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Tax News

New Legislation Extends Popular Tax Provisions

December 31, 2014

In one of its final actions, the 113th Congress passed the Tax Increase Prevention Act of 2014. This legislation extends for one year a host of popular tax provisions (commonly referred to as “tax extenders”) that had expired at the end of 2013. All of the following provisions were among those retroactively extended, and are…

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For Small Business Week, IRS Spotlights Two Webinars

May 13, 2014
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May 8, 2014   WASHINGTON — The Internal Revenue Service is marking Small Business Week, May 12 to 16, by holding two free webinars for small businesses and encouraging them to check out several key tax benefits and a special relief program for employers who reclassify their workers as employees. The webinars will cover payments…

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IRS Reminds Those with Foreign Assets of U.S. Tax Obligations

May 6, 2014
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IR-2014-52, April 11, 2014 WASHINGTON — The Internal Revenue Service reminds U.S. citizens and resident aliens, including those with dual citizenship who have lived or worked abroad during all or part of 2013, that they may have a U.S. tax liability and a filing requirement in 2014. The filing deadline is Monday, June 16, 2014,…

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IRS Reiterates Warning of Pervasive Telephone Scam

May 2, 2014
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IR-2014-53, April 14, 2014 WASHINGTON — As the 2014 filing season nears an end, the Internal Revenue Service today issued another strong warning for consumers to guard against sophisticated and aggressive phone scams targeting taxpayers, including recent immigrants, as reported incidents of this crime continue to rise nationwide. These scams won’t likely end with the…

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What You Need to Know about the Amount of Health Insurance Reported on Form W-2

March 27, 2014
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You may be wondering if you have to report the value of your employer-sponsored health insurance coverage, which may appear on your W-2, Wage and Tax Statement when you file your 2013 federal income tax return. Here is what you need to know about the value shown on your W-2. The health care law requires…

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2014 Refunds Ahead of Last Year

March 25, 2014
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WASHINGTON — By the end of February, more than 48 million tax refunds had been issued the IRS today announced – an increase of 5.6 percent compared to the same time last year. As of Feb. 28, the average refund this year is $3,034, up 3 percent compared to the average refund amount for the…

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Three Timely Tips about Taxes and the Health Care Law

March 24, 2014
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The health care law has provisions that may affect your personal income taxes. How the law may affect you may depend on your employment status, whether you participate in a tax favored health plan and your age. Here are three tips about how the law may affect you: 1. Employment Status If you are employed your…

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New IRS Video Helps Same-Sex Couples; Joins Extensive IRS Library Of Online Tax Tips

March 20, 2014
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WASHINGTON — The Internal Revenue Service released a new YouTube video designed to provide useful tax tips to married same-sex couples. The video is the latest addition to an online  library featuring short IRS instructional videos covering  more than 100 topics ranging from tips for victims of identity theft to taking advantage of the new…

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2013 Year-End Tax Planning Basics

March 13, 2014
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You don’t want to pay any more in tax than you have to. That means taking advantage of every strategy, deduction, and credit that you’re entitled to. However, the window of opportunity for many tax-saving moves closes on December 31, so it’s important to evaluate your tax situation now, while there’s still time to affect…

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Ten Things to Know about the Taxpayer Advocate Service

March 12, 2014
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1. The Taxpayer Advocate Service (TAS) is an independent organization within the IRS and is your voice at the IRS. 2. We help taxpayers whose problems are causing financial difficulty. This includes businesses as well as individuals. 3. You may be eligible for our help if you’ve tried to resolve your tax problem through normal IRS channels and…

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