WASHINGTON — The Internal Revenue Service today issued its annual “Dirty Dozen” list of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of [...]
Archive for category 1099
WASHINGTON — Refunds totaling just over $917 million may be waiting for an estimated 984,400 taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013. [...]
WASHINGTON — The Internal Revenue Service has expanded its Voluntary Classification Settlement Program (VCSP) paving the way for more taxpayers to take advantage of this low-cost option for achieving certainty under the law by reclassifying their workers as employees for future tax periods. The IRS is modifying several eligibility requirements thus making it possible for [...]
WASHINGTON — The Internal Revenue Service is marking Small Business Week, May 20 to 26, by encouraging small business owners to check out two key tax credits and a special relief program that could provide significant tax benefits during 2012. Both the expanded credit for hiring veterans and the credit for employer-provided health care coverage [...]
Tax Relief for Victims of Severe Storms, Tornadoes, Straight-line Winds and Flooding in Tennessee
Mar 20
NASHVILLE— Victims of the severe storms, tornadoes, straight-line winds, and flooding that began on Feb. 29, 2012 in parts of Tennessee may qualify for tax relief from the Internal Revenue Service. The President has declared Bradley, Claiborne, Cumberland, DeKalb, Hamilton, Jackson, McMinn, Monroe, Overton and Polk Counties a federal disaster area. Individuals who reside or [...]
Mark Your Calendar…
Mar 9
MARCH 15 – Deadline for calendar-year corporations to elect S corporation status for 2012. 15 – Deadline for filing 2011 tax returns for calendar-year corporations. APRIL 2 – Deadline for payers who file electronically to file 2011 information returns (such as 1099s) with the IRS. 2 – Deadline for employers who file electronically to send [...]
Free tax return preparation assistance is available for eligible military members and their spouses. 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. Here are five things you need to know [...]
WASHINGTON — Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012. The [...]
WASHINGTON –– The Internal Revenue Service today issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of [...]
WASHINGTON — The IRS today issued guidance that now allows partnerships to provide Schedule K-1, Partner’s Share of Current Year Income, Deductions, Credits, and Other Items electronically to recipients. Certain entities, such as partnerships, are required annually to file K-1s with the IRS and provide a copy to their partners. The new rules can make [...]
Mark Your Calendar…
Feb 8
FEBRUARY 28 – Payers must file information returns (such as 1099s) with the IRS.* 29 – Employers must send W-2 copies to the Social Security Administration.* MARCH 1 – Farmers and fishermen who did not make 2011 estimated tax payments must file 2011 tax returns and pay taxes in full. 15 – Deadline for [...]
IRS Top 10 Tax-Time Tips
Jan 3
The income tax filing season has begun and important tax documents should be arriving in your mailbox. Even though your return is not due until April, you can make tax time easier on yourself with an early start. Here are the Internal Revenue Service’s top 10 tips to ensure a smooth tax-filing process. 1. Gather [...]
Mark Your Calendar…
Dec 20
JANUARY 17 – Due date for the fourth installment of 2011 individual estimated tax. 31 – Employers must furnish W-2 statements to employees. 1099 information statements must be provided to payees. (1099B and consolidated statements must be provided by February 15.) 31– Employers must file 2011 federal unemployment tax returns and pay any tax due. [...]
WASHINGTON – The Internal Revenue Service today launched a new program that will enable many employers to resolve past worker classification issues and achieve certainty under the tax law at a low cost by voluntarily reclassifying their workers. This new program will allow employers the opportunity to get into compliance by making a minimal payment [...]
You may not be thinking about your tax return right now, but summer is a great time to start planning for next year. Organized records not only make preparing your return easier, but may also remind you of relevant transactions, help you prepare a response if you receive an IRS notice, or substantiate items on [...]
