Rental 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…
Read moreEight facts about filing status
If your marriage status changes during the year, it can confuse the issue of which filing status to use on your return. Here are eight facts about the five filing…
Read moreWhat to do if you’re missing a W-2
If you haven’t received a Form W-2 from your employer by January 31, you should take these steps: Ask your employer if and when the W-2 was mailed. If it…
Read moreThe date “Where’s My Refund” provided is different than the date my tax preparer!
The IRS reminds taxpayers that refund time frames provided by “Where’s My Refund” and tax providers are projected time frames and are subject to change. Many different factors can affect…
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