If you really want to be late to file for your tax returns, you can easily find a hundred and one excuses. For example, you can claim to be too busy at work. Or you can say that you have clean forgotten about filing for taxes. Of course, IRS won’t pay any attention to your [...]
Continue reading...17. January 2009
The IRS and the Treasury Department intend to revise Reg. 1.401(a)-1(b)(4) to extend the date by which a governmental plan must comply with rules governing pension plan distributions upon attainment of normal retirement age. As issued in 2007, these regulations were to be effective for governmental plan years beginning on or after January 1, 2009. As [...]
Continue reading...13. January 2009
Due to programming changes, the IRS’ e-file system can now accept tax returns filed with an Individual Taxpayer Identification Number. Tax returns filed with an Individual Taxpayer Identification Number reporting wages paid are required to show the Social Security Number under which the wages were earned. This creates an identification number (ITIN/SSN) mismatch. In the [...]
Continue reading...11. January 2009
Proposed amendments have been announced by the Internal Revenue Service to improve the Qualified Intermediary (QI) program for foreign financial institutions serving taxpayers with accounts outside of the United States. A QI or Accomodator is similar to, but not identical to, an escrow company. It should be a corporation that is in the full-time business of [...]
Continue reading...10. January 2009
The IRS is postponing filing and payment deadlines for Louisiana and Texas taxpayers struck by Hurricane Ike until Jan. 5, 2009. Tax relief is also available to victims of Hurricane Gustav in Louisiana and Mississippi. Certain filing and payment deadlines have been postponed until Jan. 5, 2009. The agency is continuing to monitor the impact of Hurricane [...]
Continue reading...8. January 2009
Close to four hundred U.S. colleges and universities have received compliance questionnaires from the IRS as part of a concentrated effort to study one of the biggest components of the tax-exempt sector. The forms have been sent to small, mid-sized and large private and public four-year institutions all around the U.S. The data to be gathered [...]
Continue reading...7. January 2009
Good news from the Internal Revenue Service: the IRS is now giving a Tax Credit for those first-time homebuyers as it is included in the recently enacted House and Economic Recovery Act of 2008. If you are one of those first-time homebuyers, then you better not think twice anymore. Do not let this great opportunity to [...]
Continue reading...4. January 2009
Death and taxes—the two things they say we will never be able to avoid for as long as we live. Death, well, we all die, so really, there’s no avoiding that. Painful as it may be, that is fact. Taxes however, and those charming tax collectors—no matter how often they make their presence felt—can be [...]
Continue reading...3. January 2009
When you first start looking at filing tax return, you may be overwhelmed at the whole situation. If you are looking at a tax return, it may seem too complicated for the average person to ever understand. If you find you are feeling this way, understand that you are not alone. Most people across the [...]
Continue reading...30. December 2008
If you want to file your taxes in your own home you are making a very wise choice. There are more and more people making this decision across the country on a daily basis because of its ease of use and its cost. You can save a lot of money by doing your own taxes [...]
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25. February 2009
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