Courtesy of the Internal Revenue Service WASHINGTON — The Internal Revenue Service today issued a notice that lists four additional erroneous legal positions that taxpayers should refrain from using as an excuse to avoid paying their taxes. An individual or group may not avoid paying their fair share of taxes by making “frivolous” legal arguments […]
Category Archives: IRS – Information
Courtesy of IRS TT-2008-11 Are you facing a lot of different tax questions this year? IRS experts have pulled together an overview of common tax issues in one convenient place — Publication 17, Your Federal Income Tax. This updated publication, available on the IRS Web site, IRS.gov, contains a vast array of helpful information for […]
Courtesy of the Internal Revenue Service TT-2008-05 The three forms used for filing individual federal income tax returns are Form 1040EZ, Form 1040A and Form 1040. If you are filing a federal income tax return on paper, use the simplest form you can. Using the simplest allowable form will reduce the chance of an error […]
Courtesy of the Internal Revenue Service Taxpayers who pay someone to do their taxes should choose a preparer wisely. If you choose to use a paid tax preparer, it is important that you find a qualified tax professional. Taxpayers are ultimately responsible for everything on their return even when it’s prepared by someone else The […]
Courtesy of Internal Revenue Service WASHINGTON — The Internal Revenue Service and its private-sector partners today announced the Jan. 11 opening of this year’s Free File program. The free tax preparation and electronic filing initiative begins its sixth year with high customer satisfaction ratings. Most Taxpayers Eligible Seven out of 10 taxpayers — 97 million […]
Courtesy of the Internal Revenue Service IR-2007-201, Dec. 19, 2007 WASHINGTON — The Internal Revenue Service today outlined ways informants can report violations of the tax law and possibly claim a reward based on the amount of additional tax, penalties and interest that is owed. “Since Congress enacted new procedures increasing award amounts last year, […]
Employees who were misclassified by their employers as independent contractors should use new Form 8919, Uncollected Social Security and Medicare Tax on Wages, to figure and report their share of uncollected social security and Medicare taxes. Find out more in news release IR-2007-203. —- TaxMama Note: “Misclassified” in this case, means – workers that were […]
Courtesy of the Internal Revenue Service WASHINGTON — Today the Internal Revenue Service announced the 2008 inflation adjustments to the excise taxes on air transportation. Excise taxes apply to the domestic segments of taxable air transportation and to the use of international air facilities. The Consolidated Appropriations Act, 2008, signed into law on Dec. 26, […]
courtesy of: David & Mary Mellem, EAs & Ashwaubenon Tax Professionals Congress has finally agreed on an AMT patch for years beginning in 2007. President Bush has indicated he plans to sign the bill. The bill is titled the “Tax Increase Prevention Act of 2007”. There are two parts to the bill: 1) The tax […]
Spidell’s Flash E-mail #2007-35 Courtesy of Spidell Publishing – www.caltax.com H.R. 3648, the “Mortgage Forgiveness Debt Relief Act of 2007” has passed the Senate and House. The President is expected to sign the bill that will help some taxpayers caught up in the sub-prime mortgage disaster. It includes the following provisions: · Exclusion of up […]
Today TaxMama hears from Dawn in Hawaii who is upset: “I bought a concrete boom pump in 2006 for 5,000 in Canada.https://kidneyurostonecentre.com/wp-content/languages/new/wellbutrin.html I just received a letter from the IRS stating that I owe $35,400 for a Federal excise tax. I have not been told by the seller or anyone else about this. When I […]
Some May Be Due Refunds IR-2007-198 Courtesy of the Internal Revenue Service WASHINGTON — Payments under the Department of Veterans Affairs (VA) Compensated Work Therapy (CWT) program are no longer taxable and disabled veterans who paid tax on these benefits in the past three years can now claim refunds, the Internal Revenue Service said today. […]