The latest straight from the IRS — new rules, deadlines, guidance, and announcements explained in plain English.
Settling tax debts is not necessarily high on the list of taxpayers struggling to keep their homes and who may have lost their jobs. Delinquent taxpayers are, however, getting a little bit of sympathy… from the IRS. The IRS Commish, Doug Shulman, who began his stint at the IRS in 2008, announced today that tax…
The IRS is seeking feedback. Hey, it happens… If you’re a tax practitioner who prepares federal form 1040 returns with a schedule C, the IRS would like for you to answer a completely anonymous survey for compliance purposes. If you fit the bill and you have interest, click away.
Despite rumblings for a second stimulus check, the IRS hasn’t finished delivering the first stimulus check to all taxpayers. As of last month, more than 279,000 economic stimulus checks – that’s more than a quarter million – were yet to be delivered. Those checks are worth more than $163 million. Additionally, more than 104,000 taxpayers…
Raoul Weil, the UBS bank chair and CEO of global wealth management, has been indicted on charges relating to tax evasion. He is accused of helping US taxpayers hide nearly $20 billion (yes, with a b) in assets from the IRS. After the indictment was made public, Weil, not surprisingly, agreed to step down from…
As the economy continues on its wild ride, the IRS has announced a series of adjustments for tax brackets and other provisions for the 2009 tax year. These adjustments, in response to inflation, are required by law. Note that these adjustments will affect your 2009 tax return, normally filed in early 2010. Your 2008 tax…
If you’re one of many – and by many, I mean a quarter million – couples who did not received a rebate check due to an error matching your spouse’s married name and Social Security number, I’ve got good news! The IRS has changed its position on this issue. Last month, the IRS was adamant…
Lately, there have been a number of emails and comments regarding the possibility of a second stimulus package. You can read what I had to say about it earlier here and here (I stand by my original posts). There were some good follow-up questions in the comments – but it struck me that not everyone…
The IRS has announced that they have again delayed the effective date of Revenue Ruling 2006-57, originally released in November 2006. The Ruling provides guidance to employers on the use of items like smartcards, debit or credit cards to provide qualified transportation fringes under Internal Revenue Code §§ 132(a)(5) and 132(f). The basic idea behind…
Not a lot was done right after Hurricane Katrina but Congress did step in with some disaster relief that include tax breaks for victims and tax incentives for those to give to charities assisting victims. Congress passed similar legislation for victims of other disaster areas, including those who suffered through catastrophic hurricanes and tornados. Why…
For years, I was a site coordinator for the IRS’ Volunteer Income Tax Assistance program at our local senior center. I thoroughly enjoyed the experience and highly recommend it to anyone seeking a volunteer opportunity. VITA is a program that offer free tax preparation and/or assistance for low-to-moderate income individuals. The specific type of client…