One or more individuals are likely still reeling this morning at having purchased the winning lottery ticket in the Powerball jackpot this past Saturday night. They can also expect to reel when they receive the tax bill from the IRS.
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New details were released this week on the IRS programs involved in requiring conservative groups to undergo additional levels of scrutiny to obtain tax-exempt status, which made it clear the extent of the treatment was far more extreme than first reported. (more…)
A spokesperson for the IRS has admitted that the agency took inappropriate measures during the Presidential election in November 2012 to review the tax-exempt status of certain conservative political groups. (more…)
On Tuesday, the IRS announced that it was extending the April 15 deadline for 2012 federal income tax by three months to those individuals who were affected by the bombing of the Boston Marathon.
On Friday, the IRS refuted comments made by the ACLU about its willingness to review emails and social media sites in an effort to identify indications of tax evasion. (more…)
According to internal documents obtained from the Internal Revenue Service, the agency believes it has the right to review emails, text messages, social media sites, and other electronic messages from individuals in an effort to identify those evading payment of federal income tax. (more…)
In just over a month federal income tax returns are due for the 2012 tax year. So if you have not prepared your tax return yet, it is time to get started.
Once you complete your tax return, you do not have to worry about your taxes against until next year, right? For most of us, yes, that is true. But there is a chance that the IRS could audit your tax return.
The Internal Revenue Service (IRS) has various tax credits that taxpayers can use. A tax credit is an amount deducted from the total income tax that a taxpayer owes. Some tax credits are refundable, which means that if the refundable tax credits exceed the amount of tax owed, the taxpayer can actually receive a refund.
One of the more well known tax credits is the Earned Income Tax Credit. What is this tax credit and who qualifies for it? Read on to learn more about this tax credit and if it can help you. (more…)
For the 2012 tax year, the Internal Revenue Service (IRS) expects to receive over 230 million income tax returns. But the IRS will receive many income tax returns from people who do not need to file.
This fact may not be surprising, since the federal income tax code is generally considered to be long and confusing. So do you need to file a tax return? (more…)
The calendar has rolled into 2013, which means in the next few months you need to file your federal income tax. Although this may not be the first time you have had to file, you may not remember all of the tax law changes that went into effect for the 2012 tax year. Read on for a refresher on the most significant changes. (more…)