IRS May Mine Mortgage Data To Flush Out Tax Cheats Source: Dow Jones WASHINGTON -(Dow Jones)- The Internal Revenue Service might scrutinize mortgage interest data more closely to help catch tax cheats, after prompting from an IRS auditor. The tax collector said it will study whether it should make greater…
IRS Sends $122,783 Check by Mistake House Cleaner Sensed it was an Error and Returned Check; IRS won’t Comment SOURCE: CBS A Denver-area house cleaner could hardly believe her eyes when she opened up the mail. She was expecting to pay the Internal Revenue Service, but instead she received a…
IRS to Receive Unprecedented Amount of Information in UBS Agreement WASHINGTON — The Internal Revenue Service and the Department of Justice today announced the successful negotiation of an agreement that will result in the IRS receiving an unprecedented amount of information on United States holders of accounts at the Swiss…
Kentucky Severe Storms and Flooding Victims May Qualify for IRS Disaster Relief Indianapolis — Victims of recent severe storms flooding in Kentucky may qualify for tax relief from the Internal Revenue Service. Following severe storms, flooding and straight-line winds on Aug. 4, 2009, the President declared Jefferson county a federal…
California – Personal Income Tax: 2009 Tax Rate Schedules, Exemption and Other Amounts Released According to figures obtained from California Franchise Tax Board’s Tax Practitioner Liaisons Office, there will be decreases in the indexed 2009 California personal income tax rate schedules, return filing thresholds, standard deduction amounts, itemized deduction limitation…
Watchdog Growls At IRS‘ Audits By Mail Source: forbes.com A new report from the Treasury Inspector General for Tax Administration lends support to growing complaints about the Internal Revenue Service’s big audit-by-mail program. The IRS has increasingly relied on these correspondence audits, focused on one or two narrow issues, to…
Morality and Charlie Rangel’s Taxes It’s much easier to raise taxes if you don’t pay them. Source: WSJ Ever notice that those who endorse high taxes and those who actually pay them aren’t the same people? Consider the curious case of Ways and Means Chairman Charlie Rangel, who is leading…
IRS Urgent Letters and Notices That YOU MUST ATTEND TO Mike Habib, EA IRS Audit & Examination Letters Letter 525 – General 30 Day Letter This letter accompanies a report giving you a computation of the proposed adjustments to your tax return. It informs you of the courses of action…
Tax Relief No one looks forward to the tax filing season. This period is associated with endless paperwork and sorting through receipts and other documents to get your tax accounts in order. And even with the use of tax programs, you are still at risk of encountering errors that can…
IRS Tax Audits and Examination The US Internal Revenue Service organizes audits and examinations on tax returns to ensure tax compliance by both individuals and businesses. But because it’s virtually impossible to actually audit and examine every ITR for discrepancies, the audits are mostly randomized so your chances of getting…