Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
H&R Block has become the target of several lawsuits alleging wrongdoing. Among them… California is suing the company, alleging it violated state and federal laws by marketing and providing high-cost refund anticipation loans with interest rates exceeding 500%. The laws that H&R Block is alleged to have broken include those regulating debt collection and contracts,…
Really cold. And yes, as a former Southerner, I have to say it’s getting a little old. It’s not supposed to go above the 30s/40s all week, with 20s in the evenings in Philadelphia. Brr. We’re coping by hibernating in the house as much as possible. Only, I’ll confess, our home is not as energy…
The IRS has recently announced its “Dirty Dozen” Tax Scams for 2006, including two new scams. Be on the lookout for the following, as pulled from the IRS website: 1. Zero Wages. In this scam, new to the Dirty Dozen, a taxpayer attaches to his or her return either a Form 4852 (Substitute Form W-2)…
While the new year started for most folks on January 1, the new tax year begins for IRS on today, January 3. Just this week, the IRS will send 17.7 million 1040 tax packages to taxpayers who have previously filed paper returns. This number is on the decline as more taxpayers opt for electronic filing….
In addition to the obvious (gas savings), buying a fuel-efficient car can put more money back into your pocket. Congress has finally gotten its act together and is offering tax breaks for certain vehicles for 2006. Beginning in January 2006, those who purchase eligible vehicles will receive a tax credit, as opposed to a tax…
Don’t assume that you can just make lemonade. The IRS announced that it will not recognize certain deductions related to the sale/auction of used vehicles. Here’s the PR in its entirety: IRS Warns of Questionable Deductions for Donated Vehicles IR-2005-145, Dec. 22, 2005 WASHINGTON — Internal Revenue Service officials announced today that the IRS will…
As previously reported, the Senate approved a version of the tax bill. Not to be outdone, the House did, too (yesterday). The problem? Er, they’re not consistent and it’s not clear when (and if) the two can be reconciled. The top priority of the House in what was a narrow victory, 234-197, seemed to be…
The IRS has increased the mileage rate for the business use of a car, to 48.5 cents per gallon, from 40.5 cents per gallon effective September 1, 2005. The rate is only good through December 2005. The IRS anticipates that it will, later in the fall, make the annual adjustment for 2006.
The Erb Law Firm would like to offer assistance to attorneys who are affected by Hurricane Katrina. Any attorneys in the affected area who need help in preparing federal extensions (tax or immigration) or sending notices to clients, please call our offices or email katrina@erblaw.com. If we can help, we will. Our thoughts and prayers…