Courtesy of the Internal Revenue Service If you adopted a child last year and requested an extension of time to file your 2011 taxes, you may be able to claim the expanded adoption credit on your federal tax return. The Affordable Care Act temporarily increased the amount of the credit and made it refundable, which […]
Tag Archives: Government
Today TaxMama® hears from Ted in the TaxQuips Forum with this story. “A police car was at fault in an accident and the city repaired the taxpayer’s car. The taxpayer got a 1099-misc for the amount of the repairs. The municipality insists it is correct and will not re-issue anything. The question is how to […]
Courtesy of the Internal Revenue Service Get answers to tax questions, download federal tax forms or publications or check on a charity at the IRS website – IRS.gov. The site offers free online tax support, 24 hours a day, seven days a week. Here are six reasons to visit IRS.gov this summer.
Today TaxMama® hears from Ken in the TaxQuips Forum with this happy news. “Several years ago I worked for a company that ran out of money and couldn’t make payroll. I continued to work for several months with the promise that the wages would be paid. Eventually, I requested a layoff and left the company. […]
Courtesy of IRS Past due financial obligations can affect your current federal tax refund. The Department of Treasury’s Financial Management Service, which issues IRS tax refunds, can use part or all of your federal tax refund to satisfy certain unpaid debts. Here are eight important facts the IRS wants you to know about tax refund […]
Today TaxMama® hears from Gary in the TaxQuips Forum with a brilliant observation. “I was working on a tax return for a married couple with income too high to receive the $1,000 Child credit. I have found (just recently) that if one of the spouses has a much lower income, or no income, filing them […]
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 […]
Hold Schedule C returns (02-23-2012) The FTB has changed Schedule CA to reduce the amount of self-employment tax deductible for California purposes. According to the FTB, taxpayers may only deduct 50% of the self-employment tax for California purposes, while they can deduct more than 50% for federal purposes. If the FTB is correct, there will […]
Courtesy of the IRS If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things the IRS wants you to know about medical and dental expenses and other benefits.
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 […]
WASHINGTON — The Treasury Department and the Internal Revenue Service today issued proposed regulations for the next major phase of implementing the Foreign Account Tax Compliance Act (FATCA). Enacted by Congress in 2010, the law targets non-compliance by U.S. taxpayers using foreign accounts.
WASHINGTON — The IRS today released the guidance and forms that employers can use to claim the newly-expanded tax credit for hiring veterans. The IRS also announced that employers will have more time to file the required certification form for employees hired on or after November 22, 2011, and before May 22, 2012. The VOW […]