More IRS tax accounts hacked

Posted on February 12, 2016 by - News


The taxpayer security hits keep on coming for the Internal Revenue Service.

One of the biggest security breaches to ever hit the federal tax agency was when hackers, using taxpayer information obtained elsewhere, broke into the “Get Transcript” tool. This online application lets people get copies of their prior tax filings.

Now investigators with the Treasury Inspector General for Tax Administration, or TIGTA, have found “additional suspicious attempts” to access taxpayer accounts.

The TIGTA report released last week says around 390,000 additional taxpayer accounts could be compromised. Add those to the 334,000 accounts the IRS’ own internal investigation ultimately identified as at risk and that’s almost three-quarters of a million taxpayers whose personal info could be in the hands of identity thieves.

In addition, TIGTA found another 295,000 taxpayer transcripts were targeted, but the criminals weren’t able to get the accounts.

Are You “Friends” With The IRS?

Posted on February 5, 2016 by - News


How many people like the IRS? According to Facebook, it’s more than 50,000!

If you regularly use social media outlets to stay in touch with friends and follow people or businesses that you find interesting and relevant, consider adding the Internal Revenue Service as part of your social media interaction. Not everyone is comfortable with contacting the IRS on social media, but consider the advantages. Social media provides more channels for you to access useful information and advice regarding your taxes, and allows you to address questions without burning up your cell phone minutes while waiting on hold. As the tax filing date grows nearer, that access becomes invaluable.

If you regularly use social media outlets to stay in touch with friends and follow people or businesses that you find interesting and relevant, consider adding the Internal Revenue Service as part of your social media interaction. Not everyone is comfortable with contacting the IRS on social media, but consider the advantages. Social media provides more channels for you to access useful information and advice regarding your taxes, and allows you to address questions without burning up your cell phone minutes while waiting on hold. As the tax filing date grows nearer, that access becomes invaluable.

2016 Información Fiscal

Posted on January 29, 2016 by - News


2016 Información Fiscal

El Servicio de Impuestos Internos anunció que 2.016 temporada de declaración de impuestos sobre la renta individual de la nación abre 19 de enero, con más de 150 millones de declaraciones de impuestos que se espera que se presente este año.

La gente va a tener varios días adicionales para presentar sus declaraciones de impuestos de este año. Los contribuyentes tienen hasta el lunes, 18 de abril para presentar sus declaraciones de impuestos de 2015 y pagar cualquier impuesto adeudado por el feriado del Día de la Emancipación en Washington, DC, cayendo el viernes, 15 de abril de Contribuyentes en Maine y Massachusetts tendrá hasta el martes, 19 de abril debido a las celebraciones del Día del Patriota, el 18 de abril.

Informacion en Espanol >

Understanding Your 2016 Tax Forms

Posted on January 23, 2016 by - News


By now, you probably have a stack of tax forms from employers, banks, stockbrokers, lenders and more on your desk – or more likely, the kitchen counter. For some of you, those tax forms will end up in the hands of a tax professional, the rest of you will input the information on those forms, box for box, into tax preparation software – maybe with a little swearing along the way. No matter how you plan to do your taxes this year, you likely don’t know what all of the numbers, letters and other information on those forms mean. That’s about to change. This is the first in a series of posts meant help you make sense of all of those forms.

First up, here’s what you should know about the form W-2, Wage and Tax Statement:

A form W-2 is issued by an employer to an employee. That carries with it some significance and not only for tax reasons. An employer has certain reporting, withholding and insurance requirements for employees that are a bit different from those owed to an independent contractor.

Looking For Your Tax Refund? Here’s What You Need To Know.

Posted on January 15, 2016 by - News


Looking for your refund?  The Internal Revenue Service (IRS) says that it’s issuing 90% of taxpayer refunds in less than 21 days. That’s good news for most taxpayers.

If you’re wondering about the status of your refund, check out the “Where’s my Refund?” tool at IRS.gov or (use the IRS2Go phone app, free for Android devices from the Google Play Store or from the Apple App Store for Apple devices). You can check the status within 24 hours after the IRS has acknowledged receipt of your e-filed tax return or 4 weeks after you mail a paper tax return. There’s no advantage to checking all day long: the IRS only updates the site once per day (usually overnight).

Top 5 tax questions answered

Posted on April 15, 2015 by - News


From USAToday

Corrections and clarifications: A previous version of this story incorrectly referred to the significance of investment income on the Earned Income Tax Credit. Investment income does not count as earned income and if someone is eligible for the credit but has investment income above $3,350, they no longer qualify for the Earned Income Tax Credit.

How to ask for an extension

Posted on April 7, 2015 by - News


When it comes to requesting an extension on your taxes, there’s some good news and some bad news to consider.

The good news is that every American taxpayer is eligible for an automatic extension if they only ask, pushing back the due date of their return six months to Oct. 15.

IRS chief: Budget Cuts Net

Posted on April 2, 2015 by - News


As taxpayers prepare their 2014 returns, the Internal Revenue Service is wrestling with congressionally mandated budget cuts, outmoded technology, Obamacare enforcement, attacks from identity thieves and hackers, and an absurdly complex tax code. IRS Commissioner John Koskinen met recently with the USA TODAY Editorial Board to discuss these and other challenges facing the agency that Americans love to hate. (Questions and answers have been edited for length and clarity.)

Affordable Care Act A Tax Nightmare

Posted on March 25, 2015 by - News


This tax season, for the first time since the Affordable Care Act passed five years ago, consumers are facing its financial consequences.

Whether they owe a penalty for not having health insurance, or have to figure out whether they need to pay back part of the subsidy they received to offset the cost of monthly insurance premiums, many people have to contend with new tax forms and calculations.

What you need to know about TIPA

Posted on March 16, 2015 by - News


The Tax Increase Prevention Act of 2014 (TIPA) was signed into law on December 19, 2014. Thankfully, TIPA retroactively extends most of the federal income tax breaks that would have affected many individuals and businesses through 2014. So, these provisions may have a positive impact on your 2014 returns. Unfortunately, these extended provisions expired again on December 31, 2014. So, unless Congress takes action again, these favorable provisions won’t be available for 2015.