IRS Statement on “Where’s My Refund?” Tool
The IRS alerted taxpayers and the tax community it is experiencing high traffic on “Where’s My Refund?” as more tax returns come in. The heavy volume of refund inquiries means…
Read moreIdentity theft, fraud or misuse of my Social Security or Medicare card
To report identity theft, fraud, or misuse of your Social Security number, the Federal Trade Commission (FTC), the nation’s consumer protection agency, recommends that you take the following steps: Step…
Read moreIRS Criminal Investigation Targets Identity Theft Refund Fraud
The IRS has seen a significant increase in refund fraud that involves identity thieves who file false claims for refunds by stealing and using someone’s Social Security number. The investigative…
Read moreIRS To Accept Tax Returns with Education Credits, Depreciation
WASHINGTON — The Internal Revenue Service announced today that taxpayers will be able to start filing two major tax forms Feb 14,2013 covering education credits and depreciation. Starting Sunday, Feb.…
Read moreIndications your identity may have been stolen and how to report to IRS
Your identity may have been stolen if you receive a letter from the IRS stating or learn from a tax professional that … … you filed more than one tax…
Read moreEight Tips for Taxpayers Who Receive an IRS Notice
Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn’t mean you need to worry. Here are eight things every taxpayer should know…
Read moreAccuracy-related penalties.
An accuracy- related penalty of 20% can be imposed for underpayments of tax due to: Negligence or disregard of rules or regulations, Substantial understatement of tax, Substantial valuation misstatement (increased…
Read moreFiling Late and/or Paying Late
Whether paying with a timely filed tax return, or filing late and paying late after receiving a bill from the IRS (and the bill is correct), taxpayers are encouraged to…
Read moreSubstantial understatement of tax.
An understatement is considered to be substantial if it is more than the greater of: 10% of the tax required to be shown on the return, or $5,000. An “understatement”…
Read morePENALTIES FOR PURSUING FRIVOLOUS TAX ARGUMENTS
Those who act on frivolous positions risk a variety of civil and criminal penalties. Those who adopt these positions may face harsher consequences than those who merely promote them. “Like…
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