IRS Issues Extra Time, Statement On Boston Marathon Explosions (Updated)
The Internal Revenue Service has announced that they will be offering filing and payment extensions for those affected by the events that unfolded in Boston yesterday.
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IRS, States Offer Extra Time To File Taxes Due To April Storms
Ugh. There’s more snow in the forecast for parts of the country today. This, following reports of accumulations of more than a foot in parts of Minnesota and North Dakota with a particularly painful “up to 23 inches of snow reported in the Bismarck area.” In mid-April. Winter storms have been hammering much of the…
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Last Minute Tax Filing Tips
With Tax Day just around the corner, it’s go time for taxpayers. If you’re struggling to get those returns finished, here are thirteen last-minute filing tips: 1. Get some free help. Free help is still available for qualifying taxpayers. If you have a simple return and income less than $50,000, contact IRS VITA at 1.800.906.9887…
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Taxes From A To Z (2013): S Is For Statute Of Limitations
S is for Statute of Limitations. All good things must come to an end… And even the Internal Revenue Service has a limit on how much time can pass before they may no longer assess and collect on federal income taxes. In the legal world, these time limits are called the statute of limitations (SOL)….
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Taxes From A To Z (2013): N Is For Notice Of Deficiency
N is for Notice of Deficiency. Few things can be scarier for taxpayers than receiving mail from the Internal Revenue Service. No matter how intimidating it might be, always open the mail. Always. Sometimes, those letters can be good news. More often than not, however, the IRS is sending you a notice because they want…
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FAFSA, Tax Return Delays Could Slow College Enrollment Decisions
The delay in processing forms 8863, Education Credits, at the IRS is causing more trouble than just slowing down refunds. The delay, which was formally addressed this week by the Department of Education, is the result of “a technical error with a limited number of tax filing software products” and has affected hundreds of thousands…
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Uh Oh: Bieber Crosses Line But Not The Law On Lohan Tax Remarks
Pop star Justin Bieber raised eyebrows this week for his bizarre swipe at Lindsay Lohan. After being compared to the troubled Lohan in the press, Bieber took to the social media site Instagram to badmouth the Mean Girls star, saying, among other things: “to those comparing me to Lindsay Lohan look at her 2012 tax…
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IRS, H&R Block Release Statements About Processing Delays
(Note: Updated to reflect Department of Education comments.) As anger continues to grow over delays with processing the federal form 8863, Education Credits, I reached out to the Internal Revenue Service, H&R Block, and the Department of Education to answer your questions. IRS spokesperson Michelle Eldridge offered the following statement about the delays: The IRS…
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Taxes From A To Z (2013): D Is For Disaster Relief
D is for Disaster Relief. The forecast for the past several days has been terrible with warnings and advisories for gusting winds, heavy rain and ice, and several inches of snow slated to blow into the Philadelphia area. Did the storm live up to the hype? The storm really did pack a punch in other…
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IRS Now Accepting All Individual Returns
It’s official: 40 days after tax season was officially kicked off, the Internal Revenue Service has announced that it is now accepting all returns. No, that’s not a typo. 40 days. Tax season was originally slated to open on January 22, 2013, but due to the last-minute tax deal, opening day was delayed to January…