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Federal Tax Returns - Never be Late Again!

25. February 2009

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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 [...]

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Effective Date of Regulations Governing Retirement Age Postponed for Governmental Plans

17. January 2009

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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 [...]

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Update: It is now possible to e-file a return even with an ITIN/SSN mismatch

13. January 2009

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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 [...]

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IRS-proposed change on foreign financial institutions – good or bad?

11. January 2009

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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 [...]

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News bullets on filing and payment deadlines

10. January 2009

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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 [...]

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Four hundred U.S. colleges and universities receive IRS compliance questionnaires

8. January 2009

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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 [...]

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New Tax Credit for First-time Homebuyers

7. January 2009

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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 [...]

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Lightening the Load

4. January 2009

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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 [...]

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Filing Tax Return - Where to Start

3. January 2009

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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 [...]

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Efile Taxes – In Your Own Home

30. December 2008

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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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