For tax year 2014, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments. The tax items for tax year 2014 of greatest interest to most taxpayers include the following dollar [...]
The Internal Revenue Service today reminded the nation’s almost 690,000 federal tax return preparers that they must renew their Preparer Tax Identification Numbers (PTINs) for 2014. All current PTINs will expire on Dec. 31, 2013. Anyone who, for compensation, prepares or helps prepare any federal return or claim for refund must have a valid PTIN [...]
The Internal Revenue Service today warned consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, [...]
Due to the current lapse in appropriations, IRS operations are limited. However, the underlying tax law remains in effect, and all taxpayers should continue to meet their tax obligations as normal. Individuals and businesses should keep filing their tax returns and making deposits with the IRS, as they are required to do [...]
Notice 2013-65 announces the special per diem rates effective October 1, 2013, which taxpayers may use to substantiate the amount of expenses for lodging, meals, and incidental expenses when traveling away from home. The rates are the special transportation industry rate, the rate for the incidental expenses only deduction, and the rates and list of [...]
In February 2011, we received great news from the IRS that as part of the Fresh Start Initiative major changes were being made to the Lien Process. Not only did this change significantly increase the dollar thresholds when liens were filed, the IRS also agreed to remove liens if the taxpayer was on an Installment [...]
The Internal Revenue Service today announced that the summer 2013 issue of the Statistics of Income Bulletin is available at IRS.gov. The summer 2013 issue features data from Form W-2, Wage and Tax Statement, filed with individual income tax returns for tax years 2008 through 2010. The Statistics of Income (SOI) Division produces the SOI [...]
The deadline to file business tax returns is September 16, 2013 if you filed a timely extension and your business is on a calendar year. The penalties can be steep for filing a return after this date.
Are you thinking about taxes while you’re enjoying the warm summer months? Not likely! But the IRS wants you to know that scammers ARE thinking about taxes and ways to dupe you out of your money. Tax scams can happen anytime of the year, not just during tax season. Three common year-round scams are identity [...]
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that [...]