Businesses and individuals affected by the Texas wildfires are being given a break by the nation's largest tax agency. The Internal Revenue Service is deferring some tax reporting deadlines for residents of certain fire-ravaged sections of Texas that have been declared federal disaster areas by … [Read more...] about Texas wildfire victims qualify for federal tax extensions
IRS audit slams tax agency over refunds to undocumented workers
An audit of the IRS reveals that more than $4 billion in refundable credits went to undocumented workers in 2010. The report released by the Treasury Inspector General for Tax Administration blames unclear tax laws for child tax credits. The federal tax break is based on income. Qualifiers reduce … [Read more...] about IRS audit slams tax agency over refunds to undocumented workers
New due date for foreign account voluntary tax appeals
In the wake of Hurricane Irene, the IRS program allowing taxpayers to voluntarily disclose assets kept in foreign accounts was extended to September 9. The disclosure program penalizes individuals who have kept money hidden from government tax agencies, but does not impose criminal charges. A … [Read more...] about New due date for foreign account voluntary tax appeals
Innocent spouses granted more time to file with IRS
Pressure from congressional members, taxpayer advocacy groups and innocent spouses with back tax appeals has prompted the Internal Revenue Service to change a nearly 10-year-old rule that could affect some married individuals in Dallas. The two-year window for victims of spousal tax abuse has been … [Read more...] about Innocent spouses granted more time to file with IRS