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 bank UBS.
As a result of this agreement, the IRS will receive substantially all of the accounts that it was interested in when it initiated the John Doe summons against UBS.
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 disaster area qualifying for individual assistance.
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 amounts, personal exemption amounts, credit amounts, and alternative minimum tax exemption amounts. These figures are based on the negative 1.5% inflation rate, as measured by the California Consumer Price Index (CCPI) for all urban consumers from June of 2008 to June of 2009.
Tax Rate Schedules
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.
Morality and Charlie Rangel’s Taxes
It’s much easier to raise taxes if you don’t pay them.
Source: WSJ
IRS Urgent Letters and Notices That YOU MUST ATTEND TO
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 to take if you do not agree with the proposed adjustments. The letter explains that if you agree with the adjustment, you sign and return the agreement form. If you do not agree, you can submit a request for appeal/protest to the office/individual that sent you the letter. The letter or referenced publications explain how to file a protest. You need to file your protest within 30 days from the date of this letter in order to appeal the proposed adjustments with the Office of Appeals.
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 get you in the spot light as far as the IRS is concerned. Your problem grows worse once you have the misfortune of owing the IRS monies or getting your return picked out for audit. You can only pray that you have managed to get every entry properly accounted for.
So what should you do?
In case you do find yourself and your tax return subjected to inquiry by the IRS, you need to get proper representation to help you get tax relief. The concept of using a licensed tax representative has risen in popularity over the years as more and more individuals and businesses are beginning to find it more difficult to justify the entries in their tax returns for some reason or come up with the monies to pay their mounting tax debts.
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 picked for a particular year is just as high as getting overlooked. Many taxpayers manage to survive every tax season without undergoing an IRS tax audit but there are those that are not as lucky.
The audit selection process
IRS Reminds Taxpayers to Take Advantage of Recovery Act Benefits
WASHINGTON — With 2009 now half over, the Internal Revenue Service reminds taxpayers to take advantage of the numerous tax breaks made available earlier this year in the American Recovery and Reinvestment Act (ARRA).
The recovery law provides tax incentives for first-time homebuyers, people purchasing new cars, those interested in making their homes more energy efficient and parents and students paying for college. But all of these incentives have expiration dates so taxpayers should take advantage of them while they can.
Drywall victims could get tax relief
WASHINGTON, D.C. – The Internal Revenue Service has declared that residents whose homes have been severely damaged by Chinese drywall may qualify for special tax deductions.
Homeowners may be able to claim a casualty loss on their tax returns if they have Chinese drywall that emits an unusual or severe concentration of chemical fumes that causes extreme and unusual damage.
Tax Relief Blog