Tax Tips & News

Free Tax Prep Sites: Inaccurate Returns & Privacy Breach Concerns

4 minutes read

The old adage that “you get what you pay for” is compounded when applied to free income tax preparation…In fact, a free tax return may cost taxpayers more than they bargained for.  The title of a report filed by the Treasury Inspector General for Tax Administration (TIGTA) sums it up frankly: Accuracy of Tax Returns, the Quality Assurance Processes, and Security of Taxpayer Information Remain Problems for the Volunteer Program.

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IRS Program Draws Out Tax Cheats

2 minutes read

The Internal Revenue Service’s Voluntary Disclosure Program which offers reduced penalties and zero jail time for those that report illegally stashed income in overseas shelters is working.  A similar program was implemented in 2009, and between these two programs, over 30,000 tax evaders have disclosed income from accounts in 140 countries, netting the IRS over $2.25 Billion dollars in back taxes, penalties and fines.

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Hurricane Irene & Tropical Strom Lee Tax Relief

2 minutes read

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.

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Don’t Run Afoul of the Gift Tax. –

1 minute read

Current law allows a person to give someone up to $13,000 per year without having to file a Gift Tax return, Form 709. There is usually no tax due, the giver pays any tax, at the time but the form allows the IRS to keep track of gifts made in a person’s lifetime. Upon a persons death all reportable gifts will be used in the calculation of the Estate Tax, Form 706. Under current Federal law a person is allowed a $5,000,000 estate, tax free and the gifts reported on Form 709 will count towards...

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IRS eases liability rule for spouse’s tax debt

1 minute read

The Internal Revenue Service is making it easier for some “innocent spouses” to escape liability for their husband or wife’s tax debt.

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Ever wonder where your tax dollars go?

1 minute read

The White House has created an online tool that allows users to enter how much taxes they paid and get a printable receipt showing how each dollar was spent.  Whether your happy about where your tax dollars are going or it makes you a little unsettled to know, curiosity may be too strong not to try it.

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Tax Filing Deadline Extended But Beware

1 minute read

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.

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IRS Awards Whistleblower $4.5M

1 minute read

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.

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IRS Correspondence Audits By Mail Increase

2 minutes read

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.

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Need More Time To Pay Your Taxes?

3 minutes read

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 need more time to pay your taxes this year.

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