Category Archives: IRS News

Relief Available To Many Extension Requesters Claiming Tax Benefits

WASHINGTON —The Internal Revenue Service today provided late-payment penalty relief to individuals and businesses requesting a tax-filing extension because they are attaching to their returns any of the forms that couldn’t be filed until after January. The relief applies to the late-payment penalty, normally 0.5 percent per month, charged on tax payments made after the […]

Tax Rules for Children Who Have Investment Income

Courtesy of the IRS   Some children receive investment income and are required to file a federal tax return. If a child cannot file his or her own tax return for any reason, such as age, the child’s parent or guardian is responsible for filing a return on the child’s behalf. There are special tax […]

IRS Has $917 Million for People Who Have Not Filed a 2009 Income Tax Return

[TaxMama Note: If you have not yet filed for 2009 and have a refund coming – FILE IMMEDIATELY! If you are still waiting for data, documentation or anything else that prevents you from filing, then file a PROTECTIVE CLAIM. i.e. File a tax return. Write PROTECTIVE CLAIM on the top of the first page. Include […]

Check Out College Tax Benefits for 2012 and Years Ahead

Courtesy of the IRS WASHINGTON — The Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime learning credit and tuition and […]

Beware of Bogus IRS Emails

Courtesy of the IRS [TaxMama Note: Seriously, this is important. I am getting THOUSANDS of emails like this each week. Also emails from companies offering to magically solve your tax problems. BEWARE. If you didn’t initiate a relationship – stay away from them. They will steal your identity – or worse.] The IRS receives thousands […]

Determining Your Correct Filing Status

Courtesy of the IRS It’s important to use the correct filing status when filing your income tax return. It can impact the tax benefits you receive, the amount of your standard deduction and the amount of taxes you pay. It may even impact whether you must file a federal income tax return. Are you single, […]

Missing Your W-2? Here’s What to Do

Courtesy of the IRS [TaxMama note: Don’t be in a hurry to file. Wait until you’re sure you have ALL the W-2s, 1099s, etc., including the corrected 1099s your brokerage sends out in March.] It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your […]

IRS Intensifies National Crackdown on Identity Theft

Courtesy of the Internal Revenue Service [TaxMama note: Did THIS ever happen to you? If you were the victim of tax identity last year, make SURE you get your special Identity Protection PIN (IP PIN) from the IRS so no one can steal your refund by pretending to be you.] WASHINGTON — Continuing a year-long enforcement […]

Many Business Tax Filers Can File Next Monday

Courtesy of the IRS Many businesses will be able to file their 2012 federal income tax returns starting Monday, Feb. 4. Filers of forms affected by January tax law changes will need to wait until late February or early March. The Monday opening covers non-1040 series business returns for calendar year 2012, including  Form 1120  […]