New York
Los Angeles
Seattle
Atlanta
Chicago
Boston
Miami
Houston
Philadelphia
Washington
Tampa
Orlando
more
Los Angeles
Seattle
Atlanta
Chicago
Boston
Miami
Houston
Philadelphia
Washington
Tampa
Orlando
Written by irstaxhelp | July 7, 2010 10:40 AM in Accountants / CPAs
407 views
Issue Number: IR-2010-083 Inside This Issue National Taxpayer Advocate Submits Mid-Year Report to Congress; Identifies Priority Challenges and Issues for Upcoming Year WASHINGTON — National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will address during the coming fiscal year. The report expresses concern about the adequacy of IRS taxpayer service,...
Written by irstaxhelp | May 11, 2010 12:14 PM in Accountants / CPAs
386 views
♠Congress poised to extend homebuyer tax credit into spring, expand it beyond first-time buyers By Stephen Ohlemacher, Associated Press Writer On 11:10 am EST, Thursday November 5, 2009 WASHINGTON (AP) -- Buying a home is about to get cheaper for a whole new crop of homebuyers -- $6,500 cheaper. - Insert the sidebar information Article Related Media First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package...
Written by irstaxhelp | May 11, 2010 12:08 PM in Accountants / CPAs
429 views
Sacramento –The Franchise Tax Board (FTB) today offered guidance on applications for the New Home/First-Time Buyer state tax credit, cautioning taxpayers to work closely with their escrow companies, to carefully follow the instructions on the credit forms, and to send in their applications timely to avoid being denied the credit. “This tax credit will operate on a first-come, first-served basis,” said State Controller and FTB Chair John Chiang. “California...
Written by irstaxhelp | November 4, 2009 1:51 PM in Accountants / CPAs
2338 views
A DOW JONES NEWSWIRES COLUMN A team of sleuths familiar with the myriad ways to hide big money should help the Internal Revenue Service do a better job of tracking down wealthy tax dodgers, according to former agency insiders. Tax attorneys who know the inner workings of the IRS say a new SWAT team the agency is building will make a big difference. Announced last week, the unit is known as the Global High Wealth Industry group. IRS Commissioner Doug Shulman said the group is part of the...
Written by irstaxhelp | November 2, 2009 9:48 AM in Accountants / CPAs
1144 views
IRS will stop all collection if you cannot support yourself. All you need to do is call them and say the magic words "financial hardship" They will take a financial statement over the phone to verify that you cannot pay anything to them. Penalties and interest continue to accrue however you can continue to live your life free of those nagging letters and phone calls from the IRS. [if gte mso 9]><xml> Normal 0 false false false EN-US X-NONE X-NONE ...
Written by irstaxhelp | November 2, 2009 9:12 AM in Accountants / CPAs
416 views
[if gte mso 9]> Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 [endif] [endif] [if gte mso 10]> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; ...
Written by irstaxhelp | October 7, 2009 10:09 AM in Accountants / CPAs
486 views
IR-2009-84, Sept. 21, 2009 WASHINGTON ─ The Internal Revenue Service today announced a one-time extension of the deadline for special voluntary disclosures by taxpayers with unreported income from hidden offshore accounts. These taxpayers now have until Oct. 15, 2009. Under special provisions issued in March, taxpayers with these hidden accounts originally had until Sept. 23, 2009 to come forward. Those taxpayers who do not voluntarily disclose their hidden accounts by the...
Written by irstaxhelp | September 10, 2009 5:01 PM in Accountants / CPAs
335 views
The objective of the Offer in Compromise (OIC) program is to accept an OIC when it is in the best interest of both the taxpayer and the government and promotes voluntary compliance with all future payment and filing requirements. If you are unable to pay your tax liability in a lump sum or through an installment agreement and you have exhausted your search for other payment arrangements, you may be a candidate for an offer in compromise. In order for your offer in compromise...
Written by irstaxhelp | September 10, 2009 4:55 PM in Accountants / CPAs
788 views
Audio file for Podcast YouTube Video: English | Spanish | ASL IR-2009-78, Sept. 9, 2009 WASHINGTON — In support of the Administration's efforts to promote access to and the affordability of college education, the Internal Revenue Service today launched a new Web section highlighting various tax breaks and 529 plan changes designed to help parents and students pay for college. The new Tax Benefits for Education section on IRS.gov includes tips for taking advantage of long-standing...
Written by irstaxhelp | September 4, 2009 2:29 PM in Accountants / CPAs
1185 views
How to Report and Identify Phishing, E-mail Scams and Bogus IRS Web Sites The IRS does not initiate taxpayer communications through e-mail. The IRS does not request detailed personal information through e-mail. The IRS does not send e-mail requesting your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts. If you receive an e-mail from someone claiming to be the IRS or directing you to an IRS...
Written by irstaxhelp | September 4, 2009 2:27 PM in Accountants / CPAs
1028 views
IRS Summertime Tax Tip 2009-03 Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Here are five facts the IRS wants you to know about a tax credit available for child care expenses. The Child and Dependent Care Credit is available for expenses incurred during the lazy hazy days of summer and throughout the rest of the year. 1) The cost of day camp can count as an expense towards the child and...
Written by irstaxhelp | September 3, 2009 9:52 AM in Accountants / CPAs
694 views
The Internal Revenue Service today announced availability of the summer 2009 issue of the Statistics of Income Bulletin, which features sole proprietorship data for tax year 2007. About 23.1 million individual income tax returns reported nonfarm sole proprietorship activity, a 4.7 percent increase since tax year 2006. Reported profits for these sole proprietorships were $280.6 billion in 2007. The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis. ...
Written by irstaxhelp | August 25, 2009 11:04 AM in Accountants / CPAs
606 views
All Taxpayers Do Not Qualify for an Offer in Compromise Absent special circumstances, if you have the ability to fully pay your tax liability in a lump sum or via an installment agreement, an offer in compromise will not be accepted. Offer in Compromise Payments are Non-refundable The IRS considers the 20 percent payment for a lump sum offer and any periodic payments as “payments on tax” and are not refundable, regardless of whether the offer is declared not-processable or is...
Written by irstaxhelp | July 31, 2009 8:31 AM in Accountants / CPAs
876 views
// BEGIN FEATURE-01 // What is the Car Allowance Rebate System? The CAR Allowance Rebate System (CARS) is a $1 billion government program that helps consumers buy or lease a more environmentally-friendly vehicle from a participating dealer when they trade in a less fuel-efficient car or truck. The program is designed to energize the economy; boost auto sales and put safer, cleaner and more fuel-efficient vehicles on the nation's roadways. Consumers will be able to take advantage...
Written by irstaxhelp | July 28, 2009 5:29 PM in Accountants / CPAs
345 views
July 8, 2009 The Internal Revenue Service has released the new Form 656-B, Offer in Compromise Booklet, and the revised Form 656, Offer in Compromise. The new Form 656-B contains all of the forms and instructions necessary to file an offer in compromise. The revised Form 656 has been slimmed down to four pages and now only includes the four-page offer-in-compromise application. All of the worksheets, checklists and instructions previously found in Form 656 can now be found in Form 656-B. The...
Written by irstaxhelp | July 24, 2009 3:22 PM in Accountants / CPAs
254 views
Hot Topics Here you'll find items of current interest — new programs, recent guidance, or timely reminders. Or jump to the latest news about IRS forms and publications. E-File Opens for 2009 This year, the IRS and its partners in the Free File Alliance are offering a new option, Free File Fillable Tax Forms, which allows free electronic filing of tax returns for virtually everyone. Taxpayers who use e-file and who choose direct deposit can receive...
Written by irstaxhelp | July 24, 2009 3:15 PM in Accountants / CPAs
249 views
The OIC is an IRS program that allows people who owe the IRS money to not pay as much. Don't get excited just yet, for let me tell you: its FAR from instant, and far from free. The IRS will accept and offer-in-compromise if you: 1. Can't pay them what you owe. 2. Don't owe them what they say you do. Understandably, both of these situations have to be proven. Its up to you to do it! It seems as if you need to get the proper form (find it below), fill it out, and submit it before you have a...
Written by irstaxhelp | July 24, 2009 2:59 PM in Accountants / CPAs
248 views
R-2009-61, June 22, 2009 Podcast: English Spanish WASHINGTON — With the 2009 hurricane season now underway, the Internal Revenue Service encourages individuals and businesses to safeguard themselves by taking a few simple steps. Create a Backup Set of Records Electronically Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from the original set. Keeping a backup set of records –– including, for example, bank...
Written by irstaxhelp | July 24, 2009 11:14 AM in Accountants / CPAs
239 views
Video: What If? The Internal Revenue Service recognizes that many people may be having difficult times financially. There can be a tax impact to events such as job loss, debt forgiveness or tapping a retirement fund. If your income decreased, you may be newly eligible for certain tax credits, such as the Earned Income Tax Credit. Most importantly, if you believe you may have trouble paying your tax bill contact the IRS immediately. There are steps we can take to help ease the burden. You also...
Written by irstaxhelp | July 24, 2009 11:12 AM in Accountants / CPAs
254 views
IR-2009-65, July 8, 2009 WASHINGTON — The Internal Revenue Service’s Tax Talk Today will discuss “OPR: A Balanced Approach,” featuring the agency’s Office of Professional Responsibility, its oversight role and its approaches to its mission. The Web-based show will be held July 14 at 2 p.m. The mission of the Office of Professional Responsibility is to set, communicate and enforce standards of competence, integrity and conduct among tax...
Written by irstaxhelp | July 24, 2009 10:47 AM in Accountants / CPAs
218 views
Tax Return Preparer Fraud FS-2008-10, January 2008 Return preparer fraud generally involves the preparation and filing of false income tax returns by preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients. Preparers may manipulate income figures to fraudulently obtain tax credits, such as the Earned Income Tax Credit. In some situations, the client, or...
Written by irstaxhelp | July 24, 2009 10:41 AM in Accountants / CPAs
250 views
Updated frequently — last updated Oct. 3, 2008 Hybrid Vehicles Vehicles Purchased or Placed in Service The Energy Policy Act of 2005 replaced the clean-fuel burning deduction with a tax credit. A tax credit is subtracted directly from the total amount of federal tax owed, thus reducing or even eliminating the taxpayer’s tax obligation. The tax credit for hybrid vehicles applies to vehicles purchased or placed in service on or after January 1, 2006. The credit is only available...
Written by irstaxhelp | July 24, 2009 9:50 AM in Accountants / CPAs
650 views
IR-2009-66, July 14, 2009 WASHINGTON — The Internal Revenue Service today announced a series of public forums at which individuals and representatives of diverse constituent groups will be able to provide input on the development of tax preparer performance standards. The public forums, a crucial part of an effort launched in June by IRS Commissioner Doug Shulman to help ensure tax preparers are qualified, ethical and provide a high level of service, will kick off on July 30 in...
Written by irstaxhelp | July 24, 2009 9:46 AM in Accountants / CPAs
217 views
http://leslieandassociates.blogspot.com/ Hey, you might learn something new! Its info and opinion only. We're even talking about carnivorous plants
Written by irstaxhelp | July 24, 2009 9:44 AM in Accountants / CPAs
241 views
IR-2009-67, July 20, 2009 WASHINGTON — With 2009 now half over, the Internal Revenue Service reminds taxpayers to take advantage of the numerous tax breaks made available earlier this year in the American Recovery and Reinvestment Act (ARRA). The recovery law provides tax incentives for first-time homebuyers, people purchasing new cars, those interested in making their homes more energy efficient and parents and students paying for college. But all of these incentives have expiration...
Written by irstaxhelp | July 24, 2009 9:40 AM in Other
708 views
The Bubonic Plague originated in the Gobi dessert. It was spread by fleas which were in turn carried by rats and other animals. The first recorded incident of the plague was in the sixth century. The European lifestyle started changing, however, when people started moving from rural communities into big cities. Innovations in travel at the time allowed for more trade. Trade routes started to connect all parts of the "known" world. European, Asian, and even some African populations were set for...
Written by irstaxhelp | July 24, 2009 9:35 AM in Accountants / CPAs
207 views
Headliner Volume 241 August 15, 2008 Keeping up with federal tax requirements is not easy for tax professionals in today’s fast-paced, competitive world. That’s why the IRS offers you a time-saver: IRS e-News for Tax Professionals. E-News is a weekly electronic newsletter that alerts you to what’s new, hot and important to know. It’s quick to read, easy to subscribe – and it’s free. IRS e-News for Tax Professionals is for the busy tax pro,...
Written by irstaxhelp | July 24, 2009 9:28 AM in Accountants / CPAs
678 views
Payroll is essentially how employees are paid. Its the legal paperwork involved. There's more to payroll than just handing out cash or checks, however. After gathering data on what employees have done and comparing it to their salaries, some simple payday mathematics will let the employer hand out the dough. Right? Wrong. Its still more complicated than that; especially if all these employees belong to a large company. Once an employee's gross income amount or pay has been calculated based...
Written by irstaxhelp | July 24, 2009 8:58 AM in Accountants / CPAs
890 views
Bookkeeping is the process of keeping full and up-to-date business records. It's the recording of financial transactions. Transactions include sales, purchases, income, and payments whether by organizations or individuals. A bookkeeper must make sure all transactions are recorded in the correct daybook, suppliers ledger, customer ledger, and general ledger. Although a bookkeeper is called an accounting clerk, or an accounting technician, don't confuse bookkeeping with accounting. An...
Written by irstaxhelp | July 22, 2009 10:20 AM in Accountants / CPAs
1712 views
Eight Cool Reasons to visit IRS.gov/Espanol this Summer Summertime Tax Tip 2009-06, July 20, 2009 Tax information can be difficult to understand in any language but it can be even more difficult if it is not in your first language. To assist Spanish speaking taxpayers, the IRS provides a wide range of free products and services on its Spanish Language web site IRS.gov/Espanol. Here are eight features you can find on IRS.gov “en español”...
Written by irstaxhelp | July 22, 2009 9:46 AM in Accountants / CPAs
1406 views
IRS Drops and Gives You Ten…Military Tax Tips IRS Summertime Tax Tip 2009-07 Summer is a busy time for everyone, but particularly for military members and their families. Whether it’s moving to a new base or traveling to a duty station, members of the military have many obligations that could impact their tax situation. Here are 10 IRS tax tips military members can keep in mind this summer to help with filing a tax return next year. 1. Moving...
Written by irstaxhelp | July 21, 2009 5:10 PM in Accountants / CPAs
355 views
2009 Summertime Tax Tips Eight Cool Reasons to visit IRS.gov/Espanol this SummerSummertime Tax Tip 2009-06, July 20, 2009 Seven Tips for Students with a Summer JobIRS Summertime Tax Tip 2009-05, July 17, 2009 Tax Tips for Recently Married TaxpayersIRS Summertime Tax Tip 2009-04, July 15, 2009 Five Tax Facts about Summertime Child Care ExpensesSummertime Tax Tip 2009-03, July 13, 2009 Top Seven Tips for Taxpayers Starting a New BusinessSummertime Tax Tip 2009-02, July 10,...
Written by irstaxhelp | July 18, 2009 3:39 PM in Accountants / CPAs
691 views
The objective of the Offer in Compromise (OIC) program is to accept an OIC when it is in the best interest of both the taxpayer and the government and promotes voluntary compliance with all future payment and filing requirements. If you are unable to pay your tax liability in a lump sum or through an installment agreement and you have exhausted your search for other payment arrangements, you may be a candidate for an offer in compromise. In order for your offer in compromise to be considered,...
Written by irstaxhelp | July 18, 2009 3:32 PM in Accountants / CPAs
1269 views
The Form 656-B, Offer in Compromise Booklet (PDF) contains information about filing an offer in compromise, worksheets, and all forms necessary to file an offer in compromise. When submitting an offer in compromise (OIC), taxpayers must use the most current version of Form 656, Offer in Compromise (PDF), or Form 656-L, Offer in Compromise (Doubt as to Liability) (PDF), depending on the basis of the offer in compromise. Taxpayers should file Form 656 when there is doubt that the...
Written by irstaxhelp | July 18, 2009 3:28 PM in Accountants / CPAs
272 views
Offer in Compromise allows you to pay pennies on the dollar eliminating your tax debt. Depending on the situation, you may qualify for debt reorganization, monthly payments or delay of payments. Contact us today. We can help. http://www.irstaxhelp.com
Written by irstaxhelp | June 30, 2009 11:30 AM in Accountants / CPAs
882 views
The American Recovery and Reinvestment Act of 2009, introduced several changes that affect this Withholding Calculator: (1) The new Making Work Pay Credit: The new withholding tables that employers should have implemented by April 1 have been incorporated into the calculator. You should use this calculator to ensure that the reduced withholding will not result in having too little income tax withheld (possibly causing you to owe taxes next year) if: You are an...
Written by irstaxhelp | June 30, 2009 11:07 AM in Accountants / CPAs
750 views
Create a Backup Set of Records Electronically Taxpayers should keep a set of backup records in a safe place. The backup should be stored away from the original set. Keeping a backup set of records –– including, for example, bank statements, tax returns, insurance policies home, etc. –– is easier now that many financial institutions provide statements and documents electronically, and much financial information is available on the Internet. Even if the original records...
