IRS Seeks to Return $153 Million in Undelivered Checks to Taxpayers; Recommends e-file, Direct Deposit to Avoid Future Delivery Problems WASHINGTON — In an annual reminder to taxpayers, the Internal Revenue Service announced today that it is looking to return $153.3 million in undelivered tax refund checks. In all, 99,123 taxpayers are due refund checks […]
Tag Archives: Taxation in the United States
FS-2011-13, December 2011 The IRS is aware that some taxpayers who are dual citizens of the United States and a foreign country may have failed to timely file United States federal income tax returns or Reports of Foreign Bank and Financial Accounts (FBARs), despite being required to do so. Some of those taxpayers are now […]
Today TaxMama hears from James in the TaxQuips Forum with a disturbing problem. His fiancée got a bill from IRS for a student loan that was cancelled because she had excellent grades. Why is that taxable?
Today TaxMama hears from RW in the TaxQuips Forum who is concerned about the new 1099-K reporting. “I am faced with either closing my e-commerce accounts or getting a tax ID number. I have no problem getting the number and making my business legitimate. But will this send up a red flag to the IRS […]
Today TaxMama hears from Geoff in the TaxQuips Forum who is frustrated. To make a long story short (you can read the long story here), Geoff didn’t file his tax return on time because he couldn’t afford to pay for the preparation fees. When he filed, more than three years later, IRS denied […]
During the month of November the IRS is sending letters to more than 21,000 paid tax preparers who prepare a large number of Schedules A, C, and E. The letters, which are slightly threatening, are intended to remind tax preparers of the “consequences of filing incorrect returns and new tax return preparer requirements.” The IRS […]
Today TaxMama hears from Thomas in the TaxQuips Forum who is in a bind. “Thomas bought a used car from a rental agency, paying by wire transfer, then suddenly got called out of town before he could pick it up. They cannot wait the one, itsy-bitsy, extra day for him to return, so his girlfriend […]
Today TaxMama hears from Debra in the TaxQuips Forum who wants to know. “How can I sell my rental home without paying taxes on the profit?” (Actually, the question is much longer. You can read the details, here.)
Today TaxMama hears from Monte in the TaxQuips Forum who asked one last question. “Will my unfiled tax return and tax debt affect my credit?”
Today TaxMama hears from Marvin in the TaxQuips Forum who needs clarification “On Form 1045, where I can carry net operating losses back for up to five years, in what order do I do that? Do I start with the 5th yr, then the 4th yr, then 3,2,1? Or do I start with the most […]
Today TaxMama hears from Krissy in the TaxQuips Forum who needs help. “I am married with two children, low income and my husband owes back child support. Last year I filed separately and ended up owing taxes. I had to set up a payment plan with the IRS to pay it off. I’d like to […]
CCH Suggests Steps to Consider Before Time Runs Out (RIVERWOODS, ILL., November 2, 2011) As the clock winds down on the 2011 tax year, now is the time for taxpayers to look at their financial situations, consult tax and accounting experts and determine if they can be better positioned for filing income tax returns […]