The IRS has extended the deadline to submit your 2010 income tax returns to Monday 4/18/11.  New York State has also adopted the extended filing date and will accept 2010 tax returns as on time if electronically filed or mailed on or by Monday 4/18. Rumor has it that a popular radio station in the… Continue reading

The IRS has implemented a rewards program for whistle-blowers that will get them a portion of the taxes administered from the case if they notify the IRS of a discrepancy. An in-house accountant who raised a red flag about a tax lapse that his employer then ignored, leading him to tip off the IRS, has… Continue reading

Taxpayers are way more likely in recent years to receive an audit letter in the mail requesting documentation to verify income, deductions or credits claimed than they are to receive an in person examination. Of the more than 1.6 million Americans who were slapped with audits last year, 78% dealt with correspondence audits, while only… Continue reading

If you owe federal taxes this year you may be wondering what to do if you do not have enough money to pay them when they are due.  The good news is that you have the option to pay in installments.  Here are the top 10 things the IRS wants you to know if you… Continue reading