Citing a need for immediate liquidity in the U.S. Treasury, the IRS has announced a set of surprising measures for the 2011 tax season, including a 10% discount for taxpayers willing to pay in cash. A further discount – up to 15% depending on the type of coin – is available for taxpayers paying in…
The IRS has announced that federal form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, is not due on April 18, 2011 and should not be filed with the final federal form 1040 of persons who died in 2010. Of course, if you’ve tried to file a federal form 8939, you…
I just wanted to remind my readers that select IRS offices will be open tomorrow. Offices staffed by IRS will be open on Saturday, March 26, from 9 a.m. to 2 p.m. local time. You can find an office near you on the IRS web site. IRS Commish Doug Shulman has been talking up the…
VITA is the acronym for the IRS Volunteer Income Tax Assistance Program which provides free tax help for qualifying taxpayers across the country. The program began in 1969 and has since grown into a popular program: last year, there were over 12,000 VITA sites across the country. VITA volunteers receive training to prepare basic tax…
I have free tax software packages to give away to readers this week. H&R Block has donated six versions of its At Home Online Premium version (federal only). The code is valued at $55, which should cover your federal tax return and sales tax. Entering the code will reduce the total fee by $55.00; if…
Yes, really. The IRS is looking for folks to volunteer to serve on the Taxpayer Advocacy Panel (TAP) for a three year term starting in December 2011. TAP is a federal advisory committee that listens to taxpayers, identifies key issues and makes recommendations for improving IRS service. The TAP provides an annual report to the…
Every year about this time, I get emails asking, more or less, what happens when you lie on your tax return to get a refund. There are the obvious answers… penalties, interest and depending on the severity, possible criminal prosecution. But there’s a lesser known potential consequence: having your return flagged as part of the…
Mark your calendars: the IRS will be holding another open house in offices across the country on Saturday, March 26, to help taxpayers. IRS Commissioner Doug Shulman says, about the open house: We are opening our doors on these Saturdays to help taxpayers who may not have a chance to seek assistance during the work…
The IRS has announced that there is $1.1 billion (yes, with a b) waiting for nearly 1.1 million people who did not file a federal income tax return for 2007. The last day to file and receive a refund for 2007 is April 18, 2011 – otherwise, that money goes back to the U.S. Treasury….
I’ve received a couple of emails asking me to verify a rumor that the IRS is expanding in 2012 due to the new health care law. So, here’s the truth: the IRS is expanding in 2012 due to the new health care law. The details of the expansion can be found in the IRS budget…