The House Ways and Means Committee voted on February 17 to send to the House floor a bill that would repeal the expanded 1099 reporting requirements enacted last year as part of the health care law and the Small Business Jobs Act. The cost of repeal would be offset by changes to the IRC § [...]
Archive for February, 2011
WASHINGTON — In its latest effort to help struggling taxpayers, the Internal Revenue Service today announced a series of new steps to help people get a fresh start with their tax liabilities. The goal is to help individuals and small businesses meet their tax obligations, without adding unnecessary burden to taxpayers. Specifically, the IRS is [...]
Military members and their spouses may be eligible to receive free tax return preparation assistance. The IRS and U.S. Armed Forces participate in the Volunteer Income Tax Assistance program which provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families. 1. Armed Forces Tax Council The Armed [...]
If you already filed your federal tax return and are due a refund, you have several options to check on your refund. Here are eight things the IRS wants you to know about checking the status of your refund: 1. Online Access to Refund Information Where’s My Refund? or ¿Dónde está mi reembolso? are interactive [...]
Tax Reminders
Feb 23
Filing deadlines. The filing deadline for 2010 tax returns for individuals and partnerships is April 18, 2011. The IRS extended the deadline because Washington, D.C. observes the Emancipation Day holiday on April 15. The deadline for calendar-year corporations to file 2010 returns is March 15, 2011. Extension requests can be filed, giving individuals and corporations [...]
The IRS receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the Internal Revenue Service. Many of these scams fraudulently use the Internal Revenue Service name or logo as a lure to make the communication more authentic and enticing. The goal of these [...]
If you’ve changed your home or business address, make sure you update that information with the IRS to ensure you receive any refunds or correspondence. The IRS offers five tips for taxpayers that have moved or are about to move: 1. Change Your IRS Address Records You can change your address on file with the [...]
You may be eligible for a tax credit if you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement. Here are six things the IRS wants you to know about the Savers Credit: 1. Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals [...]
Mark Your Calendar…
Feb 21
MARCH 15 — Deadline for calendar-year corporations to elect S corporation status for 2011. 15 — Deadline for filing 2010 tax returns for calendar-year corporations. 31 — Deadline for payers who file electronically to file 2010 information returns (such as 1099s) with the IRS. 31 — Deadline for employers who file electronically to send copies of 2010 W-2s to the [...]
Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you [...]
WASHINGTON – The Internal Revenue Service today announced that interest rates for the calendar quarter beginning April 1, 2011, will increase by one percentage point. The rates will be: four (4) percent for overpayments (three (3) percent in the case of a corporation); four (4) percent for underpayments; six (6) percent for large corporate underpayments; [...]
You may be able to take a tax credit of up to $13,170 for qualified expenses paid to adopt an eligible child. The Affordable Care Act increased the amount of the credit and made it refundable, which means it can increase the amount of your refund. Here are seven things the IRS wants you to [...]
IRS Begins Processing Tax Forms Affected by Late Tax Changes; Taxpayers can e-File Immediately
Feb 15
WASHINGTON — The Internal Revenue Service announced today it has started processing individual tax returns affected by legislation enacted in December and reminded taxpayers that they can begin filing electronically immediately. On Monday, IRS systems began to accept and process both e-file and paper tax returns claiming itemized deductions on Form 1040, Schedule A, as [...]
Taxpayers should make sure they are aware of many important changes to the tax law before they complete their 2010 federal income tax return. Here are several important changes that the IRS wants you to keep in mind when you file your 2010 federal income tax return in 2011. Health Insurance Deduction Reduces Self Employment [...]
