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The Final Deadline is Fast Approaching
One of the most problematic processes for taxpayers in filing tax returns is the often misunderstood extension. The common theory is: Filing an extension allows more time to file current and past...
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Prior Years’ Returns Due: Where to Start
Our post from a couple of days ago spoke of the October 15th deadline and contained good information about filing extensions. But with only a month to go, where do you start and what forms do you need?...
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IRS SFRs: Another Important Reason to File Prior Year Returns
Requirements to file a tax return are based mostly on age, filing status and gross income. Most Americans file returns and pay taxes on time. Some do not. It’s not always a question of avoidance,...
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Taxpayers to Benefit from High Inflation
The IRS announced recently that relief may be ahead for taxpayers due to a sharp increase in the inflation index. The changes are due in 2012 and will be realized on the return you would ordinarily...
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Beware Common Tax Trap: Earned Income Tax Credit
One of the most recognizable taxpayer abuses leading to refund fraud stems from one of the most used tax credits, the Earned Income Tax Credit (EITC). Too often, many taxpayers wrongly claim a...
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Year End Tax Planning Strategies
In the past couple of years, Congress made sweeping changes or last minute extensions to existing tax laws late in the year causing uncertainty as to how best to plan for the upcoming tax season. This...
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Emancipation Day & Weekend Extends the 2012 Tax Filing Season
Similar to calendar year 2011, April 15th, 2012 falls on a weekend – Sunday to be specific. The following Monday is Emancipation Day in the District of Columbia. Since D.C. holidays have the same...
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Bigger, Bader, Faster, Stronger! Filing Tax Returns Timely and Accurately...
The IRS announced yesterday that a second round table meeting will be held January 25th, 2012 to discuss the new Real-Time Tax System (RTTS). The first meeting, held on December 8th, 2011, consisted of...
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The IRS Owes Taxpayers One “B”illion Dollars
The IRS announced yesterday taxpayers are due an astonishing $1 Billion Dollars for tax year 2008. Yes, that is with a “B”. Reason being approximately 1,089,000 taxpayers failed to file a 2008 return...
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