The Internal Revenue Service today announced a milestone for IRS e-file – more than 122 million returns were e-filed during 2013. The statistics provided today contain complete e-file totals for 2013. This year, the IRS received more than 45.2 million returns from those who prepared and e-filed their own returns on home computers, up from [...]
The IRS has issued final regulations, TD 9647, that provide user fees charged for processing installment agreements and offers in compromise (OIC). These final regulations increase the fees to recover more of the costs associated with such agreements, yet are still less than the full cost. The fee for entering into an installment agreement is now [...]
Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2013 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and to 401(k) plans and similar workplace retirement programs. Also [...]
If you plan to hire soon, consider hiring veterans. If you do, you may be able to claim the federal Work Opportunity Tax Credit worth thousands of dollars. You must act soon. The WOTC is available to employers that hire qualified veterans before the new year. Here are six key facts about the WOTC: [...]
The IRS warns consumers not to fall for bogus charity scams. They often occur in the wake of major disasters like the recent tornadoes in the Midwest or the typhoon in the Philippines. Thieves play on the goodwill of people who want to help disaster victims. They pose as a real charity in order to [...]
The IRS has notified its field offices that offer walk-in tax preparation assistance that the services will not be offered in 2014 due to budget cuts. The assistance centers prepared only 60,000 returns last year, and that number has dropped each year as the IRS has cut office hours and the number of appointments [...]
The U.S. Department of the Treasury and the Internal Revenue Service today will issue initial guidance regarding qualification requirements for tax-exemption as a social welfare organization under section 501(c)(4) of the Internal Revenue Code. This proposed guidance defines the term “candidate-related political activity,” and would amend current regulations by indicating that the promotion of [...]
IRAs are a great way to save for retirement. Here are some reminders for 2013. Contributions Limits Review the 2013 IRA contribution and deduction limits to ensure you’re taking full advantage of the opportunity to save for retirement. You can contribute up to $5,500 or your taxable compensation, if less [...]
IRS Warns Consumers of Possible Scams Relating to Relief of Typhoon Victims The Internal Revenue Service today issued a consumer alert about possible scams taking place in the wake of Typhoon Haiyan. On Nov. 8, 2013, Typhoon Haiyan – known as Yolanda in the Philippines – made landfall in the central Philippines, bringing strong winds [...]
Did you know that when a purchaser buys a business (or stock of goods) from someone that also owes sales tax, the purchaser could end up paying the seller’s sales tax too? Without a tax clearance from the BOE, the buyer can be forced to pay any tax liability of the seller, up to the [...]