The IRS announced today that 14,700 Americans disclosed their secret off-shore accounts — ensuring “billions of dollars in new tax collections” says Bloomberg.
IRS
Homebuyer Tax Credit Extended To June 2010, Woot!
By 11.8.09
As anticipated, President Obama signed the 8,000 first-time homebuyer tax credit extension into law on Friday. You can now collect the credit if your home purchase is complete by June 30, 2010. But wait, there’s more! The extension also offers a tax credit for people who are purchasing a new residence, but aren’t first-time homeowners.
$8000 Credit For New Homebuyers Might Get Extended
By 10.16.09
Washington is working on getting the up-to-$8000 tax credit for first-time homebuyers due to expire in November extended, and perhaps even expanded to current homeowners buying a new house. [AP] (Photo: sflovestory)
"So Sue Me, Jackass!" Provides Random Legal Advice In Humor Book Format
By 10.1.09
Here’s a new book that focuses on those random questions people always have about how the law pertains to everyday activities. You know, things like starting your own online porn site, burying a pet, or selling your ex-boyfriend’s things on eBay.
UBS Rats Out Thousands Of Potential Tax Evaders To The IRS
By 8.20.09
Bad news for tax evaders! UBS has reached an agreement with the IRS to turn over the names of 4,450 “U.S. account holders as part of a U.S.-Swiss tax-evasion settlement and investigation that could produce a total 10,000 account identities,” says the WSJ.
IRS Making Life Easier For Investment Fraud Victims
By 8.17.09
Responding to all the high-profile Ponzi schemes, particularly the Madoff heist, the IRS is easing rules for fraud victims, making it easier to claim losses on taxes, Investment News reports.
How To Deduct Ponzi Scheme Losses On Your Taxes
By 7.2.09
Step 1: Trust your life savings to a man who seemed nice at the Beth-El potluck supper.
Tax-Saving Moves For 14 Big Life Events
By 6.2.09
Life is full of surprises and challenges. Luckily, there’s a tax form for just about all of them. Via Kiplinger’s, here’s 14 major life events that allow for smart tax-saving moves, and how to make those moves.
The IRS Isn't Sure Who They Hired Or Why Your Sensitive Tax Documents Are Filed In Dumpsters
By 5.24.09
Here are three things you didn’t want to know: 1) The IRS doesn’t always conduct background checks on the employees contracted to handle your sensitive tax documents; 2) Those contracted employees regularly toss your sensitive tax documents into dumpsters without first shedding them; 3) The IRS doesn’t really know who’s in charge of conducting background checks on contracted employees, or who’s responsible for keeping your sensitive tax documents shredded and out of dumpsters. At least that’s what the Treasury Inspector General‘s office uncovered when it audited everyone’s favorite auditors.
New Withholding Rules Mean You Might Owe The IRS Next Year
By 4.17.09
New tax laws designed to boost the economy by giving you a bit more cash in your pocket might lead to problems for you next year if you’re in a dual-income household. The new payroll tax tables mean you could end up withholding too little without even knowing it and, though you’re welcome to take that long-awaited trip up the Zambezi, you probably won’t enjoy writing a check to the IRS come April 2010.
What If I Can't Pay My Taxes?
By 4.15.09
What if you don’t have enough money to pay your taxes right away? There are several options. For starters, you can request a payment extension of up to 120 days after filing to pay in full without penalty. By June, if you haven’t paid yet, the IRS will send you a bill and assess a small penalty and start charging interest. For $105. you can also set up an installment plan and pay a little bit each month with each paycheck. Set that up online here. Just don’t blow it off entirely, the IRS are a lot more tenacious than BMG.
Beware The "Dirty Dozen" Tax Scams
By 4.14.09
They say the only two certainties in life are death and taxes. Only one of these can be cheated, and that’s the one they’ll dress you up in horizontal stripes for. Some scammers promote schemes that they say you can use to get out of that one, but they’re just as legit as the Floridian Fountain of Youth. So, don’t be a Ponce (de Lion), and watch out for what the IRS calls the “Dirty Dozen” tax scams:
16 Ways To Get The IRS To Audit You
By 4.14.09
Bwahhhh! The Tax Man cometh! Here are 16 red flags to watch out for. If you wave them, it will be like if you called up the IRS and said, “Hello? IRS? I’d like you to come audit my sorry ass six ways from Sunday. Here’s my address.”
Get An Extension On Your Taxes
By 4.14.09
If you’re not done with your taxes, don’t worry, just get an extension. Just send in IRS Form 4868 and you’ll get 6-months to send in your paperwork. However, you still need to send in 90% of your total tax due otherwise you’ll get fines. If you’re getting a refund, then no sweat, just send in your extension. Don’t feel too bad about not having it together in time, either; according to the IRS website, form 4868 is their most requested document.
3 Last-Minute Tax Tips
By 4.3.09
We’re less than two weeks away from April 15, and while many are basking in the glow of a nice tax refund (though we shouldn’t be letting the government use our money for free, but that’s a different post), others are just starting their tax return preparation for this year. As such, it seemed appropriate to give them some last-minute advice courtesy of three pieces from Yahoo:
Good News! You Got A Tax Cut! Bad News! You Might Want To Adjust Your Withholding!
By 3.31.09
CNN points out that while it’s wonderful to be getting the “Making Work Pay” tax credit right away through your employer adjusting your withholding — some people might end up getting more credit than they really are entitled to — meaning they may end up owing money at the end of the year.
Tax Break: IRS Announces New Car Buyers Can Deduct Sales Tax
By 3.30.09
The IRS just announced that new car buyers can deduct the state and local sales and excise taxes on their 2009 tax returns next year, according to our furry little tax adviser.
Congress Considering Sending The IRS After AIG
By 3.19.09
The Washington Post says that the House will vote this afternoon on a bill that would seek to impose a 90% tax on the AIG bonuses. The Senate Finance Committee is also working on similar legislation, but have not yet scheduled a vote.
