1. Americans spend $36,000,000 at Wal-Mart Every hour of every day. 2. This works out to $20,928 profit every minute! 3. Wal-Mart will sell more from January 1 to St. Patrick’s Day (March 17th) than Target sells all year. 4. Wal-Mart is bigger than Home Depot + Kroger + Target + Sears + Costco […]
Dear Family, We were at the IRS Tax Forums last week. You can read all about our experiences in this week’s IRS News. There will be more information next week, as I have time to keep writing. It will just pour out as I sit at the keyboard. The fun part was meeting so many […]
Proposed Regulations Expand the Use of Electronic Payment System and Discontinue Paper Coupons Next Year WASHINGTON — Consistent with a Financial Management Service initiative announced in April of this year, the IRS today issued proposed regulations to significantly increase the number of electronic transactions between taxpayers and the federal government. The proposed regulations (REG 153340-09) […]
This morning TaxMama received a press release from Harry W. Buckley, president and chief executive officer of Jackson Hewitt Tax Service Inc. in response to IRS’s announcement yesterday about removing the debt indicator from the electronically filed tax returns at the time of filing.
WASHINGTON — The Internal Revenue Service today announced that starting with next year’s tax filing season it will no longer provide tax preparers and associated financial institutions with the “debt indicator,” which is used to facilitate refund anticipation loans (RALs). [TaxMama note: please see the related story.]
Today TaxMama hears from Ericka in the TaxQuips Forum. She tells us, “I owe $39,000 in back taxes. I have to file 2 years’ returns to be in compliance with the IRS, then I can try for an offer in compromise. My question is, would filing chapter 13 be better? I don`t have any dependants; and […]
Affordable Care Act Provides Expanded Tax Benefit to Health Professionals Working in Underserved Areas WASHINGTON — As part of a larger Administration announcement on efforts to strengthen the health care workforce, the Internal Revenue Service today announced that under the Affordable Care Act health care professionals who received student loan relief under state programs that […]
Today TaxMama hears from Kerry Tomlinson at KATU News in Portland, Oregon. Kerry tell us. “We heard from some viewers this morning about their experiences with the homebuyer tax credit. One woman says she was disqualified because she was deducting mortgage interest on an RV as a second home. She has fought it, providing documentation to […]
So, How Do I Know They Know Their Stuff? Simple: Ask questions. Ah, but what questions? The truth is that you need to begin the process by determining which colors in the financial spectrum are relevant to your enterprise. Doing your homework before you contact a tax professional–and being specific about the areas in which […]
Open House Saturday June 5 to Help Taxpayers Solve Problems and Respond to Notices WASHINGTON — The Internal Revenue Service will once again host a special nationwide open house on Saturday, June 5 to help taxpayers solve tax problems and respond to notices from the IRS. [TaxMama Note – For tips on how to use […]
Courtsey of IRS Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).
Courtesy of IRS WASHINGTON — The Internal Revenue Service today reminded taxpayers to pay all taxes due by the April 15 deadline to avoid interest and failure-to-pay penalties. Filing and Paying on Time Saves Money If you have a balance due and do not pay by April 15, you are subject to a failure-to-pay penalty. […]