Tax Tips & News

Haven’t received your New York State refund? Did you know?

18 minutes read

“If an application for refund or credit is filed with the commissioner of taxation and finance… the commissioner of taxation and finance shall grant or deny such application in whole or in part within 6 months of receipt of the application…”

“If any overpayment of tax…credited or refunded within 45 days after the last date prescribed for filing the return of such tax…or within 45 days after such return was filed, whichever is later…, no interest shall be allowed under this section on any such...

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State Amnesty Plan Lets Delinquent Taxpayers Catch Up

4 minutes read

Howard Weitzman and state officials are expected to announce a not-so-new, limited state tax amnesty program that forgives those who pay what they owe and promise to pay on time in the future.

But the key to the program — and what may well make it unique — is that you can’t participate in it if you don’t confess to a nonpayment of which the state is unaware.

The Voluntary Disclosure and Compliance Program has been in effect since September but, despite $50 million that is being collected from...

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Upside of Down? Selling Stocks for Tax Losses

7 minutes read

Hidden in the market’s hideous performance is a unique opportunity for investors to cut their tax bills for years to come.

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IRS has $1.3 Billion for People Who Have Not Filed a 2005 Tax Return

3 minutes read

WASHINGTON — Unclaimed refunds totaling approximately $1.3 billion are awaiting over a million people who did not file a federal income tax return for 2005, the Internal Revenue Service announced today. However, to collect the money, a return for 2005 must be filed with the IRS no later than Wednesday, April 15, 2009.

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Budget crises put refund checks on hold

4 minutes read

You’ve probably heard before that if you’re getting a big, fat tax refund check, you’re doing something wrong. Now there’s a new reason to fine-tune those payroll withholding elections. The economic meltdown is hitting statehouses around the country so hard that some are holding their residents’ tax refund checks hostage.

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Add this to tax bill: $207 and a day of work

4 minutes read

WASHINGTON – Tax season became a little more taxing this year, with the average person spending more than a day and more than $200 collecting, calculating and compiling those numbers for the tax man, according to a report based on Internal Revenue Service figures.

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State asks more filers to prove they deserve credits they claim

3 minutes read

ALBANY — In an effort to catch more tax cheats, the state is doubling the number of reviews it is doing on people seeking tax credits on their 2007 returns.

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Web bugs may break state law, Online Filers Beware!

6 minutes read

Looks like potential privacy violations aren’t the only problem with the use of so-called Web bugs to track people’s actions as they file online tax returns.

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