Tax return

IRS Offers New Penalty Relief and Expanded Installment Agreements

March 7, 2012

Courtesy of the IRS IRS Offers New Penalty Relief and Expanded Installment Agreements to Taxpayers under Expanded Fresh Start Initiative WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the unemployed and making Installment Agreements available [...]

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Free Tax Help for Military Personnel and Their Families

March 2, 2012

Free tax return preparation assistance is available for eligible military members and their spouses. The IRS and U.S. Armed Forces participate in the Volunteer Income Tax Assistance program, which provides free tax advice, tax preparation, return filing and other tax assistance to military members and their families. Here are five things you need to know [...]

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IRS Has $1 Billion for People Who Have Not Filed a 2008 Income Tax Return

February 24, 2012

IRS YouTube Videos: Haven’t Filed a Tax Return in Years?:English | Spanish | ASL IR-2012-26, Feb. 23, 2012 WASHINGTON — Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, [...]

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2010 401k Rollover

February 22, 2012

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Today TaxMama® hears from Tom in the TaxQuips Forum with this issue. “I rolled over a 401k directly to a Roth IRA in 2010. I received a 1099 for this, but did not fill out an 8606 when I submitted my 2010 return. The plan was to report half of the taxable amount in 2011 and [...]

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Dirty Dozen Tax Scams

February 17, 2012

The Internal Revenue Service has issued its annual “Dirty Dozen” tax scams list, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers [...]

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Cannot Get W-2

February 9, 2012

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Today TaxMama® hears from Nico out in the world, with this tough situation. “Have you ever had a client who never received a W-2 because the company went belly up? I know it is illegal to use the last year’s W-2 to prepare the return. What do you suggest I do?” Dear Nico, You bet [...]

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IRS Identity Theft Crackdown Sweeps Across the Nation; More than 200 Actions Taken in Past Week in 23 States

February 3, 2012

Courtesy of the IRS. For more information, see the Special Identity Theft Enforcement Efforts – 2012 page. See related article about IP PIN at MarketWatch.com this weekend. WASHINGTON – The Internal Revenue Service and the Justice Department today announced the results of a massive national sweep cracking down on suspected identity theft perpetrators as part [...]

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Ask TaxMama Issue 627 – Bubbling Over

January 27, 2012

Dear Family, Earlier today, IRS announced that electronic refunds are on target. People can expect to find them in your bank accounts within about 10 days. But, some refunds will be delayed. IRS is beefing up the fraud detection system. Returns with Earned Income Credits, American Opportunity Credits and other refundable credits will take a [...]

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Free Tax Help Available Nationwide

January 27, 2012

Courtesy of the IRS [TaxMama note: Read this in conjunction with today’s MarketWatch article – How to file your taxes for free WASHINGTON — Over 12,000 free tax preparation sites will be open nationwide this year as the Internal Revenue Service continues to expand its partnerships with nonprofit and community organizations providing vital tax preparation [...]

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Direct Sellers Personal Use of Product

January 26, 2012

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Today TaxMama® hears from Bill in the Tax Quips Forum who raises a good question. “I have a lot of independent distributors asking about deducting their autoship of product for personal use. They say that their tax person said you can claim the deduction because you have to “be a product of the product” or [...]

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