The IRS has a tool to help people who have to repay their First-Time Homebuyer Credit. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online lookup tool on the IRS website to check your repayment obligation. The following four tips will help [...]
Before you file your 2011 federal income tax return in 2012, you should be aware of a few important tax changes that took effect in 2011. Check www.IRS.gov before you file for updates on any new legislation that may affect your tax return.Due date of return. File your federal tax return by April 17, 2012. [...]
The IRS has a new form taxpayers must use to report most capital gains and losses from transactions relating to investment property. In previous years, these transactions would have been reported on your IRS Schedule D or D-1, but for tax year 2011, use Form 8949, Sales and Other Dispositions of Capital Assets.Here are eight [...]
What is identity theft? Identity theft occurs when someone uses your personal information such as your name, Social Security number (SSN) or other identifying information, without your permission, to commit fraud or other crimes. How do you know if your tax records have been affected? Usually, an identity thief uses a legitimate taxpayer’s identity to [...]
Using the latest technologies, the IRS offers multiple avenues for you to get tax information. If you have a smartphone, they have an app! If you like to watch videos from your phone or computer, the IRS has dozens of helpful YouTube videos.Check out how the IRS delivers the latest tax information, initiatives, products and services through [...]
Using the latest technologies, the IRS offers multiple avenues for you to get tax information. If you have a smartphone, they have an app! If you like to watch videos from your phone or computer, the IRS has dozens of helpful YouTube videos. Check out how the IRS delivers the latest tax information, initiatives, products and services [...]
WASHINGTON — The Internal Revenue Service has reopened the offshore voluntary disclosure program to help people hiding offshore accounts get current with their taxes and announced the collection of more than $4.4 billion so far from the two previous international programs.The IRS reopened the Offshore Voluntary Disclosure Program (OVDP) following continued strong interest from taxpayers and [...]
The Internal Revenue Service receives thousands of reports each year from taxpayers who receive suspicious emails, phone calls, faxes or notices claiming to be from the IRS. Many of these scams fraudulently use the IRS name or logo as a lure to make the communication appear more authentic and enticing. The goal of these scams [...]
The Internal Revenue Service has released new proposed guidelines designed to provide relief to more innocent spouses requesting equitable relief from income tax liability.A Notice proposing a new revenue procedure, posted today on IRS.gov, revises the threshold requirements for requesting equitable relief and revises the factors used by the IRS in evaluating these requests. The [...]
The Internal Revenue Service has released new proposed guidelines designed to provide relief to more innocent spouses requesting equitable relief from income tax liability.A Notice proposing a new revenue procedure, posted today on IRS.gov, revises the threshold requirements for requesting equitable relief and revises the factors used by the IRS in evaluating these requests. The [...]