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How eFiling Tax Returns Work

6. March 2009

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Contrary to popular belief, efiling is a simple process. The main reason why most people don’t like to efile is because they are acting out of fear - fear for technology, and fear of the unknown. Most people are accustomed to filing for taxes the traditional way - using paper forms. The problem with using forms [...]

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Time to File for Income Tax Returns

2. March 2009

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The time has come to file for income tax returns. The deadline is set at 15th of April. If this deadline is missed, the individual may need to pay certain penalties. The next deadline is October 15th. If your tax return has been rejected, you can file your tax return again by Oct. 15th, but [...]

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Filing Tax Returns Electronically

1. March 2009

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Much of the IRS administration has been shifting towards a paperless paradigm. Filing for income taxes used to be cumbersome and time consuming. That is because everything is done manually. The forms are sent to you on paper. You then have to fill in the forms (don’t forget your glasses) and send them back in [...]

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eFiling Tax Returns with Amazing Speed

27. February 2009

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Do you know that you can now file for your tax returns and have everything sent to IRS in just a matter of hours? Today, with the help of technology, it is possible to achieve such amazing filing speeds. To complete and send your tax returns as quickly as possible, you have to turn to [...]

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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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