The latest straight from the IRS — new rules, deadlines, guidance, and announcements explained in plain English.
Or put another way, how much does your tax preparer think you’re worth? The Philadelphia Inquirer recently broke a story that the IRS has been keeping quiet… It seems that in an action labeled “not a significant regulatory action,” a change in privacy laws was included in proposed rules published in December. The change would…
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 web site: 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…
Today was the deadline for submitting certain tax information, including federal forms W-2 and 1099. Tax season is just beginning!
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 they 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…
The IRS has announced tax relief for victims of Hurricane Rita. Briefly, the relief includes extensions (in some cases, automatic) for filing returns and making estimated payments. In most cases, the extension date is February 28, 2006. Automatic extensions are granted for Texas residents of the following counties: Angelina, Brazoria, Chambers, Fort Bend, Galveston, Hardin,…
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.
From irs.gov: Katrina Victims Will Have Until Jan. 3 to File and Pay Taxes, IRS Says IR-2005-96, September 8, 2005 WASHINGTON – Victims of Hurricane Katrina will have until Jan. 3, 2006 to file any returns, pay any taxes or make any deposits due, the Internal Revenue Service announced today. This extends and expands relief…
From irs.gov: Treasury, IRS Announce Special Relief to Encourage Leave-Donation Programs for Victims of Hurricane Katrina IR-2005-97, Sept. 8, 2005 WASHINGTON — Department of the Treasury and Internal Revenue Service officials announced today special relief intended to support leave-based donation programs to aid victims who have suffered from the extraordinary destruction caused by Hurricane Katrina….
From irs.gov: IRS Expedites Charity Applications, Urges Use of Existing Charities IR-2005-93, Sept. 6, 2005 WASHINGTON — The Internal Revenue Service will provide an expedited review and approval process for new organizations seeking tax-exempt status in order to provide relief for victims of Hurricane Katrina. However, the agency encourages people to use existing organizations currently…