Category: Announcements

October 17th Deadline for Tax Return Extensions Approaching

October 11th, 2011 — 11:37am

Oct. 17 is a key deadline for millions of individual taxpayers who requested an extension to file their 2010 tax returns. The IRS expects to receive millions of tax returns from taxpayers who used Form 4868 to request a six-month extension to file their returns. Some taxpayers can wait until after Oct. 17 to file,… Continue reading

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Hurricane Irene & Tropical Strom Lee Tax Relief

September 15th, 2011 — 3:39pm

The NY State Department of Taxation has extended tax deadlines for NY taxpayers living in regions that President Barak Obama has declared disaster areas inflicted by Hurricane Irene & Tropical Strom Lee. The Counties affected by Hurricane Irene: Albany, Bronx, Clinton, Columbia, Delaware, Dutchess, Essex, Greene, Kings, Montgomery, Nassau, Orange, Otsego, Putnam, Queens, Rensselaer, Richmond,… Continue reading

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IRS eases liability rule for spouse’s tax debt

August 10th, 2011 — 12:14pm

Under the law, taxpayers who file joint returns are generally liable for the tax debts of their partners. However, spouses may qualify for relief if they didn’t know their partner was cheating on their taxes, or didn’t participate in the scam. In…

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Tax Filing Deadline Extended But Beware

April 15th, 2011 — 4:15pm

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

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IRS Awards Whistleblower $4.5M

April 11th, 2011 — 10:01am

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

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Tax Refunds and Savings Bond Options

March 19th, 2011 — 3:00pm

With large refund averages and an increase in the release of refunds the IRS has begun reminding taxpayers of their refund options.  They offer several options for depositing your refund, including a Saving Bond Option. By March 4, the IRS had issued more than 52 million refunds worth $161 billion for an average refund of… Continue reading

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IRS Budget Talks: Will They Increase or Decrease

March 9th, 2011 — 11:55am

President Obama’s proposed budget for 2012 includes an increase in funding for the Internal Revenue Service enforcement efforts.  Though Republicans talk of decreasing the IRS budget, the President believes that increasing the enforcement efforts will bring in additional revenue and assist in closing the deficit. Turns out, IRS agents make good on the investment, collecting… Continue reading

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Accepting All Tax Returns

February 14th, 2011 — 1:44pm

Today is the day that the Internal Revenue Service will begin accepting all tax returns that have been delayed filing this year. Returns with delayed filing include: Itemized Deductions or Schedule A Tuition and Fees Deduction Form 8917 Educators Expense Deduction on Form 1040 line 23 First Time Homebuyer’s Credit Repayment Form 5405 pg 2… Continue reading

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IRS is Putting Tax Refunds on Debit Cards

February 1st, 2011 — 10:11am

The IRS is sending out letters to hundreds of thousands of taxpayers about their new Debit Card program.  The program is for low income taxpayers who do not have bank accounts. The Internal Revenue Service encourages taxpayers to have their tax refunds deposited directly into bank accounts. For those without bank accounts, the debit cards… Continue reading

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New 1099 Reporting Requirement May Be Repealed

January 27th, 2011 — 3:20pm

Due to newly enacted legislation companies that pay any individual or corporation for goods or services more than $600 will be required to issue a 1099 to report the transaction to the Internal Revenue Service beginning in 2012.  This creates a financial burden on small businesses that may not have the means to track and… Continue reading

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