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Ten Things to Know About Tax Refunds

April 8, 2011

Courtesy of IRS Are you expecting a tax refund this year? Here are 10 things the IRS wants you to know about your refund.

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Beware of Tax Scams

April 1, 2011

Courtesy of IRS The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. The schemes take several shapes, ranging from promises of large tax refunds to illegal ways of “untaxing” yourself. Here are three important guidelines [...]

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How to Obtain a Transcript of Your Past Tax Information

January 22, 2010
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Taxpayers who need their past tax return information can obtain it from the IRS. Here are nine things to know if you need copies of your federal tax return information. 1. There are two easy and convenient options for obtaining free copies of your federal tax return information — tax return transcripts and tax account [...]

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Alert for COBRA subsidy recipients

September 4, 2009
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Courtesy of the IRS COBRA subsidy recipients who later become eligible for insurance coverage should notify their former employer to avoid a penalty Individuals who have qualified and received the 65 percent subsidy for COBRA health insurance, due to involuntary termination from a prior job, should notify their former employer if they become eligible for [...]

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Is it Too Good To Be True? Home-Based Business Tax Avoidance Schemes

March 20, 2009

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, repairs, and depreciation. The home office deduction is available for homeowners and renters, and applies to all types of homes, from apartments to mobile [...]

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2009 Annual SB/SE Customer Base Survey to Begin

January 29, 2009

The Small Business/Self-Employed (SB/SE) division of the IRS will begin conducting its annual telephone survey of taxpayers starting January 21, 2009 and running through mid-April, 2009. This survey is targeted to small business and self-employed taxpayers who file certain income tax forms, including: 1120, 1120A, 1120S, 1065 and 1040 with schedules C, E or F. [...]

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No Notice

March 27, 2008

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Today TaxMama hears from Cathy in New Jersey, who is very unhappy. “The IRS shorted my 2007 income tax refund. The property I owned went into foreclosure and the bank repossessed it. The bank sold the property in June 2007 and I did owe taxes on the property. Can the IRS automatically garnish my 2007 [...]

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Missing a Form 1099?

February 8, 2008

Courtesy of the Internal Revenue Service TT-2008-25 If you receive certain types of income, you may get a Form 1099 for use with your federal tax return. Form 1099 is an information return provided by the payer of the income. The payer should send or provide your Form 1099-series information returns by January 31, 2007. [...]

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Missing Your Form W-2?

February 8, 2008

Courtesy of the Internal Revenue Service TT 2008-24 Did you get your W-2? These documents are essential to filling out most individual tax returns. You should receive a Form W-2, Wage and Tax Statement, from each of your employers each year. Employers have until January 31, 2008 to provide or send you a 2007 W-2 [...]

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