July 7, 2010 10:40 AM in Accountants / CPAs
408 views
Issue Number: IR-2010-083
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...
May 11, 2010 12:14 PM in Accountants / CPAs
388 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...
May 11, 2010 12:08 PM in Accountants / CPAs
432 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...
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...
November 2, 2009 9:48 AM in Accountants / CPAs
1145 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.
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November 2, 2009 9:12 AM in Accountants / CPAs
417 views
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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...
September 10, 2009 5:01 PM in Accountants / CPAs
340 views
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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...
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September 4, 2009 2:29 PM in Accountants / CPAs
1186 views
How to Report and Identify Phishing, E-mail Scams and Bogus IRS Web Sites
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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...
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September 4, 2009 2:27 PM in Accountants / CPAs
1029 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...
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...
August 25, 2009 11:04 AM in Accountants / CPAs
607 views
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...
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...
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...
July 24, 2009 3:22 PM in Accountants / CPAs
255 views
Hot Topics
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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...
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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,...
July 24, 2009 2:59 PM in Accountants / CPAs
250 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...
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...
July 24, 2009 11:12 AM in Accountants / CPAs
254 views
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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...
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July 24, 2009 10:47 AM in Accountants / CPAs
218 views
Tax Return Preparer Fraud
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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...
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July 24, 2009 10:41 AM in Accountants / CPAs
251 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...
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 24, 2009 9:46 AM in Accountants / CPAs
218 views
http://leslieandassociates.blogspot.com/
Hey, you might learn something new! Its info and opinion only. We're even talking about carnivorous plants
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...
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...
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...
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...
July 24, 2009 8:58 AM in Accountants / CPAs
893 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...
July 22, 2009 10:20 AM in Accountants / CPAs
1712 views
Eight Cool Reasons to visit IRS.gov/Espanol this Summer
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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...
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July 22, 2009 9:46 AM in Accountants / CPAs
1406 views
IRS Drops and Gives You Ten…Military Tax Tips
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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...
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July 18, 2009 3:39 PM in Accountants / CPAs
693 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...
July 18, 2009 3:28 PM in Accountants / CPAs
274 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
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...
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...
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