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 cracks down on tax fraud
Fines and penalties associated with federal tax fraud are severe, and the IRS devotes significant resources to tracking down those they suspect of attempting to get out of taxes. More than 4,700 tax fraud investigations were conducted last year by the IRS, a 14 percent increase from the previous … [Read more...] about IRS cracks down on tax fraud
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
How the economic downturn can benefit your estate plan
Tax strategists have discovered that there is good news to be found in the nation's economic recovery. Low interest rates, an unstable stock market and IRS tax exemptions have combined to allow individuals to maximize asset gift-giving through estate tax planning. A temporary but attractive form … [Read more...] about How the economic downturn can benefit your estate plan
IRS ramps up audits and tax return enforcement
According to a recent Forbes article, the tax returns of more Dallas residents may have been reviewed this year than in years past. The Internal Revenue Service conducted significantly more taxpayer audits last year than it did in previous years, according to the yearly IRS inspection conducted by … [Read more...] about IRS ramps up audits and tax return enforcement