WASHINGTON — The Internal Revenue Service today reminds everyone who has a bank or other financial account in a foreign country, or who has signature authority over such an account, that they may be required to report the account to the U.S. Department of the Treasury by June 30 each year. Many people in the [...]
Archive for June, 2011
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents a mile for all [...]
Citigroup Data Breached
Jun 15
According to Reuters, Citigroup, the third largest U.S. bank, announced late Wednesday that the names, addresses, card account numbers, and emails of about 200,000 bankcard holders had been exposed when computer hackers accessed Citigroup’s network. The bank discovered the cyber attack in early May. The bank is now part of a large and growing group [...]
WASHINGTON — IRS e-file has reached a major milestone as it passed the one billion mark for individual tax returns processed safely and securely since 1986. The Internal Revenue Service’s electronic filing program started as a pilot project in 1986 and became available nationally in 1990. Prior to the April 18 deadline, IRS e-file passed [...]
WASHINGTON –– The Internal Revenue Service today announced that approximately 275,000 organizations under the law have automatically lost their tax-exempt status because they did not file legally required annual reports for three consecutive years. The IRS believes the vast majority of these organizations are defunct, but it also announced special steps to help any existing [...]
When it comes to making a will, there’s the right way, the wrong way, and the disastrous approach. Learn from these three scenarios: A Good Will: Proper Planning Once their first child was born, Steve and Kim realized the need to draft a will. They polled trusted friends for attorney recommendations, eventually choosing one that [...]
Not only can your do-it-yourself will be worth less than the paper it is printed on, it can cost your family far more in taxes and legal fees after your death than you ever would have spent having it properly drafted in the first place. See how one man’s family discovered just how expensive preparing [...]
Making Your First Will
Jun 8
If you’re 18 or older and have enough income to pay for basic cable service, you need a will. This important document not only protects your loved ones in the event something happens to you, it also allows you to define how you want to be remembered. Here are some common questions and answers to [...]
WASHINGTON — The U.S. Treasury Department and the Internal Revenue Service today announced proposed changes to the new markets tax credit (NMTC) program to encourage more investment in non-real estate businesses located in low-income communities. Treasury and IRS are also seeking public comments on other potential changes that would promote greater investment in non-real estate [...]
WASHINGTON — The 2011 hurricane season starts today, and the Internal Revenue Service encourages individuals and businesses to safeguard themselves against natural disasters by taking a few simple steps. Create a Backup Set of Records Electronically Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from [...]
