Tips to Avoid Presidents Day Rush, IRS Recommends IRS.gov for Quick Answers

Tweet The period around Presidents Day marks the peak busy season for IRS toll-free phone service, but there are faster ways to find answers to your questions.  The Internal Revenue Service provides tools and apps on IRS.gov that can help many of taxpayers get answers immediately online. Traditionally, the Tuesday after Presidents Day is the [...]

Ways to Pay Your Tax Bill

Tweet If you owe federal tax, the IRS offers many easy ways to pay. Make sure you pay by the April 18 deadline, even if you get an extension of time to file your 2015 tax return. You can get an automatic extension of time to file when you make an electronic payment by April [...]

Hiding Money or Income Offshore Resides on the “Dirty Dozen” List of Tax Scams for the 2016 Filing Season

Tweet The Internal Revenue Service today said avoiding taxes by hiding money or assets in unreported offshore accounts remains on its annual list of tax scams known as the “Dirty Dozen” for the 2015 filing season. “Our continued enforcement actions should discourage anyone from trying to illegally hide money and income offshore,” said IRS Commissioner [...]

IRS Systems Outage Shuts Down Tax Processing

Tweet The Internal Revenue Service said its tax-processing systems have suffered a hardware failure and that tax processing could be affected. “The IRS experienced a hardware failure this afternoon affecting a number of tax processing systems, which are currently unavailable,” said the IRS. “Several of our systems are not currently operating, including our modernized e-file [...]

Missing Form W-2? IRS Can Help

Tweet Most people get their W-2 forms by the end of January. Form W-2, Wage and Tax Statement, shows your income and the taxes withheld from your pay for the year. You need it to file an accurate tax return. If you haven’t received your form by mid-February, here’s what you should do: Contact your [...]

IRS to Begin Accepting Bilateral Advance Pricing Agreement Requests for India on February 16

Tweet IRS officials announced today that on February 16 the Advance Pricing and Mutual Agreement office (APMA), a representative office of the U.S. competent authority, will begin accepting requests for bilateral advance pricing agreements (bilateral APAs) between the United States and India. This announcement represents an important step forward in strengthening ties between the two [...]

BEWARE : Do not fall for Telephone scammers and Identity Theives

Tweet Some of our clients have been contacted by telephone scammers claiming to be from the IRS trying to collect on past taxes that our clients didn’t know they owed.  DO NOT TALK TO THESE SCAMMERS, BECAUSE THEY ARE TRYING TO STEAL YOUR IDENTITY AND YOUR LIFE SAVINGS! The IRS has issued public service announcements [...]

Six Tips about Individual Shared Responsibility Payments

Tweet For any month during the year that you or any of your family members don’t have minimum essential coverage and don’t qualify for a coverage exemption, you are required to make an individual shared responsibility payment when you file your tax return. Here are six things to know about this payment: You are not [...]

No Receipts For IRS? Key Tax Case Says They’re Optional

Tweet Receipts are critical to good book-keeping and tax returns. But if you can’t find one, contrary to popular belief, you are not out of luck thanks to a famous court case, Cohan v. Commissioner. George M. Cohan was a Broadway pioneer with hits like “Give My Regards to Broadway” and “Yankee Doodle Boy.” His statue still stands in Times Square amid [...]

Scam Phone Calls Continue; IRS Identifies Five Easy Ways to Spot Suspicious Calls

Tweet The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say you have a refund due and try to trick you into sharing private information. These con artists [...]

Millennial Marriage Tax Penalty: The Student Loan Interest Tax Deduction Has A Gotcha For The Hitched

Tweet If there’s one thing that causes panic amid the ranks of Baby Boomers and Gen-Xers, it’s the idea that their Millennial children will never reproduce or even walk down the aisle. Marriage rates are plummeting while the proportion of young women moving back in with family is soaring. And among the unmarried, ‘financial security’ is the primary prerequisite to [...]

IRS Provides Tax Relief to Missouri Storm Victims; Tax Deadline Extended to May 16

Tweet Missouri storm victims will have until May 16, 2016 to file their returns and pay any taxes due, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for relief. Following this week’s disaster declaration for individual assistance issued by [...]

Six Tips on Whether to File a 2015 Tax Return

Tweet Most people file a tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tips to help you find out if you should file a tax return: General Filing Rules. Whether you [...]

No more PAN woes for foreign cos?

Tweet To facilitate ease of doing business with India, the I-T Simplification Committee has stated that if a non-resident does not furnish PAN details, it should not result in a higher withholding tax in India on its source income from the country. Any other suitable identification of its home country would suffice. When payment is made [...]

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