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Category Archives: Taxation
National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on Tax Reform, Collection Issues, and Implementation of Health Care Reform
National Taxpayer Advocate Nina E. Olson today released her annual report to Congress, identifying the need for tax reform as the number one priority in tax administration. The Advocate expressed continuing concern that the IRS’s increasing use of hard-core … Continue reading
Posted in Taxation
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Ways to Obtain IRS Forms and Publications
The Internal Revenue Service has free tax forms and publications on a wide variety of topics. Due to the continued growth in electronic filing, the availability of free options to taxpayers and efforts to reduce costs; the IRS will no … Continue reading
Posted in General, Taxation
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Tax Season Starts on Time for Most Taxpayers; Those Affected by Late Tax Breaks Can File in Mid- to Late February
Following last week’s tax law changes, the Internal Revenue Service announced today the upcoming tax season will start on time for most people, but taxpayers affected by three recently reinstated deductions need to wait until mid- to late February to … Continue reading
Posted in Individual, Taxation
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In 2011, Many Tax Benefits Increase Slightly Due to Inflation Adjustments
In 2011, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. These inflation adjustments relate to eight tax provisions that were either modified or extended by the Tax … Continue reading
Posted in Taxation
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IRS Offers New Guidance on FSA and HRA Debit Cards
The Internal Revenue Service issued new guidance allowing the continued use of health flexible spending arrangement (FSA) and health reimbursement arrangement (HRA) debit cards for the purchase of prescribed over-the-counter medicines and drugs. The new guidance modifies previous guidance to … Continue reading
Posted in Individual, Taxation
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Ten Things Tax-Exempt Organizations Need to Know About the Oct. 15 Due Date
A crucial filing deadline of Oct. 15 is looming for many tax-exempt organizations that are required by law to file their Form 990 with the Internal Revenue Service or risk having their federal tax-exempt status revoked. Nonprofit organizations that are … Continue reading
Posted in Nonprofits
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IRS to Hold Special Open House Saturday, Sept. 25 for Veterans and Persons with Disabilities
The Internal Revenue Service will host a special nationwide open house on Saturday, Sept. 25 to help taxpayers –– especially veterans and people with disabilities –– solve tax problems and respond to IRS notices. One hundred offices, at least one … Continue reading
Posted in Individual, Taxation
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IRS Releases Form to Help Small Businesses
The Internal Revenue Service today released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also … Continue reading
Six Facts about the American Opportunity Tax Credit
There is still time left to take advantage of the American Opportunity Tax Credit, a credit that will help many parents and college students offset the cost of college. This tax credit is part of the American Recovery and Reinvestment … Continue reading
Posted in Individual, Taxation
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Eight Things to Know If You Receive an IRS Notice
Did you receive a notice from the IRS this year? Every year the IRS sends millions of letters and notices to taxpayers but that doesn’t mean you need to worry. Here are eight things every taxpayer should know about IRS … Continue reading
Posted in Individual, Taxation
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