IRS Reports Tax Filing Numbers As Expected, Issues Statement On Refund Delays
Of tax returns filed before Tax Day 2014, the IRS says it issued more than 85 million refunds. Statistically, that’s about 75% of tax returns filed.
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Delayed Tax Refunds, The EITC, & How We’re Getting It Wrong
Millions of taxpayers are filing tax returns early in search of a refund. Many are finding that refunds may be delayed and there’s no explanation. Is it an administrative delay? Are we running out of money? Or do we just have the policy all wrong?
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Does The IRS Have Your Tax Refund?
It’s 2013. Do you know where your refund is? No, not your 2012 refund (arguably, no one knows where many of those are) but your 2009 refund. Nearly $1 billion in outstanding refunds remain unclaimed by an estimated 984,400 taxpayers who did not file a federal income tax return for 2009. How much is a…
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A Beginner’s Guide To Filing Taxes: Do I Have To File A Tax Return?
Tax season can be intimidating for seasoned pros, not to mention the fear it strikes into the hearts of newbies. This series is intended to give you the basics. We’ll start with the very basic of basics: do I have to file?
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House Passes Senate Budget Bill: We Have A Deal!
Well, color me surprised. The House voted on the budget after all, and they voted up or down, rather than amending the Senate bill. The House voted “Yea” and they did so quite convincingly (257 YEA to 167 NAY). Here’s what the bill does: Income tax The tax cuts were extended – permanently – for…
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A Simple Solution For Reducing Taxpayer Fraud
Some of the best ideas are the most simple. This dawned on me while chatting with a fellow tax pro at a recent networking event (okay, it was a cocktail party, same thing). The two of us spent a few minutes talking about tax fraud and the child tax credit (yes, that’s what tax professionals…
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The Credit We Love To Hate: The Earned Income Tax Credit (EITC)
If you follow the blog regularly, you’ll know that I’m not a fan of the Earned Income Tax Credit (EITC). So maybe it wasn’t so much of a surprise to anyone that I managed to miss Earned Income Tax Credit Awareness Day at IRS. Yes, there is one. And yes, it was last week (January…
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IRS Proposes New Regulations For Submitting EITC Claims
The IRS announced this week that it is changing the filing requirements for tax pros who submit a federal tax return claiming the Earned Income Tax Credit (EITC). Under new proposed regulations, paid tax preparers submitting EITC claims must also file a federal form 8867, Paid Preparer’s Earned Income Credit Checklist (downloads as a pdf)….
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Back To School: Tax & Organizational Tips
It’s nearly the end of September (whew) and we’re wrapping up back to school. To help you stay organized, I’ve made a list of five quick tax tips – for everyone but especially students – to keep in mind: April 15 of each year is the due date for filing your federal individual income tax…
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The Morning After: The Tax Deal Hangover
I’ll admit that I didn’t see yesterday’s tax deal coming. I was fairly certain that the drama would play out through this week. We still have drama but now it’s more of the “let me explain” variety. Let me see if I can sort out for you what happened and why. First, let’s talk timing….