Paying your taxes in full and on time avoids unnecessary penalties and interest. However, if you cannot pay your taxes in full, you may request a payment agreement. Individuals who owe $25,000 or less in combined tax, penalties, and interest can use the OPA application to request a payment agreement. This application will allow you […]
Category Archives: IRS – Information
Congress has approved and the President has signed new economic stimulus legislation, the American Recovery and Reinvestment Act of 2009. The IRS is implementing tax-related provisions of this new program as quickly as possible. Detailed information is currently available on the $400-to-$800 Making Work Pay Tax Credit and the Economic Recovery Payment, which is worth […]
Today TaxMama hears from Mark in Albany, NY with a thought-provoking question. “Is there a living donor organ transplant credit that is allowed for 2008?”
CCH Special Tax Briefing Final Stimulus Plan Provides Tax Breaks For Individuals, Businesses, Environment, Government (RIVERWOODS, ILL., February 13, 2009) – Senate and House conferees have agreed on the final provisions of The American Recovery and Reinvestment Act of 2009, the major “economic stimulus” measure of the new Obama administration, according to CCH, a Wolters […]
[TaxMama note: This report should be of particular interest to you because when you owe IRS money, your first point of contact is generally the ACS.] TIGTA has publicly released its audit titled “Some Automated Case (ACS) Selection System Large-Dollar Cases Were Not Worked Effectively.” IMPACT ON TAXPAYERS An Automated Collection System (ACS) large-dollar case […]
IRS TAX TIP 2009-30 Education tax credits can help offset the costs of higher education for yourself or a dependent. The Hope Credit and the Lifetime Learning Credit are two education credits available which may benefit you. Because they are credits rather than deductions, you may be able to subtract them in full, dollar for […]
The Treasury Inspector General for Tax Administration (TIGTA) today publicly released its most recent review of the Internal Revenue Service’s (IRS) Earned Income Tax Credit Program (EITC). The report concludes that the IRS has successfully developed processes to identify erroneous EITC payments prior to their issuance to taxpayers. However, the IRS estimates that between $10 […]
Here are a few tax law changes you may want to note before filing your 2008 federal tax return: 1. Expiring Tax Breaks Renewed The following popular tax breaks were renewed for tax-years 2008 and 2009: Deduction for state and local sales taxes on Form 1040 Schedule A, Line 5 Educator expense deduction on Form […]
IR-2009-10, Jan. 30, 2009 WASHINGTON –– In response to errors showing up on early tax filings, the Internal Revenue Service today urged taxpayers and tax preparers to make sure they properly determine eligibility for the recovery rebate credit before they file their 2008 federal tax returns. Some individuals who did not get the economic stimulus […]
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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by David & Mary Mellem, EAs We all know gambling winnings are Other Income, while gambling losses are deductible on Schedule A but only up to the amount of winnings. Some tax professionals have interpreted the regulations to require each individual bet to stand on its own. Now IRS has addressed this issue a little […]