IRS News

IRS Provides Answers to Community Property Filers

May 11, 2012
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Courtesy of the Internal Revenue Service The Internal Revenue Service today provided information in a question and answer format to individuals who are subject to their state’s community property laws. These questions and answers apply generally to same-sex spouses in California and to registered domestic partners in California, Nevada, and Washington. Share this:

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More Questions Than Answers for 2013 Tax Picture

May 11, 2012
tax puzzle

Courtesy of CCH, a Wolters-Kluwers company New CCH Tax Briefing Examines Key End-of-Year Issues  (RIVERWOODS, ILL., May 4, 2012) – Will this be the last year of the Bush-era tax cuts? For now, uncertainty remains over whether Congress will extend all or some of the tax cuts and incentives set to expire at the end [...]

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IRS Online Search Tool for Easier Check on Information About Exempt Organizations

May 4, 2012
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Courtesy of the IRS WASHINGTON — The Internal Revenue Service has launched a new online search tool, Exempt Organizations Select Check, to help users more easily find key information about tax-exempt organizations, such as federal tax status and filings. Share this:

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Courts Protect Taxpayer Basis and Audit Limits

May 4, 2012
US Supreme Court

Here are a couple of tax-related court cases you might find interesting. Attorney Ronald Marini writes about a very recent Supreme Court decision that limits IRS’ audit powers in a way you’ll like. The IRS is limited to three years to audit you or your business when it comes to determining the basis of anything [...]

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Missed the Income Tax Deadline – IRS Offers Help for Taxpayers

April 20, 2012
Forgive yourself

Courtesy of the IRS The IRS has some advice for taxpayers who missed the tax filing deadline. Don’t panic but file as soon as possible.If you owe money the quicker you file your return, the less penalties and interest you will have to pay. Even if you have to mail us your return, the sooner [...]

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Managing Your Tax Records After You Have Filed

April 13, 2012
files

Courtesy of IRS Keeping good records after you file your taxes is a good idea, as they will help you with documentation and substantiation if the IRS selects your return for an audit. Here are five tips from the IRS about keeping good records. Share this:

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IRS Offers Last-Minute Tweets As April 17 Deadline Nears

April 6, 2012
IRS tweets

Courtesy of the IRS WASHINGTON — As the final stretch of the 2012 tax filing season unfolds, the Internal Revenue Service reminds taxpayers that they can get valuable last-minute tips by following the IRS on Twitter. The IRS Twitter news feed, @IRSnews, provides the latest federal tax news and information for taxpayers. The focus of [...]

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Tax Refunds May Be Applied to Offset Certain Debts

March 30, 2012
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Courtesy of IRS Past due financial obligations can affect your current federal tax refund. The Department of Treasury’s Financial Management Service, which issues IRS tax refunds, can use part or all of your federal tax refund to satisfy certain unpaid debts. Here are eight important facts the IRS wants you to know about tax refund [...]

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Employee Business Expenses

March 23, 2012
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Courtesy of the IRS Some employees may be able to deduct certain work-related expenses. The following facts from the IRS can help you determine which expenses are deductible as an employee business expense. You must be itemizing deductions on IRS Schedule A to qualify. Expenses that qualify for an itemized deduction generally include:  Share this:

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Tax Rules May Affect Your Child’s Investment Income

March 16, 2012
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Courtesy of the IRS Parents may not realize that there are tax rules that may affect their child’s investment income. The IRS offers the following four facts to help parents determine whether their child’s investment income will be taxed at the parents’ rate or the child’s rate. 1. Investment income Children with investment income may [...]

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