Estimated Tax-Related Penalties
Employees have taxes withheld from their paychecks by their employer. When you have income that is not subject to withholding you may have to make estimated tax payments during the…
Read moreIRS Notices and Bills, Penalties and Interest Charges
April 15th is the deadline for most people to file their individual income tax return and pay any tax owed. Tax returns are checked for mathematical accuracy. If there is…
Read moreDon’t pay taxes, credit takes a hit
This year, Uncle Sam is giving U.S. taxpayers some extra time before the filing deadline. The 2012 deadline falls on Tuesday, April 17, as the normal April 15 date fell…
Read moreRental losses Red Flags
If you show income from your job or business and claim rental-property losses, be wary. The IRS rules limit deducting those losses in the current year, unless you prove you’re…
Read moreTax Audit Red Flags
An unexpected letter from the Internal Revenue Service can make your stomach drop, but you can take steps to reduce your audit risk. Taxpayers overall face a low audit risk:…
Read moreInstant Tax Service, Franchisees Accused of Fraud by U.S.
ITS Financial LLC, the Dayton, Ohio-based Instant Tax Service franchiser and franchisees were accused of fraud by the U.S. Justice Department. The department today said it filed federal lawsuits against…
Read moreIncome from Abroad is Taxable
Many United States (U.S.) citizens and resident aliens receive income from foreign sources. There have been recent reports about the interest of the Internal Revenue Service (IRS) in taxpayers with…
Read moreFive Facts about the Foreign Earned Income Exclusion
If you are living and working abroad you may be entitled to the Foreign Earned Income Exclusion. Here are five important facts from the IRS about the exclusion: The Foreign…
Read moreIRS Offers New Penalty Relief and Expanded Installment Agreements to Taxpayers under Expanded Fresh Start Initiative
WASHINGTON — The Internal Revenue Service today announced a major expansion of its “Fresh Start” initiative to help struggling taxpayers by taking steps to provide new penalty relief to the…
Read moreTax Scam Warning: Beware of Phony Refund Scheme Abusing Popular College Tax Credit; Senior Citizens, Working Families and Church Members Are Targets
WASHINGTON –– The Internal Revenue Service today warned senior citizens and other taxpayers to beware of an emerging scheme tempting them to file tax returns claiming fraudulent refunds. The scheme…
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