preparers for audits, the service will “look at returns with a high chance of errors competed by the same preparer,” according to the IRS.gov. The audits review at least 25 EITC returns for the preparer’s due-diligence […]
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 […]
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 […]
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.
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 […]