We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: The National Taxpayer Advocate report to Congress cited tax complexity as one of the most serious problems facing individual taxpayers. The study found that 60% of taxpayers paid preparers to do their returns for them…
Many wealthy taxpayers might have dodged a bullet following the IRS settlement agreements with UBS and Deutsche Bank… but they might be getting their day in the press after all courtesy of WikiLeaks. Rudolf Elmer, a whistleblower, has reportedly turned over the banking details of about 2,000 “high net worth individuals” and corporations to Julian…
We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: For the 2010 tax season, taxpayers who claim a tax refund can opt to split their refunds into bank accounts or retirement accounts and buy up to $5000 in US savings bonds (Series I). Taxpayers…
The IRS has announced a change in the reporting requirements for small tax-exemption organizations. Beginning in 2007 (for tax year 2006), organizations with gross receipts of less than $25,000 were required to file a form 990-N (sometimes called an “e-Postcard”) with the IRS each year. Beginning in 2011 (meaning the 2010 tax year), the threshold…
Taxpayer asks: I filed the 1040ez for 2009 and had gambling winnings of 2500.00. I got a notice from IRS that I owe an increase of 625.00.It was reported on a w-2g I did not file a sched. A.How can I report my gambling loss of up to 2500.00Since I have already filed the 1040ez.Or…
With filing delays affecting many taxpayers this season, you may be itching to know in advance what your return might look like… TurboTax has announced that it has an app, the TaxCaster Mobile, that will calculate your anticipated tax liability (or refund!) on your iPhone or iPod Touch. You can download it from the iTunes…
Today, we celebrate the life of Martin Luther King, Jr. To honor the day, I am reposting something that I wrote around this time two years ago. It remains one of my favorite posts. Enjoy! — I’ll be frank. I don’t always love being a lawyer. When I was a little girl, I used to…
We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: On February 17, 1960, a warrant was issued for the arrest of civil rights leader Dr. Martin Luther King Jr. on charges of tax evasion for allegedly falsifying his income tax returns in which state?…
We have a winner! See the correct answer in the comments. Our next tax trivia question for the giveaway is: Social media has changed the way that politicians interact with the public. This year, Sen. John McCain made news when he exchanged tweets with which “celebrity” over the new tanning tax? The first correct answer…
(Editor’s Note: Somehow, in the chaos of my Sunday morning, I didn’t paste in the second part of the question and first part of my answer. So, edited to reflect those changes… sorry about that!) Taxpayer asks: I’m 23, full time student, lived at home for free, worked…$6500 with withholding of $500. Can I file…