April 15, 2014
By law, the IRS can assess penalties to taxpayers for failing to file a tax return and for failing to pay taxes. But the failure-to-file penalty is generally higher than the failure-to-pay penalty.
April 15, 2014
But with income tax refund identity theft rapidly becoming a scourge, is the less than 300 cases for 2014 keeping up or even putting a dent in the epidemic? After all, in 2013 alone, there were 33,000 claims of identity theft just in Florida, one of the hardest hit states because of the abundance of…
April 14, 2014
April 15 is a day away and for the millions of American taxpayers who expect or have already filed and received a refund there's some surprising news. More than two thirds have decided to save their refund.
April 14, 2014
The Internal Revenue Service has released the 2014 version of “The Truth about Frivolous Tax Arguments.” The document describes and responds to some of the common frivolous tax arguments made by those who oppose compliance with federal tax laws. The cases cited demonstrate how frivolous arguments are treated by the IRS and the courts. The…
April 11, 2014
The White House now says without equivocation that 7.1 million individuals signed up for Obamacare by March 31, the deadline for open enrollment in 2014. But how many of those people actually paid for health insurance coverage acquired through the marketplace? That’s where the “counting” gets a little trickier.
April 7, 2014
According to a new study conducted by the UK-based accounting firm network UHY International, “Old” world economies charge higher inheritance and estate taxes than “New” world economies.
April 6, 2014
The IRS has been struggling in its efforts to close an estimated $385 billion “tax gap” between the amount that taxpayers owe and the amount they’ve actually paid. Now, to add another crushing weight, it has to ramp up Obamacare activities despite recent budget cutbacks.
April 4, 2014
Despite reports of a formal extension circulating in the media, March 31 was the last day that individuals could sign up for health insurance coverage for 2014 under the Obamacare mandate without risking a hefty financial penalty. Or was it?
April 4, 2014
The IRS Isn't maintaining its computer infrastructure adequately, according to a new report by the Treasury Inspector General for Tax Administration (TIGTA), a part of the Department of the Treasury that is tasked with overseeing the nation's tax agency.
April 4, 2014
The Internal Revenue Service has automatically extended the tax return filing and payment deadlines for victims of last month’s mudslides and flooding in Washington state. As a result, those taxpayers will have until Oct. 15 to file their returns and pay any taxes due, with no penalties or interest applied.
April 1, 2014
Have questions about your income taxes? With April 15 only two weeks away and new tax laws like Obamacare, many Americans do, the American Institute of CPAs has some answers.
March 31, 2014
It's tax season, which is prime time for scammers who would rather be phishing.