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IRS news/announcements

Tax Season in Full Swing, E-File Now Open

21 January 2012

It’s cold and snowy out today in [entity display="Philadelphia" type="place" active="true" key="pa/philadelphia"]Philadelphia[/entity] and across much of the country. It’s the kind of day where you really should stay inside and get things done… like maybe your taxes. The IRS previously declared that the 2012 tax season has officially kicked off and this week, the IRS [...]

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Credit Card Reporting for Tax Purposes Debuts This Month

13 January 2012

Form W-2, check. Form 1099-Misc, check. Form 1098, check. Form 1099-K… wait, what? Yep, there’s a new form from the IRS out this year and one might be landing in your mailbox soon. The federal form 1099-K, Merchant Card and Third Party Network Payments, will debut early this year: forms 1099-K are due to merchants [...]

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IRS Offers Taxpayers ‘One More Chance!’

10 January 2012

My seven year old has a penchant for getting herself into trouble. She’s that kind of kid who pushes boundaries to see exactly how far she can get. Lucky for her, she also has a pretty quick wit and a couple of looks up her sleeve. When she gets into trouble, she peers up at [...]

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IRS Kicks Off Tax Season, Announces Extra Time to File

6 January 2012

The IRS has announced that the 2012 tax season is officially open. Well, sort of. The IRS has opened its doors for the season but what you can do just yet is still limited: e-file and Free File returns won’t be accepted until January 17, 2012. Today, however, you can (and should) start getting your [...]

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Filing Deadline Extended for Some Charities

29 December 2011

The IRS has announced that tax-exempt organizations with January and February filing due dates will have until March 30, 2012. If you are affected, you don’t need to file anything to get the March 30 extension as it’s automatic. The extension only affects a handful of orgs since most charities operate on a calendar year [...]

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IRS Announces 2012 Mileage Rates

9 December 2011

The IRS has issued the 2012 optional standard mileage rates used for deducting the costs of operating an automobile for business, charitable, medical or moving purposes. They are: 55.5 cents per mile for business miles driven 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable [...]

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IRS Moves Ahead Assuming No Change in 2012

8 December 2011

This week, the IRS released Notice 1036 (downloads as a pdf) outlining the percentage method income tax withholding tables and the Social Security withholding rate for 2012. The Notice assumes no tax deal for 2012 but does include this warning: At the time this notice was prepared for release, Congress was discussing a possible change to [...]

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IRS Taps Student Loan Agencies

6 December 2011

There are very few people that I like dealing with less than the folks who administer my student loans for law school. Undergrad, I managed just fine. But when I moved to Pennsylvania, I was forced to deal with the Pennsylvania Higher Assistance Agency (PHEAA). If you’ve ever dealt with PHEAA, you know they’re a [...]

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Does the IRS Owe You Money?

1 December 2011

The IRS has announced that it has $153.3 million in undelivered tax refund checks because of mailing address errors. There are 99,123 taxpayers who are due refund checks, making the average check a whopping $1,547. If you think you might be owed some cash, you can check with the IRS by using the online “Where’s [...]

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