In these tough times for state and municipal governments, the Department of Taxation and Finance wants to make sure it’s not losing a single dime. To that end, it’s focusing on multiple techniques, including public spiritedness and humiliation.  The department has created a page to help taxpayers report people and businesses who, allegedly, are not… Continue reading

The Deadline to file corporate tax returns (forms 1120, 1120A, and 1120S) is Thursday March 15th. Most corporate returns are required to be filed electronically therefore they must be sent to the IRS before midnight on the 15th.  If for some reason you are filing a paper corporate tax return, the post mark on the envelope must… Continue reading

The U.S. Internal Revenue Service’s new software system for handling electronic tax returns has experienced problems during the tax filing season, angering some taxpayers whose refunds have been delayed. In an issue that could draw congressional scrutiny, the IRS said it was addressing the software glitches and that delays in sending refunds to taxpayers would… Continue reading

The law requires undocumented immigrants to follow the same tax laws as other U.S. residents. They must report income and where required, pay taxes. That’s true even if they are working “off-the-books,” and their employer pays in cash. Whether you must report your income and pay taxes depends on how much you earn. If you… Continue reading

By Lou Carlozo This past New Year’s Eve, any impulse I had to ring in 2012 on a high note was drowned out by alarm bells from Uncle Sam. On that day, my wife and I received separate eight-page letters from the Internal Revenue Service informing us that we were being audited for the 2009… Continue reading

Refunds totaling more than $1 billion may be waiting for one million people who did not file a federal income tax return for 2008, the Internal Revenue Service announced today. However, to collect the money, a return for 2008 must be filed with the IRS no later than Tuesday, April 17, 2012. The IRS estimates… Continue reading

The IRS recently released it’s annual list of their “Dirty Dozen” tax schemes.  ”Scam artists will tempt people in-person, on-line and by email with misleading promises about lost refunds and free money. Don’t be fooled by these,” warns Commissioner Douglas Stives. Here’s what made the list this year:   1. Identity Theft Topping this year’s… Continue reading

Ray Madoff–a professor at Boston College Law School–recently wrote an article advocating a change in the way capital-gains tax is implemented: From Warren Buffett’s secretary to Mitt Romney’s tax returns to the general uprising against the 1 percent, tax reform is on everybody’s radar. In the cross hairs is the preferential treatment for capital gains. Profits from investments are taxed at a maximum… Continue reading

Did I calculate my return correctly? Did I take all the deductions I’m entitled to?  Do I qualify for a credit and should I take it? These are all samples of the many questions that cross many a taxpayer’s mind before they submit their returns to the Government. However, one thought–or rather plea–that’s almost always… Continue reading

NY tax commissioner Thomas Mattox recently deputized the entire staff of the NY Inspector General’s office in what is a being dubbed a pre-emptive “crime fighting” move.  What was meant to be a quite ceremony has caused a stir because the new powers granted to the IG’s office allows them the ability to look at… Continue reading