Rarely can one say that something the U.S. government has done is an instant success. Generally you hear about tax money being used inappropriately or wasted. The bright spot for the government when it comes to tax collection is the IRS efile system. This is definitely money that was well spent. If you haven’t taken [...]
Continue reading...Monday, June 29, 2009
If you are missing a tax return refund check in the mail, or one that should have been electronically deposited into your bank account, go to the government Website called, “Where’s My Refund”. Simply type those words into your Internet search bar to get started. The IRS keeps this site open all year long to [...]
Continue reading...Tuesday, June 23, 2009
Income Tax is levied progressively on the Adjusted Gross Income (AGI) of a person. The AGI is derived in two steps from the actual income of the individual. The actual income is first taken through basic deductions like employer paid health insurance etc. The amount obtained after the initial deductions is called the gross income. [...]
Continue reading...Wednesday, March 11, 2009
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 [...]
Continue reading...Friday, March 6, 2009
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 [...]
Continue reading...Saturday, February 28, 2009
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 [...]
Continue reading...Wednesday, February 25, 2009
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...Saturday, January 17, 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...Saturday, January 10, 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...Thursday, January 8, 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 [...]
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Thursday, December 10, 2009
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